The aerospace materials market size is estimated to be USD 37.9 billion in 2021 and is projected to reach USD 57.9 billion by 2026, at a CAGR of 8.8% between 2021 and 2026. Low-cost carriers (LCCs) have proved to be strong competitors in the market, particularly in the developing economies of APAC and Latin America. More travelers are anticipated to fly more often in the MEA and APAC. The number of people using air transport is increasing, driving the demand for larger airplanes. This demand will bring opportunities to companies supplying aerospace materials and other required components in the aircraft manufacturing industry.
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According to Airbus, the importance of Aviation Mega-Cites (AMCs) is very high, particularly for larger aircraft. In 2018, 66 cities were classified as AMCs. They accounted for 40% of all passengers, up from 29% in 2002, but well over 70% of long-haul passengers and 35% of the short-haul. Many of these cities have developed a need for more than one airport, some with as many as three or four today. The growth of the middle-class flying segment is the main diver behind the huge demand generated from the AMCs. The high growth of the middle-class population will ensure further growth of the aviation industry and the aerospace industry. More than 600 airlines, or nearly 80% of the world’s airlines, operate at AMC airports. The number of middle-class passengers flying to and fro from AMC airports using LCCs has also risen highly from just 8% in 2002.
It has become the need of the hour to lessen the carbon footprint of the globe and reduce pollution worldwide. The governments of various countries around the globe are trying to cut down on pollution and are encouraging the usage of fuel-efficient aircrafts, which cause lesser pollution. The demand for lightweight fuel-efficient aircraft will increase, and carriers will switch their aging fleet with more fuel-efficient aircraft with a better carbon footprint. Thus, the demand for new age and technically advanced aerospace materials will surge.
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Europe is the leading aerospace materials market. The growing demand for commercial aircraft, business & general aviation, and military aircraft is is driving the market in the region. The European region has the presence of aerospace materials manufacturers and an advanced aerospace sector which is boosting the growth of the aerospace materials market.
Toray Industries, Inc. (Japan), Solvay S.A. (Belgium), DuPont de Nemours, Inc. (US), Alcoa Corporation (US), Teijin Limited (Japan), Allegheny Technologies Incorporated (US), Constellium SE (France), Kobe Steel, Ltd. (Japan), AMG N.V. (Netherlands), NOVELIS (US) and Hexcel (US) are key players in the aerospace materials market. The crucial strategies include investments & expansions, partnerships, new product launches, and mergers & acquisitions.
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