Aerospace Raw Materials Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2088
Aerospace Raw Materials Market size is mainly driven by rising environmental concern and increasing applications in modernized aircrafts.
Aircraft designing considers multiple factors such as comfort, safety, efficiency, and reliability depending on the type of aircraft that varies from fighter jets to commercial planes. Aircraft designing needs to meet specific requirements that are influenced by the elements used in its construction and structural complexity. Wide range of substances used in the aircraft construction have the properties such as elasticity, strength, corrosion resistance, and specific weight.
Aircraft replacement in developed regions such as Europe and North America will boost the aerospace raw materials market. In addition, the dynamic growth in the developing countries due to increasing number of open sky policies, low cost barriers, and air traffic growth will lead to improvement in the industry size.
Increasing greenhouse gases (GHG) emission regulations and fuel prices will spur the demand for aerospace raw material industry by 2024. Federal Aviation Administration (FAA), European Aviation Safety Agency (EASA), United States Department of Defense (DoD), and similar type of agencies in other countries will have direct impact on the industry size. In next decade, new and more demanding legal rules may be adopted by the industry players. The companies may have to incur additional costs to comply with new set of regulations which may reduce their profitability.
Development of new alloys and design technologies will improve the overall business demand. The alloy chosen in each application and each type of aircraft may differ with lighter materials such as composites are used in ultralight structures. New alloys are continuously developed and tested to improve multiple aspects such as fuel consumption, aerodynamic efficiency, and noise generation. New concepts associated with innovative alloys and wing shapes are in the development process focusing on the reduction of noise and drag levels to increase fuel efficiency. It is being estimated that even 1% reduction in drag for larger aircrafts can save almost 400,000 liters of fuel resulting in reduction of emissions up to 5000kg.
Cancellation of orders from the aircraft manufacturers poses challenge to the industry growth in the projected timeline. Moreover, raw material fabrication demands for highly skilled labor force at excessive costs. This may hamper the aerospace raw material market growth over coming years.
Understanding the resource supply risk lets the manufacturers to get into long term resource planning. Supply chain also depends on political factors involved in the businesses for trading in foreign countries. This may pose a challenge for the aerospace raw material market. Stringent technical specifications for the products are the added factors in limiting the industry growth.
R&D activities will provide immense opportunity for the industry growth in the forecast time frame. The advancements may lead to less maintenance, fuel savings, overall performance optimization, improved quality, and use of renewable substances will support in minimizing the carbon footprint in the environment and adhere to environmental regulations.
Composite substances are widely used in the aviation industry after aluminum. Aluminum alloy is characterized by good corrosion resistive property and low-density value. Composite substance comprises of two or more distinct elements required in aircraft construction activities. Composites are used due to their properties such as corrosion resistance, low weight, and strength. They are made from fibrous substances embedded in a resin matrix. Fibers oriented in the specific direction are laminated by different orientation fibers to attain optimum stiffness and strength in the final product.
Based on aircraft, the business and general segment is expected to dominate the overall industry share over next ten years. This segment growth is credited to the use of chartered flights for business trips by high net worth individuals frequently. Increasing demand for business jets in the Middle East will expand the segment size.
Asia Pacific is expected to be the fastest growing region in the aviation industry. This growth is attributed to the developing countries like India and Japan that are attracting investors to build production facilities due to easy availability of labor and raw materials at low costs. China is estimated to be the largest civil aircraft sales by 2024. Boeing estimated that China will have to add over 6,000 planes to its commercial fleet to meet traffic demand and simultaneously China’s fleet is escalating in business jets, training aircraft, helicopters, and general planes. Presently China imports many aircraft parts presenting immense opportunity for players such as Gulfstream, General Electric, Boeing, Airbus, and Pratt & Whitney.
Aerospace raw material market players are Du Pont, Cytec Solvay Group, Toray Industries, Alcoa Corporation, Constellium N.V, ATI Metals, Teijin Limited, AMG N.V, and Aleris. The strategy followed by these companies are building laboratories and research centers in the nearby facility. The players focus on gaining their industry share by development of modern products and technologies. In addition, the players attract new investors to serve their financial needs and increase the business.
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