Aerospace Materials Market Growth 2022

1. Global Aerospace Materials Market- By Material Type- Trend Analysis, Competitive Market Share & Forecast, 2020-2027

2. Global Aerospace MaterialsMarket- Industry Trends & Forecast Report 2027 A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that in 2020, the global aerospace materials market was valued at USD 15,769.3 million, with a compound annual growth rate (CAGR) of 4.45% during the forecast period (2021-2027). The market is predicted to reach a valuation of USD 20,974.8 million by 2027. The market's growth is fueled by factors such as the rising demand for lighter and more efficient aircraft, as well as the growing demand for civil aircraft. Reduced defense spending in developing economies, as well as a restricted range of material alternatives due to complex requirements are some of the barriers faced by the market. Besides, the industry is anticipated to benefit shortly from the high demand for aircraft.

3. Growth Drivers  Growing Use of Aircraft for Passenger and Freight Transportation Air transportation is one of the major modes of transportation for both passengers and freights. Air transportation allows people to cover a large distance within a matter of hours or days. It also helps in transporting freights from one place to the other. According to the International Civil Aviation Organization (ICAO), the total number of passengers carried via scheduled aircraft services registered a growth of 6.4% from the previous year and rose to 4.3 billion in 2018, and further reached 4.5 billion in 2019, a 3.6% growth from the year 2018.

4. Restraints  Growing Geopolitical Tensions Geopolitical tensions are on a rise around the globe. Countries are in disagreements with each other over so many things including borders, territory dominance, religious issues, and whatnot! Middle East Asia and North & East African countries all suffering from intense geopolitical tensions and attacks. Asia-Pacific countries like India, Pakistan, China, Hong Kong are also having political disagreements with each other with India-Pakistan and India-China, China-Hong Kong being the most notable ones. Aircraft manufacturing companies like Airbus and Boeing that have operations in countries like China are most likely to be affected. 

5. Impact of COVID-19 Only a few industries were affected as badly as the aerospace industry owing to the outbreak of the pandemic. Countries went under a month-long lockdown, borders were sealed, and people were not allowed to roam outside to combat the raging pandemic, resulting in an all-time low demand for aircraft and jets. COVID-19 triggered a domino effect for the global aerospace materials market, which started with lockdowns and ended with the collapse of the aerospace materials industry and severely disrupted the supply chain for the global aerospace materials market. Global aircraft manufacturing giants, Airbus and Boeing made 42% fewer jet deliveries in 2020 compared to 2019 owing to the effects of COVID-19 across the supply chain.

6. Regional Insights Geographically, the aerospace materials market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest market share of 38.11% in 2020, with a market value of USD 6,008.9 million. It is expected to register a CAGR of 3.87% during the forecast period. The aerospace industry is vital to the country's economy, not only because of the role it plays in national security, technical advancement, and transportation but also because it has an impact on a wide range of industries, from commercial airlines to military vehicle production. This industry also has a high import and export ratio. North America and Europe are the largest exporters of aerospace materials, with China being the primary importer.

7. Competitive Landscape The global aerospace materials market has an established ecosystem comprising of some major companies with a diversified portfolio of products. The global aerospace materials market is highly consolidated with a few players holding a larger share in the market. The key players in the market include Toray Industries, AMG N.V., Solvay S.A., CONSTELLIUM SE, DuPont de Nemours, Inc., Alcoa Corporation, Teijin Limited, Hindalco Industries Limited, Kobe Steel Limited, ATI METALS,Hexcel Corporation, and other prominent players. 

8. Recent Development In December 2020, Hindalco revealed its plan to construct a new 34,000-tonne extrusion plant at Silvassa. The new-fangled plant is being built to meet the rapidly increasing market demand for extruded aluminum. Hindalco Limited expects the plant to cost about USD 135 million. ·         In March 2020, Allegheny Technologies announced the restructuring of its business segments in order to strengthen its status as a leading manufacturer of specialty materials and drive long-term profitable growth.ATI reported that it would post financial results in two business segments beginning with the first quarter of 2020: a modernized high-performance materials & components (HPMC) segment and the new advanced alloys & solutions (AA&S) segment.

9. Key Players Toray Industries, Alcoa Corporation, Solvay S.A., DuPont de Nemours, Inc., Teijin Limited, ATI METALS, CONSTELLIUM SE, Kobe Steel Limited, Hindalco Industries Limited, AMG N.V., Hexcel Corporation and other prominent players. Sample Copy of the report: https://www.blueweaveconsulting.com/report/global-aerospace-materials-market-bwc19352/report-sample

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