Aerospace Materials Market Size, Share, Future, Growth Rate & Forecast 2023-2028

Byimarcsuraj

The global aerospace materials market size reached US$ 23.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 32.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.7% during 2023-2028.

What Is A Aerospace Materials?

Aerospace materials are metal alloys with excellent tensile strength, higher temperature tolerance, improved transparency, and hard surface used for numerous aerospace applications. They include composites, aluminum and titanium alloys, and high-strength steels. They are lightweight and aid in reducing fuel consumption, environmental pollution, and global warming. They also help improve flight performance through better acceleration, increased structural strength and stiffness, and improved safety performance. As a result, aerospace materials find extensive applications in rotorcraft and commercial, military, and space aircraft across the globe.

What Are The Key Factors Driving In The Aerospace Materials Market?

The global aerospace materials market is primarily driven by rising demand for lightweight and fuel-efficient aircraft. Additionally, the increasing use of commercial aircraft to move individuals and freight between specific airports is positively influencing market growth. Moreover, the rising use of unmanned aerial vehicles (UAVs) for site surveillance, real-time surveys, and frequent visits to gather data and information has catalyzed market growth.

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Besides this, the surging demand for single-aisle aircraft for commercial purposes is another major growth-inducing factor. Furthermore, governments of numerous countries are extensively investing in the defense sector to improve the performance and structure of aircraft. In line with this, the rising use of composite in aircraft production to provide high structural strength is contributing to the market growth. Other factors, including ongoing research and development (R&D) activities, rapid modernization, and technological advancements, are also anticipated to propel the market growth.

Who Are The Key Players/Companies In Aerospace Materials Market?

Allegheny Technologies Incorporated, Arkema S.A., BASF SE, DuPont de Nemours Inc., Hexcel Corporation, Kaiser Aluminum Corporation, Materion Corporation, Mitsubishi Chemical Holdings Corporation, Röchling SE & Co. KG, SGL Carbon SE, Solvay S.A., Sumitomo Bakelite Company Limited and Toray Industries Inc.

Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Type:

  • Aluminium Alloys
  • Titanium Alloys
  • Super Alloys
  • Steel Alloys
  • Composite Materials

Breakup by Aircraft Type:

  • Commercial Aircraft
  • Business and General Aviation
  • Helicopters

Breakup by Application:

  • Interior
    • Passenger Seating
    • Galley
    • Interior Panels
    • Others
  • Exterior
    • Propulsion Systems
    • Air Frame
    • Tail and Fin
    • Windows and Windshields

By Geography

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

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