According to the new market research report “Aerospace Materials Market by Type (Aluminium Alloys, Steel Alloys, Titanium Alloys, Super Alloys, and Composite Materials), Aircraft Type (Commercial Aircraft, Business & General Aviation, Helicopters), and Region – Global Forecast to 2026”, published by MarketsandMarkets™, 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. The market is growing due to the increase in the demand for high-performance materials, with properties such as low weight, high strength-to-weight ratio, good tensile strength, and electrical conductivity in commercial aircrafts.
Aluminum alloys accounted for the largest share in terms of volume and composite materials accounted for the largest share in terms of value in the global Aerospace Materials Market.
All modern aircraft manufacturers use aluminum alloys for producing fuselage, wings, and other parts of an aircraft. Aluminum and its alloys are preferred in aircraft manufacturing over steel and iron due to the former’s properties such as high strength, corrosion resistance, heat resistance, and lighter weight. Various types of aluminum alloys are manufactured using aluminum, zinc, magnesium, and copper for various applications in the aerospace industry. The increasing applications of composites in the new generation aircraft and rising environmental concerns offer significant growth opportunities for composites in the aircraft manufacturing industry.
With the outbreak of COVID-19, there is a reduced demand for aerospace materials due to reduced aircraft production. This has resulted in a huge drop in material
Commercial aircraft segment accounted for the largest share in the global Aerospace Materials Market in terms of value and volume.
Commercial aircraft segment holds the largest share in the global Aerospace Materials Market. This dominance is attributed to its large-scale use us materials in airplane construction. The growing demand for newer aircrafts from emerging economies especially in China and India is driving the demand for aerospace materials. Boing and Airbus are the two major commercial aircraft manufacturers who drive the demand for aerospace materials.
Read more: Aerospace Materials Market worth $57.9 billion by 2026