Aerospace Raw Materials Market Growth and Status Explored in a New Research Report
The aerospace raw materials market is seeing significant growth due to the increasing the demand for flights as well as increasing defense budgets. Furthermore, the growing interest in space exploration has created many new possibilities for this sector.
The business has seen an abundance of mergers and acquisitions over the recent years. Major players in the sector comprise Hexcel Corporation, Toray Industries Inc., Koninklijke Ten Cate B.V as well as Alcoa Corporation.
Aerospace Raw Materials Market Size was estimated at USD 25788.34 million in 2023 and is projected to reach USD 36285.5800 million by 2030, exhibiting a CAGR of 2.30% during the forecast period
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Growth
The aerospace raw materials market is anticipated to grow at a steady rate over the forecast time frame, driven by factors like the growing demand for air travel as well as defense modernization initiatives and the exploration for new space frontiers.
Additionally, the advancement of light materials and environmentally friendly alternatives is expected to propel the market.
Commercial aviation is by far the biggest and fastest-growing segment in the market for aerospace raw materials due to high-volume order backlogs for famous aircraft programs like Boeing's B737 and A320 and variants of them as well as future indigenous commercial and regional airliners (COMAC C919, Mitsubishi SpaceJet) and a huge aircraft fleet size.
However delays in the production of aircraft due to the COVID-19 epidemic and the grounded on the B737 Max will likely slow the expansion of the market.
Furthermore, the cost of lightweight aerospace materials impedes the growth of the market to a certain degree. As an example, titanium can provide weight reduction of as much as 20.0 percent when compared with steel, yet it is much more costly than aluminum. Carbon fiber, too, offers an impressive reduction in the weight of aircraft however, it is also extremely expensive.
This is a problem suppliers of aerospace raw materials are confronted with and must concentrate in research and development to create innovative products that offer more strength and efficiency, while ensuring that costs remain competitive.
In addition, they must expand their operations into new markets, focusing on B2B marketing and take part at trade fairs and other events.
The aerospace raw materials market is distinguished with the existence of a number of big players. The main companies that operate within the market include Toray Industries, Inc, DuPont de Nemours, Inc., Hexcel Corporation, Alcoa Corporation, Koninklijke Ten Cate BV, Arconic Inc., Cytec Solvay Group, WS Atkins plc as well as Teijin Limited among others.
To gain an advantage in the marketplace they are implementing strategic strategies like mergers and acquisitions.
Recent Development
The aerospace raw materials market is a very diverse sector. The growth of this market is driven by the constant seeking of efficiency and safety and technological advancement. It is also driven by an increase in the production of aircraft.
The market is classified by type of platform that includes commercial aircrafts as well as regional jets, military aviation helicopters, spacecraft, as well as regional jets. The advancements in composites, high strength alloys, and advanced coatings are a few the most significant trends predicted to boost market for the raw material in the coming years.
Numerous M&A initiatives have been seen within this field as well as major players seeking to increase their reach and enhance their product offerings. For example, Solvay SA acquired Cytec Industries Inc. in the year 2015 and thereby bolstering its position in the market for aerospace raw materials. Additionally, Koninklijke Ten Cate B.V. has sold the business of aluminum to Constellium N.V. in 2018.
In terms of geography, North America is the most important market for the aerospace industry's raw material. It has one of the largest fleets of commercial aircraft, and is a pioneer in the adoption of technological advancements. The country is also home to numerous of the world's most renowned aerospace companies and suppliers.
The country is expected to boost need for the raw material throughout the next few years. The large backlog of orders for famous aircraft programs, such as B737 and A320, Boeing B737 and A320 including their variants, as as the upcoming programs for aircraft, such as those of C919 and MC-21 are driving the expansion in this area.
Segment
The market is highly fragmented, with the presence of numerous big and small players. The market is dominating by North America. This is due to the presence of large aerospace manufacturing, MRO facilities and leading airlines. The other reason is an established aerospace industry as well as strict compliance with regulations.
Additionally, the development in the Asia Pacific region has been caused by an increase in passenger traffic and the growing demand for international cargo. Asia Pacific is expected to experience a significant growth in the next few years due to the increasing demand for air travel and the economic growth of countries like Japan, China and India.
Furthermore, the development of the region can be attributed to the growing modernization of defense programs as well as the increasing exploration of space. Markets are further divided by type of material. Aluminum is expected to be the dominant material due to its lightweight characteristics and its high strength-to-weight ratio.
Composite materials, typically comprising carbon fibres, are becoming increasingly used to reduce weight and improve the strength of components used in aircraft.
Based on the platform market segmentation, the market is split into general aviation, regional aircraft helicopters, military aircraft and spacecraft. Commercial aircraft will remain the biggest and fastest-growing segment of the market due to huge order backlogs for the top-selling aircraft programs, including Boeing's B737 and A320 as well as their variants, as well as Airbus' A220 as well as A330.
Regional Outlook
The development in the supply of aerospace material market is predicted to come from a variety of aspects, such as the increase in demand for air travel and modernization of defense programs and the exploration the frontiers of space exploration. However, obstacles like the rise in costs for raw materials and supply chain disruptions could hinder the growth of this market.
Based on the materials used that are used in aerospace, the raw materials market is classified into aluminum and alloys, titanium and composites. Aluminum is predicted to be the most popular material in the market because of its lightweight and the high strength-to-weight ratio. Additionally, aluminum is extremely robust and resistant to corrosion that makes it the most preferred material for aircraft parts. However, composites are used more frequently to decrease the weight of aircraft and increase fuel efficiency.
In addition, composites are being used in the structural frames of aircraft to provide the safety of passengers and enhance aerodynamics. The growing use of composites in aircrafts is expected to increase the development of the market for aerospace raw materials.
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