Aerospace materials, essential for aircraft OEMs and component manufacturers, have evolved. From the past use of wood & muslin to aluminum-dominated airliners, materials like aluminum, steel, and advanced composites contribute to modernized features in current times
Further, the market expands due to growth in demand for new aircraft, technological development, larger aircraft size, & high replacement rates. Also, the rising usage of composite materials & titanium alloys anticipates future need growth, with some providers using sensors in smart composite materials for better functionality.
Key Takeaways
- The Aerospace Raw Materials Market is expected to reach a value of USD 91.7 billion by 2032 at a CAGR of 8.4%.
- By Type, the Composite segment is the lead in 2023 & is anticipated to dominate throughout the forecasted period.
- In addition, the Metal segment is expected to have significant growth over the forecasted period.
- By Application, the Propulsion System takes the lead & drives the market in 2023
- Europe has a 36.1% share of revenue in the Global Aerospace Raw Materials Market in 2023
Market Dynamic
Aerospace resources, the materials used in crafting aircraft parts, predominantly include aluminum alloys & other metals, with a growing presence of synthesized polymeric composites. These substances contribute to constructing different components like cabin interiors, structural frames, & propulsion systems, characterized by ideal traits such as high strength, lightweight, and resistance to high temperatures. As earlier, titanium and aluminum alloys comprised 80% of aeronautical construction elements.
However, trends see a rise in the use of composite materials like fiber-reinforced polymer, impacting the aerospace materials landscape. In addition, the integration of nanotechnology is influencing the development of aviation materials. Further the challenges & changes in the aerospace industry, particularly in maintenance, repair, & overhaul (MRO) services for aircraft made of composites.
Further, regulatory requirements & the unique maintenance requirements of composite materials pose challenges for MRO businesses, mainly as renowned manufacturers adopt advanced lightweight structures in their latest airplane models. Also, the decline in commercial aircraft deliveries could further impact the aerospace components market, considering passenger airliners' substantial material consumption.
Research Scope and Analysis
By Type
Composites have emerged as a primary driver for the expansion of the global aerospace raw material market in 2023, representing a revolutionary material class for modern aircraft, which is witnessing international growth, driven by the increasing adoption of next-generation aircraft. Polymeric composites, known for their corrosion resistance and resilience against metal strain, outperform traditional aluminum and alloy steels.
Further, the metal segment, mainly aluminum alloys, experiences significant growth due to their essential role in crafting aircraft components like wings & fuselage. Further, aluminum alloys, valued for qualities like high tensile strength, oxidation resistance, & lesser weight, dominate the aviation material market.
By Aircraft Type
The global aerospace raw material market is mainly influenced by the commercial aircraft sector, which utilizes diverse materials like aluminum alloys, titanium alloys, & structural components in manufacturing, which holds the majority share in 2023 while accounting for over half of the overall demand for components in terms of quantity. Further, the growth in air travel, particularly in emerging nations, is driving a rise in the need for airplanes.
Further Business aircraft, serving purposes like freight transport and passenger travel, are anticipated to grow more in the coming years, as the growing number of air travelers & the rise of affordable air transportation contribute to the growing need for commercial planes. These materials find application in both the interior & structural elements of different aircraft, reflecting the industry's dynamic response to changing aviation demands.
By Application
The Aerospace Raw Materials Market sees a lot of application in the propulsion systems of aircraft as it contributes significantly to the growth of the market in 2023, and is anticipated to persist throughout the forecasted period. Essential components like turbine blades, engine casings, & other critical parts necessitate materials with exceptional strength, heat resistance, &lightweight properties. Further, several materials, like advanced alloys & composites like titanium &carbon fiber, play a vital role in improving the efficiency and performance of propulsion systems.
As the aerospace industry continually grows for innovation & fuel efficiency, the demand for advanced materials in propulsion applications remains high, as well as the development & utilization of these raw materials contribute to the evolution of propulsion technologies, making aircraft engines meet strict performance standards while addressing environmental concerns, as the propulsion system application in the Aerospace Raw Materials Market is integral to achieving advancements in aircraft design, efficiency, & overall sustainability.
