Composite Materials Aluminium Alloys Aerospace Market Forecasts to 2030 – Global Analysis By Product (Aramid Fiber, Composite Materials, Carbon Fiber Composite Materials, Glass Fiber Composite Materials and Other Products), Aircraft Type (Rotary Wing, Fixed Wing and Other Aircraft Types), Type, Application and by Geography
According to Stratistics MRC, the Global Composite Materials Aluminium Alloys Aerospace Market is accounted for $ 44.14 billion in 2023 and is expected to reach $ 84.29 billion by 2030 growing at a CAGR of 9.7% during the forecast period. In the aerospace industry, composite materials are constructions created from a variety of materials that have been combined to provide a superior material with improved qualities. Aluminum alloys are frequently utilized in aircraft composites because of their light weight, high strength, and resistance to corrosion, these alloys are mixed with additional components to create composite constructions, such as carbon fiber-reinforced polymers (CFRP) or glass fiber-reinforced polymers (GFRP).
According to the International Air Transport Association (IATA), an airline industry association, total global passenger traffic in March 2022 increased by 76.0% compared to March 2021.
Market DynamicsDriver
Great strength-to-weight ratio
Alloys made of aluminum are well known for having a great strength-to-weight ratio. While being considerably lighter, they have strength that is comparable to that of conventional metals. This characteristic makes aluminum alloys perfect for aerospace applications; where performance, mobility, and fuel efficiency all depend on the use of lightweight materials, and other composite materials provide a substantial benefit in terms of weight reduction while preserving structural integrity. Because it immediately affects operational costs and environmental sustainability, this factor is highly significant.
RestraintHigh cost
Aluminum alloys and other composite materials may cost more than conventional materials like steel or aluminum. The cost of making composite materials is increased by the manufacturing procedures, specialized machinery, and raw materials. The aerospace sector, which is subject to strict cost restrictions, may encounter difficulties when implementing composite materials globally.
OpportunityTechnological advancements
The aircraft sector continues to prosper due to technological advancements in composite materials, industrial techniques, and materials science. Additionally, research and development are always being done to create new aluminum alloys with improved properties, such as increased strength or decreased weight. Because aluminum alloys are naturally resistant to corrosion, they are ideal choices for aeronautical applications. These advancements have increased the use of aluminum alloys in aerospace applications.
ThreatDisruptions in the supply chain
International cooperation on aerospace projects may be hampered by regional and global conflicts and wars, which may also disrupt the aerospace supply chain and lead to trade restrictions. This could result in significant cost increases and supply-chain disruptions. Furthermore, as electric and hybrid propulsion systems become more prevalent, the demand for traditional aluminum alloys may decline, which could have an effect on the market for composite materials.
Covid-19 ImpactGlobal supply chains were hampered by the pandemic, which delayed the manufacturing and transport of components, including aluminum alloys and composite materials. There were shortages and delays in delivery as a result of manufacturing plants closing down or operating at reduced capacity. Cost-cutting measures were implemented as a result of rising financial demands on airlines and aircraft manufacturers. This in turn has a detrimental effect on the money given for advanced materials research and development, most likely slowing down innovation in aluminum alloys and composite materials.
The aluminium alloys segment is expected to be the largest during the forecast period
Aluminum alloys are anticipated to have the largest share due to the fact that modern aircraft manufacturers employ them to create the wings, fuselage, and other components of the aircraft. Additionally, aluminum alloys are chosen over steel and iron alloys for use in airplanes due to their high strength, low weight, heat resistance, and corrosion resistance. Furthermore, due to rising aircraft production rates, an increase in air passenger traffic, and a constant focus on enhancing aircraft performance and fuel efficiency, they are thus mostly used in parts for commercial and business aircraft.
The glass fiber composite materials segment is expected to have the highest CAGR during the forecast period
The glass fiber composite materials segment is anticipated to have lucrative growth during the forecast period; due to a wide range of aerospace applications adopt glass fiber reinforced composites (GFRP) because of its special qualities and benefits. Additionally, they are naturally resistant to corrosion, making them suitable for applications like those in aircraft where exposure to moisture, chemicals, and harsh conditions is prevalent. Therefore, the total corrosion resistance of the aircraft component is improved by the addition of glass fibers to composite materials.
Region with largest shareNorth America commanded the largest market share during the extrapolated period owing to the composite materials, particularly carbon fiber-reinforced composites, have become widely used. Moreover, they are often utilized to lighten airplanes, increase fuel effectiveness, and strengthen structural integrity. In fact, an enormous variety of composite materials were used in the construction of Boeing's 787 Dreamliner. Furthermore, aluminum alloys continue to play a significant role in aerospace manufacturing in North America, even if composite materials are being used more and more. Fuselages, wings, and engine parts are just a few of the components of an airplane that are made of aluminum alloys and they provide a balance of weight and strength, making them appropriate for a variety of applications. Thus, these factors fuel the market's expansion.
Region with highest CAGREurope is expected to witness profitable growth over the projection period, owing to the use of lightweight materials like advanced aluminum alloys and composites is consistent with the industry's objectives of lowering emissions and raising fuel efficiency. Additionally, governmental policies, customer demand for new aircraft, and technical developments have an impact on market growth in this region. Therefore, with a focus on innovation and sustainability, the European aircraft sector has remained robust.
Key players in the marketSome of the key players in the Composite Materials Aluminum Alloys Aerospace Market include Alcoa Corporation, Amg Advanced Metallurgical, Fitbit, Hexcel, Kobe Steel Ltd., Materion, Mitsubishi Rayon, Novelis Inc., Owens Corning, Renegade Materials, Royal Ten Cate, SGL Group, Solvay S.A., Teijin Limited and Toray Industries Inc.
Key DevelopmentsIn September 2023, Alcoa Corporation announced that William F. Oplinger has been elected to serve as President and Chief Executive Officer of the Company and as a member of its Board of Directors.
In November 2023, Alcoa Corporation announced today that it has reached a tentative agreement with the United Steelworkers on a new three-year labor agreement for employees at two U.S. locations.
In February 2022, Sovay announces its investment in PVDF capacity in Europe to meet EV battery demand. Solvay is expanding its leadership position in the global lithium-ion battery market by expanding its production capacity.
Products Covered
• Aramid Fiber Composite Materials
• Carbon Fiber Composite Materials
• Glass Fiber Composite Materials
• Other Products
Aircraft Types Covered
• Rotary Wing
• Fixed Wing
• Other Aircraft Types
Types Covered
• Steel Alloys
• Titanium Alloys
• Aluminum Alloys
• Composites
Applications Covered
• Helicopters
• Business And General Aviation
• Commercial Aircraft
• Military Aircraft
• Other Applications
Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements