The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 14, 2023 /PRNewswire/ — As per The Business Research Company, the global aerospace materials market is set for continued expansion, with the market size projected to increase from $19.68 billion in 2022 to $20.46 billion in 2023, representing a robust compound annual growth rate (CAGR) of 3.9%. Looking ahead, the market is expected to surge to $25.69 billion by 2027, with a CAGR of 5.9%. The aerospace materials market growth is driven by several key factors, including the rising adoption of lightweight materials, increased government backing, a surge in commercial aircraft deliveries, and rapid urbanization.
Diverse Competitive Landscape
The global aerospace materials market boasts a diverse competitive landscape, with numerous players vying for market share. In 2022, the top ten competitors in the aerospace materials market collectively accounted for 23.08% of the total market. Among these, Allegheny Technologies Incorporated held the largest share at 4.86%, followed closely by Arconic Corporation (4.64%), Constellium SE (3.82%), Hexcel Corporation (2.46%), and Solvay SA (2.32%), among others.
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Innovative 3D Printing in Aerospace Materials
Major aerospace materials companies are increasingly harnessing the power of 3D printing to revolutionize aerospace materials. This innovative technology enables the creation of highly durable parts capable of withstanding the harsh conditions of aerospace environments. For instance, Rayvatek, a Taiwan-based additive manufacturing technology company, recently introduced groundbreaking aerospace materials using SLM Solutions’ metal 3D printing technology. This advancement allows for the production of 3D-printed lattice structures and internal cooling channels, enhancing part quality, reducing weight, and saving fuel. Such innovations are ideally suited to meet the rigorous demands of the aerospace industry.
North America Leading the Way
North America takes the lead in the aerospace materials market, with a market worth of $9,886.89 million in 2022. This market represents a noteworthy 0.038% of the region’s GDP and boasts a per capita consumption of $19.65, significantly higher than the global average. The region’s market growth is further bolstered by increased government investments in aerospace development and modernization. Notably, the Canadian government allocated $163.4 million in funding over five years for the modernization of the North American Aerospace Defense Command (NORAD) in 2021.
The future of the aerospace materials market is marked by innovation, government support, and technological advancements, ensuring its continued ascent to new heights.
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Aerospace Materials Market Segmentation
The segmentation of the worldwide aerospace materials market includes:
- Categorized by Type: Aluminum Alloys, Steel Alloys, Titanium Alloys, Super Alloys, and Composites.
- Distinguished by Aircraft Type: Commercial Aircraft, Business and General Aviation, Civil Helicopters, and Military Aircraft.
- Classified by Application: Covering Aero Structures, Components, Cabin Interiors, Propulsion Systems, Equipment, Systems, and Support, Satellites, as well as Construction and Insulation Components.
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