The aerospace lightweight materials market was worth US$ 39 billion in 2022 and is predicted to be worth roughly US$ 77.29 billion by 2032, increasing at a CAGR of 7.08% from 2022 to 2032.
| Attributes | Details |
|---|---|
| Market CAGR | 7.08% |
| Market Size 2022 | US$ 39 billion |
| Market Size 2032 | US$ 77.29 billion |
The automobile industry has the biggest need for lightweight materials; hence, it is the primary driver of the market. This industry's consumption rate of lightweight materials increases the market value.
A stringent emission and fuel standard for vehicles imposed by governments around the world is another market stimulant. These laws encourage automakers to use lightweight materials, including composites, lightweight metals, and plastics. These are the primary market drivers for lightweight aerospace materials.
The market's challenging factors are impeding its growth rate in the forecast period. The maintenance of lightweight materials is a major challenge for the aerospace industry. The market is being challenged by high raw material and maintenance costs.
Several growth opportunities contribute to the market’s rising value. The invention of electric vehicles in the automotive industry opens up new market opportunities.
Other factors, such as increased environmental awareness, government support and initiatives, and increased investments by OEMs, have led to the invention and use of electric vehicles, creating a market growth opportunity.
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The primary regions of the North American continent are regarded as the largest aircraft makers and exporters. The regional market for aerospace lightweight materials is primarily driven due to the increased use of raw materials in the aerospace sector.
Europe is seeing rapid growth as a result of the expansion of the aerospace, defense, and automotive industries, which are major market drivers. Another factor accelerating the European market is the rising usage of carbon fiber.
The Asia-Pacific region is rapidly expanding as a result of increased demand for glass fiber reinforced concrete fire resistance. Other outstanding properties are projected to drive regional market growth of aerospace lightweight materials. The elements propelling the building business in developing countries are urbanization, higher per capita disposable income, and lifestyle changes.
Material enhancements and upgrades are the responsibility of industry players. The existence of businesses in various regions accelerates the regional market for aerospace lightweight materials, which is heavily labelling up the worldwide market.
Suppliers are trying to find enough balsa as the world's largest manufacturer of turbines tries to deliver wind power at breakneck speed to achieve ambitious climate goals. To ease the shortage and reduce imports, China is now striving to build its own.
In aerospace industry, development of new materials with reduced weight, improved application specific performance and reduced cost has a significant importance. Increasing demand for these characteristics are expected to have a positive impact the global aerospace lightweight materials market.
A one-piece design reduces the number of components in overall assemblies, which ultimately reduces the material costs and the total number of components. However, the setup, work holding and surface finish is still difficult to achieve. Designers, engineers, machinists and machine or cutting tool partners are continuously developing new solutions to achieve this target. The mix of materials in aerospace industry is expected to continually change in coming years with new technologies in composites and metals.
Aluminum alloys are used for moderate temperature range applications where titanium alloys are used for temperature range up to 500 to 5500 C or may push another 2000 C. Fiber reinforcements are mostly used where high stiffness and wear resistance are required. Super alloys have the ability to withstand temperatures more than 10000 C. Basically, these materials act as an integral part of the complex aerospace systems.The global aerospace lightweight materials market is expected to increase at a significant rate in terms of value over the forecast period.
Principal Consultant
The global aerospace lightweight materials market is expected to increase at a significant pace due to increasing demand for properties such as high fuel efficiency and high temperature resistance. Moreover, the global aerospace lightweight materials market is anticipated to increase due to the implementation of stringent regulations over carbon emissions across the globe. Easy machining, high strength, low density and high thrust-to-weight ratio in aircraft engines is expected to drive the demand for titanium aluminide (TiAl) and aluminum lithium (Al-Li) over the forecast period.
Among all the material types, titanium has relatively high cost, which is expected to be a major reason to hamper the growth of titanium segment over the forecast period.
North America and Europe are expected to collectively account for major share in the global aerospace lightweight materials market throughout the forecast period. The U.S. is expected to be one of the major consumers of aerospace lightweight materials. High demand for aircrafts from the emerging regions like Asia-Pacific and Latin America are expected to augment the demand for aerospace lightweight materials, thus driving the global aerospace lightweight materials market. In the near future, Asia-Pacific is anticipated to witness high demand for aerospace lightweight materials due to increasing number of aircrafts.
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Some of the key players identified in the global aerospace lightweight materials market are BASF SE, ASM International, Alcoa Inc., Du Pont, Teijin Limited, Cytec Industries Inc., Toray Industries Inc., ATI Metals.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and Industry.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global aerospace lightweight materials market is segmented on the basis of component type, material type, application and key regions.
The market is likely to register a CAGR of 7.08% through 2032.
The market is currently valued at US$ 39 Bn in 2022.
The market is likely to grow to a valuation of US$ 77.29 Bn by 2032.
North America is likely to be a leading market during the forecast period.
Chemicals & Materials
February 2024
REP-EU-82
333 pages
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Aerospace Lightweight Materials Market
