Aerospace And Defense Materials Market Size, Share & Trends Analysis Report By Product (Aluminum, Composites), By Application (Aerostructure, Propulsion System), By Aircraft Type (Commercial, Military), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global aerospace and defense materials market size was estimated at USD 18.72 billion in 2022 and is expected to grow a compound annual growth rate (CAGR) of 5.3% from 2023 to 2030. The rise in the rate of replacement of aging aircraft has led to a boost in demand for the production of new aircraft, in turn, boosting the demand for aerospace & defense materials. The market is expected to witness increasing demand for lightweight materials in an attempt to improve the cost-efficiency and environmental performance of aircraft. Hence, high-strength, lightweight fiber-reinforced composites are gaining prominence in aircraft manufacturing, to increase fuel efficiency, decrease emissions, and reduce material usage, thereby allowing the installation of new functions.

Raw materials used for manufacturing aircraft include aluminum, steel, titanium, composites, superalloys, and plastics. The unstable and fluctuating global markets have significant effects on aircraft manufacturing companies, such as rising energy costs, sudden changes in the price of raw materials, and unexpected barriers that are disrupting the supply chain and making it challenging for manufacturers to keep up the pace. Composites were the dominant product segment, in terms of revenue, in 2022. The segment is expected to grow at a steady CAGR over the forecast period owing to the high demand for lightweight materials. Composite materials are expected to replace a significant share of metals used in aircraft manufacturing over the forecast period.

The U.S. is expected to dominate the market, owing to the presence of established aircraft manufacturers, such as Boeing, United Technologies, and Lockheed Martin, in the region. The technological ability to produce high-quality products is primarily expected to drive industry growth over the forecast period.The market is expected to benefit from the strong aircraft demand in the foreseeable future. The worldwide commercial and cargo fleets are expected to double over the forecast period, coupled with an increase in passenger and freight traffic, contributing significantly to the rise in aircraft production.The aerospace & defense industry has been a long-term promoting factor for the development and application of advanced materials.

Leading manufacturers are increasingly adopting a variety of advanced materials, such as carbon fiber compositesand titanium alloys. These materials play an important role in reducing the overall weight of an aircraft and increasing fuel efficiency.The industry players often enter into long-term supply contracts with aircraft manufacturers. The material manufacturers provide highly customized solutions to the component and aircraft manufacturers. Aircraft manufacturers are often involved in the monitoring of the materials throughout the value chain from design to component manufacturing, to ensure quality.

Product Insights

Titanium is expected to have the fastest growth rate of 6.0%, in terms of revenue, over the forecast period owing to its exceptional compatibility with composites. Its lightweight, high-strength, and excellent corrosion resistance properties are expected to aid its demand in the manufacturing of critical aircraft components.Copper alloys, including Beryllium copper and Nickel-Aluminum-Bronze, are widely used in aerospace engineering for the manufacturing of critical aircraft components where high strength, corrosionresistance, and good ductility are required. These are mostly used in applications involving abrasive wear, heavy loads, and corrosion, including strut bearings, landing gear components, and main pistons.

The aluminum product segment held a significant revenue share in 2022 owing to the high preference for aluminum alloys. The material is preferably used in the production of aerostructure components on account of its exceptional properties including heat resistance and corrosion resistance. The growing use of aluminum in internal fittings of aircraft to reduce weight and fuel consumption is anticipated to aid its demand. Steel is used in combination with a number of other metals, including carbon, chromium, and nickel, in variable grades offering enhanced hardness, yield strength, and corrosion resistance. Stainless steel offers ease of welding, thus, aircraft manufacturers prefer it for the production of fasteners and rivets, which helps elevate airspeed and reduce the chances of damages or accidents.

Application Insights

The aerostructure segment is expected to register the fastest CAGR of 5.8% from 2023 to 2030 on account of the rising use of composites including CFRP and honeycomb materials in non-critical structural components. Aluminum and composites are widely used in the structure owing to their lightweight characteristics as well improved rigidity.Aircraft components including bearings, fasteners, bushings, as well as fueling & refueling systems contribute to the core functions of an aircraft. Increasing use of composites in aerostructure is expected to aid the demand for titanium for the manufacturing of these components. Titanium and its alloys are largely preferred over aluminum owing to its superior corrosion resistance.

