Aerospace materials are high performance alloys, which are made of aluminum, titanium, steel, and super-alloys. These materials should possess various properties including strength, heat resistance, and light weight. In addition, fatigue and corrosion resistance are must-have properties for these type materials. Aluminum is the most extensively used material during the early phase of aerospace manufacturing industry because of its exceptional light weight, inexpensive nature and state of the art. Mostly aircrafts are made from aluminum. Its ready availability made it appropriate everywhere from the engine components to fuselage.
As per study, “Global Titanium Alloys Aluminium Alloys Aerospace Materials Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” key companies operating in the global titanium alloys aluminum alloys aerospace materials market include Toho Titanium, Thyssenkrupp Aerospace, Materion, BaoTi, Kobe Steel, VSMPO-AVISMA, among others. The leading companies have adopted different organic & inorganic growth strategies including expansions, mergers & acquisitions (M&A) and novel product developments to increase their market shares. By type, titanium alloys aluminum alloys aerospace materials market is segregated as technical Grade and industrial grade. In addition, by application, market is segregated as military aircraft and commercial aircraft. Commercial aircraft segment holds major share in global market owing to increase in air passenger coupled with rise in demand for new aircraft.
The titanium alloys aluminum alloys aerospace materials market is driven by rise in funds in defense sector for aircrafts, followed by continuous advancement in aircraft materials, rise in demand for lightweight & more efficient aircraft and growth in numbers of commercial aircrafts. However, less expenditure in defense sector in developed economies and increase in preference for composite materials may impact the market. Moreover, rise in demand for commercial aircraft and increase in passenger transportation due to affordable carriers in the emerging regions are key opportunities for market.
Based on geography, the North-American region dominates the global titanium alloys aluminum alloys aerospace materials market owing to increase in number of air travelers and presence of key market players in the region. Additionally, the U.S. is a major consumer of aerospace materials and demand for aerospace materials is estimated to increase over the forecast period in the region. The Asian-Pacific and European regions are likely to exhibit substantial growth rate due to rise in the number of new manufacturing establishments and increase in foreign investments over the forecast period. India and Japan are attracting various investors to set up production facilities caused by ease of availability of raw materials along with labor at a lower price. Increase in air traffic and growth in number of low-cost carriers in the regions are projected to lead to an augmented demand for new aircraft in the region over the forecast period. It is anticipated that future of the global titanium alloys aluminum alloys aerospace materials market will be optimistic on account of increase in passenger transportation and surge in number of commercial aircraft orders & deliveries during the forecast period.
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Ankur Gupta, Head Marketing & Communications