Aerospace Materials Market : Insights, Trends And Forecast Upto 2025
Posted: Dec 06, 2018
Aerospace materials are generally metal alloys that have either gained prominence or have been developed for the aerospace industry. These materials should possess properties such as heat resistance, strength, and light weight. Furthermore, fatigue resistance and corrosion resistance are the must-have properties for these materials. Aluminum was the most widely used material during the early phase of the aerospace manufacturing industry due to its exceptional light weight, state of the art, and inexpensive nature. As much as 70% of the aircraft was made from aluminum. Its ready availability made it applicable everywhere from engine components to fuselage. Extensive research & development made opportunities for other alloys and composites that can be used as aerospace materials and are more efficient than aluminum. Other composites and alloys include graphite, titanium, fiberglass, honeycomb materials, and carbon fiber reinforced polymers.
In terms of material type, the market for aerospace materials can be segmented into steel, aluminum, titanium, super, composites, and others. In terms of aircraft type, the market for aerospace materials can be segregated into helicopters, commercial aircrafts, business & general aviation, military aircrafts, and others.
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The market for aerospace materials is anticipated to witness robust expansion due to the increment in passenger transportation. Increased passenger transport is estimated to boost the demand for aircraft. This, in turn, is projected to inadvertently augment the expansion of the aerospace materials market during the forecast period. In terms of material type, aluminum alloys segment held a prominent share of the market in 2016.
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The segment is projected to witness robust expansion in the near future due to its exceptional fatigue resistance and strength. However, the evolution of composite materials and their increasing demand can act as a restraint for the expansion of the aluminum alloys segment of aerospace materials in the near future. In terms of aircraft type, the commercial aircraft segment held a significant share of the market in 2016. Increase in passenger transport is a key factor boosting the expansion of the commercial aircraft segment. Increasing air traffic is fueling the demand for commercial aircraft, which in turn is likely to propel the expansion of the aerospace materials market during the forecast period.
In terms of geography, North America held a significant share of the aerospace materials market in 2016 and is anticipated to expand considerably in the near future. The market for aerospace materials is anticipated to expand in the region due to the significant investment in research & development by governments in the aerospace sector. Presence of key aircraft manufacturers such as Lockheed Martin, Boeing, and others is a major factor that can propel the expansion of the market in North America in the near future. North America is followed by Asia Pacific in terms of share of the aerospace material market in 2016.
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