Plastics are preferably used for cabin interiors, owing to their sturdiness and ability to meet stringent requirements. The seats in cabin areas include a wide range of plastic moldings for products, such as trim strips, decorative closeouts, armrests, and food trays. Polycarbonate and decorative vinyl are preferred for these applications, whereas decorative plastic laminates are used for surfaces that are in direct contact with crew and passengers.Satellite manufacturing consumes bulk quantities of aluminum and aluminum alloys that offer high strength and are lightweight. Satellite structure is expected to withstand the harsh environment, which ensures the material in space remains stiff, owing to which, aramid fiber composites are exclusively used for the structure. Aramid fiber composites are also used for the protection of satellites from orbital debris.

Aircraft Type Insights

The tremendous growth in commercial passenger and freight traffic, coupled with improved trade relations worldwide, leading to the high demand for cargo services is expected to drive the product demand for commercial aircraft. The segment accounted for 55.0% of the overall revenue in 2022.Business and general aviation aircraft encompass jet airplanes used for passenger aviation, business jets, recreational airplanes, agricultural aircraft, aircraft for police, ambulance, aerial surveys, and patrol service. The segment is expected to witness significant growth and a boost in productivity, due to the lesser time required to travel.

The demand for aerospace & defense materials for military aircraft is anticipated to witness sluggish growth, owing to a slight decline in military expenditure, thereby adversely affecting the market growth. However, demand for innovative fighter planes is expected to have a positive impact on product demand in near future.Other types of aircraft include unmanned vehicles and spacecraft that require advanced & robust and temperature-resistant materials with high resilience. Composites, such as carbon fiber-reinforced polymers, are extensively used in the manufacturing of drones. Titanium alloys and thermal protective tiles are used to strengthen the outer structure and offer sustainability against extreme temperatures.

Regional Insights

North America dominated the industry in 2022 with a revenue share of 55.7% and is expected to witness increased penetration of composites for use in aerostructure owing to the presence of a large aircraft manufacturing industry in the region. The region is expected to cater to around one-third of the global operational fleet, resulting in an increased demand for airframes and other aircraft parts over the forecast period. The aerospace & defense industry in Europe is expected to grow at a steady CAGR, in terms of volume, from 2023 to 2030 owing to a rise in defense spending by NATO countries. The rise in terrorist threats in the region is expected to drive the market.

Growing passenger traffic, coupled with declining airfares is expected to further aid the MRO activities, in turn, benefitting the market.Asia Pacific is expected to witness the fastest growth rate over the forecast period owing to the tremendous developments in the aviation industry in the region. In addition, domestic mass production of China’s COMAC jet from 2021 is expected to boost the product demand in the region over the next eight years.China is anticipated to be the fastest-growing market owing to its progressing economy, coupled with opportunities related to aircraft maintenance and service. Moreover, government initiatives to increase domestic manufacturing capabilities and overall export to the U.S. are likely to boost product demand over the forecast period.

Key Companies & Market Share Insights

The global market exhibits an increased competitive environment owing to the rising tide in the aircraft manufacturing industry. Emerging players in China, followed by Asia, Middle East & Africa, and Latin America, offering comparatively low-cost materials are expected to disrupt the competition to the established players in North America and Europe.

Key players are technology-driven and are focused on targeting markets with long-term growth potential, where they can establish a sustainable competitive advantage. Industry participants emphasize on research and development of low-cost materials, which can provide high strength and are lightweight since end-users are focused on technology as well as cost reduction.Some of the prominent players in the global aerospace and defense materials market include:

• Huntsman International LLC

• Toray Composites America, Inc.

• VSMPO-AVISMA

• Arconic Inc.

• Kobe Steel, Ltd.

• Allegheny Technologies

• Cytec Solvay Group

• Hexcel Corp.

• Novelis

• Constellium N.V

• SGL Carbon

• thyssenkrupp Aerospace

• Formosa Plastics Corp., U.S.A

• Strata Manufacturing PJSC

• Teijin Ltd.

Aerospace And Defense Materials Market Report Scope

Global Aerospace And Defense Materials Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global aerospace and defense materials market report on the basis of product, application, aircraft type, and region:

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Aluminum

  • Titanium

  • Composites

  • Superalloys

  • Steel

  • Plastic

  • Others

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Aerostructure

  • Components

  • Cabin Interiors

  • Propulsion System

  • Equipment, System, & Support

  • Satellites

  • Construction & Insulation Components

• Aircraft Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Commercial

  • Business & General Aviation

  • Military

  • Others

• Regional Outlook (Volume, Kilotons; Revenue; USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Czech Republic

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa