The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aerospace Raw Materials Market.
It was estimated prior to this unanticipated outbreak that the Aerospace Raw Materials Market was likely to witness an impressive CAGR of 4.6% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. Raw materials majorly used in the aerospace industry are aluminum & alloys, titanium & alloys, composites, steel & alloys, and superalloys. Composite materials have been witnessing the most unsettling journey especially in the aerospace & defense industry where the penetration of advanced composites has increased more than 50% of the structural weight in the next-generation aircraft programs, such as A350XWB and B787, to make the aircraft lightweight yet durable with an ultimate aim to enhance fuel efficiency.
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Aerospace Raw Materials Market Segment Insights:
Platform Type Segment
Commercial aircraft are expected to remain the largest as well as the fastest-growing segment of the market during the forecast period. Strong order backlogs of the best-selling aircraft programs, such as B737 and A320 including their variants; upcoming aircraft programs, such as C919 and MC-21; and large aircraft fleet size are likely to create a healthy demand for raw materials in the commercial aircraft segment. The grounding of B737Max across the world may have some short-term impact on the demand for raw materials. The long-term outlook still seems impressive with good growth opportunities across the world.
Material Type Segment
In terms of value, titanium & alloys are expected to remain the largest segment of the market during the forecast period. Over the eons, there has been a greater penetration of titanium parts as new aircraft programs built with higher titanium content. In terms of volume, aluminum & alloys hold a significant share as All the legacy aircraft platforms, such as B737 and A320, are built with extensive use of aluminum alloys.
Region Wise Segment
North America is expected to remain the largest market for aerospace raw materials during the forecast period. The USA is the growth engine of the region’s market and has one of the largest fleets of commercial and military aircraft in the world. Due to the presence of major companies, the region is the early go-getter in the industry concerning technology and material adoption. The opening of assembly plants of the A320 and A220 aircraft programs by Airbus in the USA further assures a healthy growth of the market in the region.
Asia-Pacific is likely to witness the highest growth during the same period, driven by a host of factors including increasing demand for commercial aircraft to support rising passenger traffic, increasing defense budget of key economies, opening of assembly plants of Boeing and Airbus, and upcoming indigenous commercial and regional aircraft (COMAC C919 and Mitsubishi Space Jet).
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Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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