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 increasing demand for next-generation, lightweight, and fuel-efficient aircraft in developing countries, especially in APAC, will drive market growth. Aerospace materials are also used in other aircraft parts such as nozzles, combustor liners, rotors, bodies, blades, and shrouds. The increased fuel efficiency leads to a reduction in the operational cost of the aircraft. The high economic growth in developing countries, along with high urbanization, industrialization, and increased standards of living, also plays a very crucial role in the adoption of fuel-efficient cost-cutting machinery. The global aerospace industry has witnessed the most adverse and immediate consequences of COVID-19. The airline sector has faced the worst consequences due to the lockdown across international and domestic borders. However, with government support and recovery in the global economy, the aerospace industry is expected to reach its pre-COVID levels by 2023, increasing the demand for aerospace materials.
The increase in composite usage is also a cause for concern and changes in the industry. The biggest concern for composite materials for aircraft is their MRO (Maintenance, Repair, and Overhaul). Maintenance requirements of composites are quite different from those of metals, and most MRO companies do not have extensive experience in maintaining composite structures. The prominent commercial aircraft manufacturers such as Boeing and Airbus have used advanced composite materials as a revolutionary material in their new generation airplanes. In the Boeing 787 series and Airbus A350 XWB series, composites account for the maximum share of the overall materials used.
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Military expenditure for UAV technology is anticipated to grow as a total percentage of military budgets, offering growth opportunities to specialized drone manufacturers and software developers. R&D spending is forecast to grow from USD 3.2 billion in 2020 to USD 4 billion in 2029, and procurement funding is projected to increase from USD 7.9 billion in 2020 to about USD 10.3 billion by the end of the decade. However, the civil and commercial market for UAVs is in its incipient phases with significant unrealized potential in a wide number of applications.
Toray Industries, Inc. (Japan), Solvay S.A. (Belgium), Alcoa Corporation (US), Teijin Limited (Japan), and Allegheny Technologies Incorporated (US) are some of the major players in the aerospace materials landscape. The companies are collaborating with each other in various projects and investing in development of technologies to increase the efficiency of aerospace materials.
Toray Industries, Inc. is a multinational corporation specializing in industrial products involving core technologies in organic synthetic chemistry, polymer chemistry, and biochemistry. The company, currently, is the largest producer of carbon fiber in the world and synthetic fiber in Japan. It has long experience and expertise in fibers and textiles, plastics and chemicals, plastics and chemicals, carbon fiber composite materials, environment and engineering, life science, and other businesses. The company has a focus on reducing the carbon footprint for processing its aerospace materials throughout the entire cycle of the production, storage, and use of materials, contributing to curbing global warming. It is one of the world leaders in the aerospace materials market. It focuses on innovation as well as R&D. The company developed a high thermal conductivity technology that lifts the heat-dissipating properties of carbon-fiber-reinforced plastic (CFRP) to that of metals.
Solvay S.A. is another plastic and chemical energy company in the field of aerospace materials. The company develops, manufactures, and markets its products to various industries, including agriculture, feed & food, automotive & aerospace, building & construction, customer goods & healthcare, electrical & electronic, and industrial applications. The acquisition of Cytec Industries boosted its growth by making it one of the worlds largest producers of carbon fiber prepreg for the aerospace industry. Solvay S.A. introduced CYCOM EP2750, a market-first technology that enables the high rate, cost-effective manufacture of aerospace structural parts. This technology combines advanced continuous fiber prepreg materials with an in-depth understanding of the key material and process characteristics required to achieve aerospace quality and performance using compression molding processing technology.
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
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