The Aerospace Raw Materials Market Report is segmented on the basis of the following:
By Type
- Composite
- Metal
- Plastic
- PEEK
- PMMA
- ABS
- PC
- PPS
- Others
By Aircraft Type
- Commercial Aircraft
- Business & General Aviation
- Military Aircraft
- Helicopters
- Others
By Application
- Interior
- Propulsion System
Regional Analysis
Europe leads the aerospace raw material market with a 36.1% share, mainly due to the demand for commercial & corporate aviation, as Germany dominates commercial airliner production, followed by the US & France. The decline in Boeing 437 Max production in the US branches from manufacturing challenges. The US is a hub for major aerospace component manufacturers like Solvay, TenCate, VSMPO, SGL Carbon, & AMG NV.
Further, the need for composite materials in Europe is fueled by increased Boeing air transport needs, & the region is a significant producer of military helicopters. Thus, the European aerospace landscape remains dynamic, driven by development in technology, strategic collaborations, & the pursuit of sustainable solutions.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The Aerospace Raw Materials Market is marked by intense competition as companies compete for market share, as key players focus on innovating material technologies, strategic partnerships, & global expansions to get a competitive edge. With a focus growing on sustainability, there is an increasing trend towards the development & use lightweight, eco-friendly materials, further strengthening the competition within the market.
In June 2023, Deutsche Aircraft & Thyssenkrupp Aerospace announced a long-term agreement for a complete supply chain solution for material management of the D328eco aircraft. Under this partnership, Thyssenkrupp Aerospace, a division of Thyssenkrupp Materials Services, will manage the entire supply chain, sourcing, processing, covering planning, warehousing, & logistics for materials, meet the needs of Deutsche Aircraft & its European subcontractors.
Some of the prominent players in the global Aerospace Raw Materials Market are:
- Alcoa Corporation
- AMETEK Inc
- AMG Advanced Metallurgical Group
- ArcelorMittal
- Arconic, Inc.
- ATI Metals
- Special Metals
- Sumitomo Bakelite Co. Ltd.
- Supreme Engineering Ltd
- Teijin Limited
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Aerospace Raw Materials Market:
The global aerospace raw materials market faced significant challenges during the COVID-19 pandemic & the following recession. Further aviation industry experienced a drastic downturn as travel restrictions, lockdowns, & economic uncertainties led to a significant reduction in air travel demand, which directly impacted aircraft manufacturing, creating disruptions in the supply chain and a reduction in orders for aerospace raw materials.
Further, the pandemic-induced financial strain allowed airlines to defer or cancel aircraft purchases, impacting the need for raw materials. In addition, the slowdown in production & operational limitations impacted the entire aerospace ecosystem, including material suppliers. As the industry looks towards the recovery phase, adapting to new market dynamics and addressing the financial aftermath of the pandemic remains crucial for sustaining & revitalizing the global aerospace raw materials market.
Recent Developments
- In November 2023, TransDigm Group Incorporated announced its deal to acquire the Electron Device Business of Communications & Power Industries for about USD 1,385 billion in cash, which is a major player in electronic components for aerospace and defense, earned around USD 300 million in revenue in the fiscal year ending September 2023. With manufacturing sites in California and the UK, it employs about 900 people.
- In June 2023, Bikar Aerospace GmbH, a German company, announced plans to set up an advanced service center at the Belagavi Aerospace Cluster (BAC), managed by Aequs Infrastructure. Anticipated to be operational by Q1 2024, the collaboration was done with an MoU signed during the Paris Air Show. The Aerospace Service Centre will focus on storing & custom processing aerospace-grade materials like aluminum, titanium, and super alloys.
- In March 2023, the European Commission unveiled its long-awaited Critical Raw Materials Act proposals, focused on providing a secure & sustainable supply of raw materials for the EU's energy transition, digital industries, aerospace, & defense. Further, the proposed regulation sets targets for domestic capacities in the strategic raw material supply chain, showcasing that by 2030, EU sources should provide specific percentages of annual consumption for extracted, processed, & recycled strategic materials to improve supply security & diversification.