Booming aerospace materials market will buoy demand for aluminium alloys

The aerospace materials market is expected to reach $23.8 billion in 2022, reveals data from a recently published report. The main drivers for the growth of the global aerospace market are change in technology, increased aircraft size, and high replacement rate.

Buoyed by this steady growth, demand for materials such as aluminium alloys, titanium alloys and composite materials are used for building aircrafts will also increase in the next five year period. According to the report, aluminium alloys accounts for nearly 50.0% of the market in terms of volume; yet it corresponds to only around 25 per cent of the market in terms of value. The demand for aluminium alloys is likely to remain steady in between 2014 and 2019, but raise in usage of the composite materials and titanium alloys in the new generation of aircrafts is expected to increase demand for these materials in the upcoming future.

The global aerospace materials market can be segmented on the basis of material types, aircraft types and region. Based on the type of material, the market can be segmented into five types namely Aluminium Alloys, Steel Alloys, Titanium Alloys, Super Alloys and Composite Materials. Depending on aircraft types, the market can be divided into Commercial Aircraft, Military Aircraft, Business & General Aviation, Helicopters and Others.

Geographically aerospace (materials) market is segmented into North America, Europe, Asia Pacific and Rest of the World (ROW). North America, Europe, Asia Pacific dominate the aerospace domain both by volume and value. The United States is the top consumer for the aerospace material globally. A large number of mergers and acquisitions taking place among some of the major players in the industry are expected to fuel growth in the region.