Aerospace materials market worth $18.5 billion by 2019, says report

The aerospace materials market is projected to register a CAGR of 6.6 percent between 2014 and 2019 to reach $18.5 billion in terms of value, according to MarketsandMarkets, Dallas.

The firm’s report, “Aerospace Material Market by Type (aluminum alloys, steel alloys, titanium alloys, super alloys, composites), by Aircraft Type (commercial aircraft, business and general aviation, civil helicopters, military aircraft)—Global trends and forecast to 2019,” defines and segments the aerospace composite market with an analysis and forecast for types and applications by volume as well as value.

Europe, North America, and Asia-Pacific region dominated the aerospace composite market in 2013 and accounted for more than 85 percent of the market by volume and value. By country, the U.S. is the top consumer of aerospace materials globally, and France is second.

Increasing demand for various aircrafts from the Asia-Pacific and other emerging regions is the major growth driver of the aerospace materials industry. Future growth in the international market hinges heavily on developing economies, especially Asia-Pacific and other emerging economies. China and India, especially, stand out as noteworthy emerging markets, along with Latin America. The future scenario in the Asia-Pacific region looks promising given the number of facility expansions, mergers and acquisitions, and strategic partnerships that have taken place there. The ensuing increase in foreign investments and rise in the number of new manufacturing establishments will make the Asia-Pacific region a prime driver of growth for the aerospace composite market.

Commercial aircraft took the top position in the aerospace materials market, with more than 70 percent market share by value in 2013. Increasing air traffic in the emerging economies and the drive toward fuel-efficient and lightweight aircrafts are expected to drive the market for aerospace materials. The fastest growth rate until 2019 in the aerospace composite market is projected to come from commercial aircraft and business and general aviation. Decreased defense spending by many countries is expected to act as a big restraint in the growth of the aerospace materials market.

Aluminum alloys comprise about 50 percent of the total aerospace materials market in terms of volume. However, the aerospace composite segment is expected to have the greatest growth during the period of study because of its favorable properties such as light weight, high corrosion resistance, and high tensile strength.