The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The composite materials aluminum alloys aerospace market has soared to new heights in recent years, showcasing rapid growth. From $29.16 billion in 2023, it is set to reach $32.54 billion in 2024, reflecting an impressive compound annual growth rate (CAGR) of 11.6%. The surge in the historic period is attributed to the escalating air traffic, increased travel and tourism, population growth, rise in disposable income, and the flourishing aviation industry.

Future Flights: Anticipated Growth Trajectory

Projected Expansion

The composite materials aluminum alloys aerospace market is not just flying high; it’s poised for continued rapid growth. By 2028, it is expected to reach $49.53 billion, maintaining a noteworthy compound annual growth rate (CAGR) of 11.1%. The projected growth is attributed to emerging market demand, fuel-efficient airframe designs, sustainable aviation materials, the entry of new players into the market, and the growing need for commercial aircraft. Key trends in the forecast period encompass 3D printing and additive manufacturing, electrification of aircraft, technological advancements, integration of digital technologies and supply chain optimization, and strategic collaborations.

Factors Driving Future Growth:

1. Emerging Market Demand: New markets driving the need for aerospace materials.
2. Fuel-Efficient Designs: Focus on enhancing aircraft efficiency and performance.
3. Sustainable Materials: Growing demand for eco-friendly and sustainable aviation solutions.
4. Market Entry of New Players: Increased competition and innovation in the aerospace sector.
5. Growing Need for Commercial Aircraft: Meeting the rising demand for air travel.

Consumer Preference For Air Travel Fuels Growth In The Composite Materials And Aluminum Alloys Aerospace Market

Flying High: Consumer Preference and Market Growth

A significant driver of growth in the composite materials aluminum alloys aerospace market is the increased consumer preference for air travel. With a surge in global passenger traffic, the demand for advanced aerospace materials, particularly aluminum alloys known for their strength and corrosion resistance, has intensified. The weight advantages of aluminum alloys, being roughly a third of steel, contribute to fuel efficiency, allowing aircraft to carry more weight. For example, in March 2022, global passenger traffic increased by 76.0% compared to March 2021, as reported by the International Air Transport Association (IATA). This trend is propelling the demand for composite materials and aluminum alloys in the aerospace sector.

Key Market Players Steering the Course:

• Toray Industries Inc.
• Koninklijke Ten Cate B.V.
• Teijin Limited
• Renegade Materials Corp.
• Owens Corning
• Materion Corp.
• HEXEL Works Inc.
• Solvay S.A.
• Mitsubishi Rayon Co. Ltd.
• SGL Group
• Alcoa Corporation
• Constellium SE
• Fitbit
• Kobe Steel Ltd.
• Novelis Inc.
• AMG Critical Materials NV
• Allegheny Technologies Incorporated
• Aleris Corporation
• Kaiser Aluminum Corporation
• Arconic Inc.
• Precision Castparts Corp.
• Thyssenkrupp Aerospace India Pvt Ltd.
• United Aluminum Corporation
• BAE Systems
• Bombardier Inc.
• GE Aviation
• Honeywell Aerospace
• Pratt & Whitney
• Rolls-Royce Holdings PLC
• The Boeing Company
• Airbus SE
• Lockheed Martin Corporation
• Spirit AeroSystems Inc.
• Triumph Group Inc.
• Safran S.A.

Innovative Aerospace Materials Meet Demand For Lighter, Fire-Resistant Solutions

Setting New Standards: Innovations in Aerospace Materials

Major players in the composite materials aluminum alloys aerospace market are addressing the growing demand for lightweight and fire-resistant materials through innovative product development. Introducing materials like Onyx FR-A and Carbon Fiber FR-A, these companies aim to revolutionize the aerospace industry. Onyx FR-A, a fire-retardant nylon composite, and Carbon Fiber FR-A, a fire-retardant carbon fiber composite, are strong, lightweight, and durable. These materials, now FST certified for use in aircraft interiors, contribute to the production of more lightweight, fuel-efficient, and safer aircraft.

Strategic Acquisition for Expertise:

In July 2023, LifePort LLC, a US-based aircraft manufacturer, acquired Aeromatrix Composites, enhancing its aircraft solutions business and gaining access to advanced materials expertise. This strategic move aims to vertically integrate operations, expand product offerings, and leverage Aeromatrix’s capabilities in aerospace composite materials.

Conclusion: Navigating the Aerospace Landscape

Market Dynamics and Segmentation

The composite materials aluminum alloys aerospace market is segmented based on:

1. Type: Aluminum Alloys, Titanium Alloys, Steel Alloys, Composites
2. Product: Carbon Fiber Composite Materials, Glass Fiber Composite Materials, Aramid Fiber Composite Materials, Other Products
3. Application: Commercial Aircraft, Business And General Aviation, Military Aircraft, Helicopters, Other Applications

Regional Insights:

In 2023, North America emerged as the largest region in the composite materials aluminum alloys aerospace market. With a thriving aerospace industry, North America is expected to maintain its leadership, further becoming the fastest-growing region in the forecast period.

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The Composite Materials Aluminum Alloys Aerospace Global Market Report 2024  provides an overview of the composite materials aluminum alloys aerospace market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The composite materials aluminum alloys aerospace market forecast analyzes composite materials aluminum alloys aerospace market size, composite materials aluminum alloys aerospace market share, leading competitor and their market positions.

The Table Of Content For The Composite Materials Aluminum Alloys Aerospace Market Include:
1. Composite Materials Aluminum Alloys Aerospace Market Executive Summary
2. Composite Materials Aluminum Alloys Aerospace Market Segments
3. Composite Materials Aluminum Alloys Aerospace Market Size And Composite Materials Aluminum Alloys Aerospace Market Growth Rate
4. Key Composite Materials Aluminum Alloys Aerospace Market Trends
5. Major Composite Materials Aluminum Alloys Aerospace Market Drivers
……
25. Key Mergers And Acquisitions In The Composite Materials Aluminum Alloys Aerospace Market
26. Top Composite Materials Aluminum Alloys Aerospace Companies
27. Composite Materials Aluminum Alloys Aerospace Market Opportunities And Strategies
28. Composite Materials Aluminum Alloys Aerospace Market, Conclusions And Recommendations
29. Appendix

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