Aerospace Materials Market Analysis
Aerospace Materials Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
Aerospace materials are manufactured and designed to serve aerospace purposes. The materials are designed to withstand high pressures and temperatures, stress resistance, chemical resistance, durability and are also required to be lightweight. The most popular aerospace material is aluminum and has been used since the first plane was built by Wright Brothers. These materials, due to their high performance are also used in other industries and are advertised to emphasize their high performance characteristics.
The major driver for aerospace materials is increased demand for lightweight aircrafts to reduce fuel consumption. A rise in commercial aircraft manufacturing has intensified aerospace material demand. Moreover strict regulatory standards have boosted the need for high quality and high performance material. The major challenge is the steep maintenance cost of these materials.
Aerospace Materials Market Taxonomy
On basis of Material
On basis of Aircraft
Aluminum is the most widely used material. Its light weight, high strength and high corrosion resistance properties make it a preferred choice over other alternatives such as steel which is heavier. Advanced steel alloys are used in production of gas turbine engines, landing equipment and other aero-structures. Titanium is used in jet engine parts due to its low density, high strength and corrosion resistance. Super Alloys and Composite Materials are gradually entering the market but require more R&D before being employed on a large scale.
The commercial aircraft segment is the largest market segment, with rise in air transportation due to increased domestic and inter-country travel.
Aerospace Materials Market Outlook
Toray Industries in 2017 merged with Toray Composites and Toray Carbon fibers to create a single business entity. The merged entity Toray Composite Materials America is expected to increase efficiency across the supply and product chains.
The major players in the market are Toray Industries, Inc., Alcoa Corporation, Solvay Group, Du Pont, Teijin Limited, ATI Metals, and Constellium N.V.
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