Aerospace Material Market Is Expected To Grow At a CAGR Of 8.1% FROM 2018-2027.

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According to Stratistics MRC, the Global Aerospace Material Market is accounted for $18.89 billion in 2018 and is expected to reach $38.08 billion by 2027 growing at a CAGR of 8.1% during the forecast period. Some of the key factors influencing the market growth include an increase in demand for lightweight and fuel-efficient aircraft, the rise in spending power and air passenger traffic and the introduction of new domestic and international routes. However, a limited range of material options owing to complex requirements is restricting the market growth.

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The aerospace materials are mostly consisting of metal alloys, which have phenomenal properties of providing the heat and corrosion resistance, tensile strength, and lightweight. The most widely used material in the aerospace manufacturing industry is aluminum owing to its exceptional characteristics features. The few other materials that are used in the process of manufacturing are titanium, graphite, fiberglass, carbon fiber polymers and honeycomb.

Opportunity: Increase in number of aircraft deliveries globally is the opportunity for the market.

There would be a global raise in the number of airplane deliveries in the near future. According to Boeing, there would be a global necessity of 38,050 deliveries of new planes over the forecast period. These new aircraft would provide immense growth opportunities for composites during the forecast period as they would have to comply with eco-friendly regulations emphasizing on lightweight and fuel efficiency. Furthermore, easy maintenance, anti-corrosive property, and superior recital of composites would encourage aerospace manufacturers to use composites in the new airplanes. Hence, the augment in the number of airplane deliveries in the future would give fabulous growth opportunities for the aerospace materials market.

Driver: Increasing use of aerospace composites in commercial aircraft.

A reduce in weight and an increase in fuel efficiency have always been driving the use of aerospace composites in the aerospace industry. Additionally, the superior strength-to-weight capacity of aerospace composites allows for more efficient structural and aerodynamic designs. There has been an exemplar shift in aircraft design at Boeing and Airbus, with aerospace composites now being considered for primary structures. All widebody airplanes designed by both the manufacturers are now based on the new paradigm. In new aircraft programs of Boeing and Airbus, such as 787 Dreamliner, 777X, and A350XWB groups, composites usage is 50% of all materials used in the aircraft. The hefty usage of these advanced aircraft is due to higher exhaustion tolerance which helps in humanizing or growing the structural components, such as larger passenger windows and a inferior cabin altitude in cruises than conventional jetliners. Both Boeing and Airbus are prognostic multibillion-dollar markets for new airplanes over the next 20 years, mainly in Asia-Pacific which would subsequently compel the aerospace composites in the market.

On the basis of end user, the business, general and personal aviation segment is anticipated to have lucrative growth during the forecast period, due to increasing number of HNIs in emerging regions and growing demand for business jets in Asia-Pacific and the Middle East. The business, general and personal aviation segment involves the use of aircraft by high net worth individuals (HNIs) or for chartered flights for business trips. Moreover, this segment is the largest consumer of aerospace materials after commercial and military aviation. According to Honeywell Aerospace (U.S.) and Bombardier Inc. (Canada), approximately 9,300 business jets will be added to the global aircraft fleet. Therefore, the growing number of airplane orders is projected to drive the growth of aerospace materials market in this segment.

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By geography, North America is expected to have considerable market growth during the forecast period, due to increased penetration of composites for use in aero structure. The high demand for aerospace materials is mainly owing to the presence of top aircraft manufacturers such as Lockheed Martin, Boeing, and others in the region. The U.S. is the major consumer of aerospace materials and the demand for aerospace materials is expected to increase in North America. The region is also expected to cater to around one-third of the global operational fleet, resulting in an increased demand for airframe and other aircraft parts over the forecast period.

Some of the key players in the global aerospace material market are 3M, Solvay Sa, BASF SE, SABIC, PPG Industries Inc., Toray Industries, Inc., Akzo Nobel N.V., Teijin Limited, Alcoa Corporation, DuPont, Röchling, Arkema Group, Mitsubishi Chemical Holdings Corporation, Henkel AG & Co. KGaA, Huntsman International LLC, Hexcel Corporation, Koninklijke Ten Cate NV, Sumitomo Bakelite Co. Ltd., and Tata Advanced Materials Limited.

Huntsman International LLC: Mar, 2020: Huntsman Corporation has signed an agreement to acquire CVC Thermoset Specialties, a North American specialty chemical manufacturer serving the industrial composites, adhesives and coatings markets.  The acquisition of CVC Thermoset Specialties brings valuable complementary technology breadth to their Advanced Materials portfolio and its unique products will make systems using the class-leading epoxy-based materials even tougher, stronger, and more durable.  This business manufactures highly specialized toughening, curing and other additives used in a wide range of composite, adhesive and coatings applications across aerospace, automotive and industrial markets.  This acquisition will further improve the ability to create differentiation in the customers' applications, in particular through their strong formulations business.

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3M: June, 2011: 3M has signed an agreement to acquire Advanced Chemistry & Technology Inc. (AC TECH), a manufacturer of quick cure, light-weight polysulfide sealants for aerospace applications. The launch of new aircraft platforms is expected to contribute to strong growth and demand for aerospace sealants over the next several years. Aircraft sealants are used to prevent corrosion, seal critical gaps, and protect from foreign object debris. AC TECH’s range of fast-curing polysulfide sealants is highly complementary to 3M's aerospace material offerings and custom engineered solutions. The addition of AC TECH expands 3M’s product presence in the aerospace market for the manufacture and maintenance of commercial and military aircraft.

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