The Aerospace Materials Market is expected to reach USD 5,546.6 Million by 2028, according to a new report by Reports and Data. The market registered a shipment of 416.8 Kilo Tons, in terms of volume, which is over 40% of the total aerospace materials market. There is an increasing demand for innovative and high-quality metals and alloys in the aerospace industry. Various applications, including carrying of passengers, astronauts, or fighter pilots, increase the market demand for aerospace products, which must comply with the performance and quality of the highest standards under extreme conditions. The characteristics of aluminum alloys to offer high weight to strength ratios, corrosion resistance, and formability, among others, is expected to drive the market growth in the forecast period. Few advantages of aluminum alloys include high performance under cryogenic temperatures, less dense than steel but with similar strength, and does not rust.
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Aluminum is an essential component for modern aircraft. The growing trend towards manufacturing lightweight aircraft would be causative of an increase in the market demand during the forecast period. Aluminum alloys are extensively deployed in aircraft fuselages and other engineering structures and compounds where lightweight and corrosion resistance are necessary.
A rapid increase in global passenger and cargo aircraft fleet, along with an increase in the number of passengers, is likely to propel market demand in the future. The passenger and freight traffic is estimated to increase at a modest rate in the upcoming years, and as a result would fuel the demand for aircraft. Increase in consumer preference for flight transportation in developing regions due to growing living standards, mainly in countries like China and India, the Middle East, and other Asia-Pacific region countries, is anticipated to boost the demand for aluminum alloys for production of aircraft.
Aerospace materials such as steel alloys, super alloys, titanium alloys, and composites may create hindrance in the growth of the market in the forecast period.
Key participants include Huntsman International LLC, Alcoa Corp., Kobe Steel Ltd., DowDuPont Inc., Kaiser Aluminum, Aleris International Inc., AMI Metals Inc., Rusal, Constellium N.V., and Hexcel Corporation among others.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/aluminum-alloys-aerospace-materials-market
Further key findings from the report suggest
- The 2xxx series is held the largest market share in 2020 and is forecasted to maintain its market leadership with a growth rate of 3.4% in the forecast period.
- Aluminum alloy AA2024, is the most widely used alloy for aircraft, is a high-grade aluminum alloy and has excellent resistance to fatigue. It is used mostly in sheet forms such as for the wings and fuselage attributed to its high tensile strength of around 470 MPa.
- The heat treatable alloys contributed to the largest market share in 2020 and are projected to grow at a rate of 3.6% in the forecast period.
- Aluminum alloys belonging to the heat treatable alloy grade are 2xxx, 6xxx, and 7xxx series.
- The application of aluminum alloys in military aviation is expected to witness a growth rate of 4.0% in the forecast period.
- Asia-Pacific is projected to grow at the highest CAGR of 4.3% during the forecast period.
- In March 2020, UC RUSAL, a significant player in the market, announced that new high strength wrought scandium-aluminum alloys have entered the test phase.
- The certification process for mass production is expected to complete in 2019, after which the company will commence mass production of the new alloys and their promotion in the automotive and aerospace industries.
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For the purpose of this report, Reports and Data have segmented global Aerospace Materials on the basis of aluminum alloy type, alloy grade, aircraft type, application, and region:
Aluminum Alloy Type Cause Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- 2xxx Series
- 3xxx Series
- 5xxx Series
- 6xxx Series
- 7xxx Series
Alloy Grade Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- Heat Treatable Alloys
- Non-Heat Treatable Alloys
Aircraft Type Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- Fixed Wing
- Rotary
- Others
Application Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- Business General Aviation
- Commercial Aviation
- Military Aviation
- Others
Regional Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- North America
- Europe
- China
- Brazil
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