Aerospace Materials Market Size (2024 - 2029)

The Aerospace Materials Market is experiencing growth driven by the increasing use of composites in aircraft manufacturing, the expanding space industry, and rising government defense spending in regions like the United States and Europe. Despite challenges such as high carbon fiber manufacturing costs and reduced alloy usage, the market is poised for expansion, with opportunities arising from advancements in carbon nanotubes and nano-additives. North America is expected to lead the market due to its demand for commercial aircraft and military spending.

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Market Size of Aerospace Materials Industry

Aerospace Materials Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 51.51 Billion
Market Size (2029) USD 76.49 Billion
CAGR (2024 - 2029) 8.20 %
Fastest Growing Market Asia-Pacific
Largest Market North America

Major Players

Aerospace Materials Market Major Players

*Disclaimer: Major Players sorted in no particular order

Aerospace Materials Market Analysis

The Aerospace Materials Market size is estimated at USD 51.51 billion in 2024, and is expected to reach USD 76.49 billion by 2029, growing at a CAGR of greater than 8.20% during the forecast period (2024-2029).

The COVID-19 pandemic negatively impacted the market in 2020. Passenger air travel facilities were temporarily shut down because of the pandemic and the lockdowns imposed to curb the spread of the virus. However, the market showed significant growth in 2021 and is continuing to grow in recent years.

  • Over the medium term, the increasing usage of composites in aircraft manufacturing, the growing space industry, and increasing government spending on defense in the United States and European countries are expected to drive the market's growth.
  • On the flip side, the high manufacturing cost of carbon fibers and the declining usage of alloys are the key factors anticipated to restrain the growth of the target industry during the forecast period.
  • The use of carbon nanotubes and nano-additives with epoxy adhesives is likely to create opportunities for the market in the coming years.
  • North America is expected to dominate the market due to the high demand for commercial aircraft, growing government support in military spending, and expanding opportunities in the spacecraft segment.

Aerospace Materials Industry Segmentation

Aerospace materials are critical in aircraft manufacturing and must possess various characteristics such as strength and high heat resistance. The materials should be durable and have a high tolerance to damage, which is essential for fuselages. These materials are also chosen for their long lifespan and reliability, especially for fatigue resistance.

The aerospace materials market is segmented by type, aircraft type, and geography. By type, the market is segmented into structural and non-structural materials. By aircraft type, the market is segmented into general and commercial, military and defense, and space vehicles. The report also covers the market size and forecasts for the aerospace materials market in 13 countries across the region. For each segment, the market sizing and forecasts are done based on revenue (USD).

Type
Structural
Composites
Glass Fiber
Carbon Fiber
Aramid Fiber
Other Composites
Plastics
Alloys
Titanium
Aluminium
Steel
Super
Magnesium
Other Alloys
Non-structural
Coatings
Adhesives and Sealants
Epoxy
Polyurethane
Silicone
Other Adhesives and Sealants
Foams
Polyethylene
Polyurethane
Other Foams
Seals
Aircraft Type
General and Commercial
Military and Defense
Space Vehicles
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Russia
Rest of Europe
Rest of the World
South America
Middle East and Africa
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Aerospace Materials Market Size Summary

The aerospace materials market is poised for significant growth, driven by the increasing use of composites in aircraft manufacturing and the expanding space industry. Government investments in defense, particularly in the United States and European countries, are also contributing to this upward trend. Despite challenges such as the high manufacturing costs of carbon fibers and a decline in alloy usage, innovations like carbon nanotubes and nano-additives present new opportunities. The North American region, led by the United States, is expected to dominate the market due to its robust demand for commercial aircraft and military spending, alongside growing prospects in the spacecraft sector.

The aerospace industry is witnessing a resurgence, with a notable increase in demand for private and business travel, spurred by the rise in high-net-worth individuals globally. This demand is reflected in the procurement of advanced aircraft with enhanced features. The United States remains a leader in the aerospace sector, supported by a large fleet size and strong exports of aerospace components. Similarly, Canada's aerospace industry is a significant contributor to the economy, with substantial investments in innovation and research. The market is characterized by partial consolidation, with major players like BASF SE, Toray Industries Inc., and Hexcel Corporation actively engaging in partnerships and acquisitions to enhance their market positions and develop advanced materials.

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Aerospace Materials Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Use of Composites in Aircraft Manufacturing

      2. 1.1.2 Growing Space Industry

      3. 1.1.3 Increasing Government Spending on Defense in the United States and European Countries

    2. 1.2 Restraints

      1. 1.2.1 High Manufacturing Cost of Carbon Fibers

      2. 1.2.2 Declining Usage of Alloys

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size by Value)

    1. 2.1 Type

      1. 2.1.1 Structural

        1. 2.1.1.1 Composites

          1. 2.1.1.1.1 Glass Fiber

          2. 2.1.1.1.2 Carbon Fiber

          3. 2.1.1.1.3 Aramid Fiber

          4. 2.1.1.1.4 Other Composites

        2. 2.1.1.2 Plastics

        3. 2.1.1.3 Alloys

          1. 2.1.1.3.1 Titanium

          2. 2.1.1.3.2 Aluminium

          3. 2.1.1.3.3 Steel

          4. 2.1.1.3.4 Super

          5. 2.1.1.3.5 Magnesium

          6. 2.1.1.3.6 Other Alloys

      2. 2.1.2 Non-structural

        1. 2.1.2.1 Coatings

        2. 2.1.2.2 Adhesives and Sealants

          1. 2.1.2.2.1 Epoxy

          2. 2.1.2.2.2 Polyurethane

          3. 2.1.2.2.3 Silicone

          4. 2.1.2.2.4 Other Adhesives and Sealants

        3. 2.1.2.3 Foams

          1. 2.1.2.3.1 Polyethylene

          2. 2.1.2.3.2 Polyurethane

          3. 2.1.2.3.3 Other Foams

        4. 2.1.2.4 Seals

    2. 2.2 Aircraft Type

      1. 2.2.1 General and Commercial

      2. 2.2.2 Military and Defense

      3. 2.2.3 Space Vehicles

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 France

        4. 2.3.3.4 Italy

        5. 2.3.3.5 Spain

        6. 2.3.3.6 Russia

        7. 2.3.3.7 Rest of Europe

      4. 2.3.4 Rest of the World

        1. 2.3.4.1 South America

        2. 2.3.4.2 Middle East and Africa

Aerospace Materials Market Size FAQs

The Aerospace Materials Market size is expected to reach USD 51.51 billion in 2024 and grow at a CAGR of greater than 8.20% to reach USD 76.49 billion by 2029.

In 2024, the Aerospace Materials Market size is expected to reach USD 51.51 billion.

Aerospace Materials Market Report Snapshots

Aerospace Materials Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)