In 2023, the aerospace aluminum market was estimated to be worth USD 7638.86 million. The Aerospace Aluminium Market industry is anticipated to experience a compound annual growth rate (CAGR) of 7.2% from USD 8696.50 million in 2024 to USD 15152.77 million by 2032. There is a possibility that the demand for aerospace aluminum will increase significantly during the forecast period due to the rapidly expanding aviation sector and the increasing urbanization. The aerospace aluminum market is being positively impacted by the growing industry's demand for sustainable and lightweight materials to enhance aircraft performance, fuel efficiency, and environmental sustainability. The utilization of advanced aluminum alloys in intricate and high-performance structural components is on the rise, as they are required to manage the rigorous conditions of high-altitude flight while simultaneously reducing the overall weight of aircraft.
Stringent regulations are being implemented by governments and international organizations with the objective of reducing greenhouse gas emissions. Lighter aircraft necessitate less fuel, which directly results in a reduction in carbon emissions. Consequently, the utilization of aerospace aluminum is consistent with the regulatory requirement for environmentally friendly aviation practices, as it contributes to reduced fuel consumption. Additionally, aluminum is a sustainable material because of its recyclability. It can be recycled with minimal energy consumption and reused without significant degradation of its properties. Manufacturers seeking to comply with environmental regulations and foster a circular economy within the industry have found aluminum to be an appealing alternative due to this property.
Market segment insights
The global Aerospace Aluminiums market has been segmented into the following categories: 2024 Grade, 7075 Grade, 6061 Grade, 6082 Grade, and Others.
The global market has been divided into five categories: Casting, Extrusion, Welding, Forging, and Others. This division is based on the process. The aluminum market has been segmented into four categories: Commercial Aviation, Business & General Aviation, Military & Defense, and Others.
Regional Perspectives
During the forecast period, the Asia-Pacific Aerospace Aluminium market is anticipated to account for a substantial revenue share and maintain the highest market share. The North American aerospace aluminum market is a significant component of the broader aerospace industry. This is primarily due to the growing demand for high-strength, lightweight materials in the aircraft manufacturing industry. Due to its cost-effectiveness, corrosion resistance, and exceptional strength-to-weight ratio, aluminum is utilized extensively. The demand for aluminum is significantly influenced by the aerospace sector in the region, which encompasses commercial, military, and space applications. The U.S. is the largest producer and consumer of aluminum components in North America, with the demand for these components in aircraft and spacecraft being driven by major corporations like Boeing and Lockheed Martin. The increased durability and resistance to stress and fatigue of aluminum alloys 2024 and 7075 are particularly preferable. The market is influenced by the development of air travel, military procurement orders, the advancement of aerospace technology, and sustainability initiatives. The demand for aerospace-grade aluminum is on the rise as manufacturers who prioritize carbon emission reduction are now exploring the use of more lightweight materials to improve fuel efficiency.
Major Players
Alcoa Corporation, Constellium, Kaiser Aluminium, Hindalco Industries Ltd., Thyssenkrupp, AMG (Advanced Metallurgical Group), VSMPO-AVISMA Corporation, Aluminium Precision Products, Inc., Mifa Aluminium, Wuxi HENG TAI AEROSPACE Science and Technology Co., Ltd., and UACJ Corporation are the primary players in the Aerospace Aluminium Market.
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