The Global Titanium Alloys Aluminum Alloys Aerospace Materials Market is forecast to reach USD 10.15 Billion by 2028, according to a new report by Reports and Data. The increase in demand for innovative and high-quality metals and alloys in the aerospace industry is driving the market growth. Various applications, including carrying of passengers, astronauts, or fighter pilots, increase the market demand for aerospace products, which must comply with the performance and quality of the highest standards under extreme conditions.
Aluminum is used in aircraft for its low density, good thermal and electric conductivity, and high strength property, corrosion resistance and technological effectiveness. As aluminum loses its strength at high temperature, it is not used in the skin surface of an aircraft. Titanium has the highest weight-to-strength ratio of any metal, which makes it useful among various industries along with aerospace. Titanium is as strong as steel and is 45% lighter. The metal is resistant to corrosion, which makes it apt for use in aircrafts.
Increase in demand for aircraft form the Asia Pacific region is expected to fuel the market growth. Growth in the international market in future depends heavily on developing countries. India and China contribute to the growth of the market. Increase in facility expansion, rise in mergers and acquisitions, and strategic partnerships is expected to fuel the market demand.
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Key participants include Nucor Corporation, Kobe Titanium, Arcelor Mittal, Nippon Titanium & Sumitomo Metal, Thyssenkrupp Aerospace, AMI Metals, Materion, BaoTitanium Group, Alcoa Corp., Huntsman International LLC., among others.
Further key findings from the report suggest
- The aerospace industry is gradually looking to recycle aluminum alloys to fulfill the high demand for such alloys owing to the projection of a substantial increase in the demand for aluminum in the forecast period. Besides, there is a drive for innovation in the materials used in aerospace design, as well as the design structure of aircraft.
- Increase in air traffic in emerging nations and the manufacturers drive towards fuel efficiency and lightweight aircraft is expected to boost the market for aerospace materials. The decrease in defense spending in many countries is anticipated to fuel market growth.
- Based on the applications, commercial aviation held half the market share, i.e., 51% in the year 2018. Increase in passenger transport, along with the rise in demand for commercial aircraft is anticipated to propel the market growth.
- Aluminum is generally the most widely used material in the aircraft owing to its exceptional lightweight, state of the art, and inexpensive nature. It held a market share of 58% in the year 2018.
- Titanium has an electrical resistance comparable to that of stainless steel and is nonmagnetic. Titanium has greater fatigue resistance than that of aluminum or steel. The metal titanium becomes softer as the level of purity is increased in it.
- North America accounts for approximately one-third of all the commercial aircraft produced globally. It held a market share of 31% in the year 2018.
- Small widebody planes, is expected to account for 72% of the total widebody passenger deliveries over the next 2 decades. It offers North America the ability to operate non-stop flights increasing their profits exponentially.
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For the purpose of this report, Reports and Data have segmented the global Titanium Alloys Aluminum Alloys Aerospace Materials Market on the basis of Product Type, Platform, Applications, and Region:
Product Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Titanium Alloys
- Aluminum Alloys
Platform Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Fixed Wing
- Rotary Wing
Applications Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Business and General Aviation
- Commercial Aviation
- Military Aviation
Over the years, mergers and acquisitions, collaborations, and partnerships have played a pivotal role in companies’ plans of expanding customer base and gaining a robust footing in the market. Rising investments by the key industry players for the R&D activities will further bolster market growth over the analysis period.
The report also utilizes key statistical tools such as SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and venture return analysis to offer better insights into the market landscape. The report also covers recent developments and trends and provides a comprehensive industry overview to help readers understand the complete scenario and dynamics of the Titanium Alloys Aluminum Alloys Aerospace Materials market.
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Regions covered by the report:
- North America (U.S.A., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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