Composite Materials and Aluminum Alloys in Aerospace Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, Japan, Germany, France - Size and Forecast 2024-2028

Composite Materials and Aluminum Alloys in Aerospace Market Forecast 2024-2028

The composite materials and aluminum alloys in aerospace market size is forecast to increase by USD 49.39 billion, at a CAGR of 9.23% between 2023 and 2028. The market's growth hinges on various factors, including the growing need for weight reduction and enhanced fuel efficiency in aircraft, the escalating air traffic is propelling the aerospace industry to delve into composite materials, and the combination of composite materials and aluminum alloys presents enduring cost-effective prospects for aerospace manufacturing. Our report examines historic data from 2018 - 2022, besides analyzing the current and forecasted market scenario.

The market in North America is driven by the widespread embrace of composite materials, emphasizing lightweight and high-strength properties in aircraft construction. Alcoa Corp provides a range of composite materials and aluminum alloys, including EcoLum and EcoDura, offering commodity-grade aluminum and low-carbon aluminum through the Sustana brand. Berkshire Hathaway Inc, through Precision Castparts Corp, delivers composite materials and aluminum alloys tailored for aerospace, power generation, and general industrial applications.

Market Forecasting and Size

Market  Forecast 2024-2028

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Market Dynamics and Customer Landscape

The industry is driven by a continuous pursuit of fuel efficiency and reduced emissions in response to environmental concerns and operational cost challenges. The adoption of advanced materials such as carbon fibers, glass fibers, and polymer matrices contributes to lightweight structures, enhancing both fuel efficiency and environmental impact. These materials offer corrosion resistance, reduced fuel consumption, low density, and robust structural properties, ensuring safety and high-performance standards. However, challenges include financial strain for airlines and manufacturers, necessitating strategic planning to balance the benefits of these materials with operational costs. Our researchers studied the market research and growth data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.

Key Driver - Increasing demand for weight reduction and fuel efficiency in aircraft

Composite materials and aluminum alloys are pivotal in achieving weight reduction objectives without compromising aircraft structural integrity. Composite materials offer a remarkable strength-to-weight ratio, rendering them ideal for aerospace applications. The integration of composite materials with aluminum alloys facilitates substantial weight reductions in aircraft, leading to reduced fuel consumption and operational costs.

Moreover, the Dreamliner extensively employs composite materials, including CFRP, resulting in a 20% enhancement in fuel efficiency compared to conventional aircraft. Airlines operating the Dreamliner benefit from reduced fuel expenses and minimized environmental impact. The global aerospace sector is significantly impacted by the imperative of weight reduction and fuel efficiency. Manufacturers and suppliers leveraging advanced composite materials and aluminum blends are innovating to meet the escalating demand for safety and performance as well as environmentally sustainable and economically viable aerospace solutions. These factors will thereby fuel the growth of the global market during the forecast period.

Major Trends - Improved corrosion resistance of aluminum alloys

Highly corrosion-resistant aluminum alloys are needed because of their durable and long-lasting characteristics that can withstand the harsh environmental conditions experienced during aerospace applications. In addition, corrosion poses a substantial threat to the structural integrity and performance of aircraft, making the development of corrosion-resistant aluminum alloys a crucial focus for manufacturers.

Moreover, one of the main reasons for this trend is the increasing focus on extending the service life of aerospace components and decreasing maintenance costs. In addition, aluminum blends are used extensively in the aerospace industry because of their lightweight characteristics. However, aluminum amalgamation has long been vulnerable to corrosion. Therefore, manufacturers have invested heavily in R&D to develop aluminum blends with improved corrosion resistance. Hence, such factors are driving the market growth during the forecast period.

Significant Challenge - Complexity issues related to repair and maintenance of composite materials and alloys

One major factor is the nature of composite materials. Compound materials are manufactured of more than one component, unlike traditional materials, including fibers or resin matrices. In addition, this makes damage detection and assessment more difficult. Specialized knowledge, equipment, and skilled labor are required to repair composite structures.

For instance, when an aircraft has composite materials that have been damaged, determining the extent and type of damage, requires sophisticated, non-destructive test methods, increasing the complexity and the cost of repairs. In addition, the repair of composite materials often involves intricate procedures such as resin infusion, vacuum bagging, and autoclave curing. Furthermore, skilled technicians and specialized equipment are essential for executing these tasks, adding to the overall complexity and cost of maintenance operations. Hence, such factors are hindering market growth during the forecast period.

Market Segmentation by Type, Application, and Geography

Type Segment Analysis:

The aluminum alloys segment is estimated to witness significant growth during the forecast period.  The aluminum alloys segment is widely recognized for their exceptional strength-to-weight ratio, corrosion resistance, and versatility, making them a preferred choice in aerospace applications. In addition, this segment is further categorized based on different types of aluminum amalgamation, each catering to specific industry needs.

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The aluminum alloys segment was the largest segment and was valued at USD 48.71 billion in 2018. Moreover, 2000 series alloys are one of the most important types of alloys used in the aerospace industry. In addition, 2000 series alloys are well-known for their high tensile strength and high fatigue resistance. Furthermore, these alloys are widely used in aircraft construction, especially in the construction of wings and fuselage. For example, 2000 series aluminum is used in the construction of commercial aircraft, such as the long-haul aircraft, 777, and the long-haul Dreamliner. In addition, these alloys play an important role in aerospace applications, as they are often used in the manufacture of airplane extrusions and in the construction of structural components. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.

Application Segment Analysis:

Based on the application, the market has been segmented into commercial aircraft, military aircraft, business and general aviation, and helicopters. The commercial aircraft segment will account for the largest share of this segment. Commercial aircraft manufacturers are constantly seeking ways to enhance fuel efficiency, weight reduction, and structural integrity. In addition, the use of composite materials has become an essential part of this process. Moreover, carbon fiber-reinforced polymer (CFRP) is a high-strength, high-weight-reinforcement material. In addition, it is commonly used in the construction of wings, the fuselage, and the tail. It is also used in the production of aluminum mixture. Hence,  such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period. 

Regional Analysis

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North America is estimated to contribute 39% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. Several major players in the regional market comprise the US-based aerospace giants, such as Boeing and Lockheed Martin. For example, Boeing uses composite materials extensively in its high-performance aircraft, including its flagship, the B787 Dreamliner, which improves fuel efficiency and performance. In addition, they are in high demand in the regional market due to their high strength to weight and corrosion resistance, as well as their formability. For instance, they are used in the fuselage construction of the narrow-body aircraft, the Airbus A320. Hence, such factors are driving the market growth in North America during the forecast period.

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Constellium SE: The company offers composite materials and aluminum alloys with low density, electrically conductive, corrosion resistant, formable, and recyclable making it a great base for developing high-performance alloys for aerospace.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:

Allegheny Technologies Inc., AMG Advanced Metallurgical Group NV, Arconic Corp., General Electric Co., Hexcel Corp., Hindalco Industries Ltd., Kaiser Aluminum Corp., Kobe Steel Ltd., Materion Corp., Mitsubishi Chemical Group Corp., Owens Corning, SGL Carbon SE, Solvay SA, Teijin Ltd., The Boeing Co., thyssenkrupp AG, and Toray Industries Inc.

Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Segment Overview

The market analysis and report forecasts market growth by revenue at global, regional & country levels and provides a market growth analysis of the latest trends and growth opportunities from 2018 to 2028. 

• Type Outlook 
  • Aluminum alloys
  • Composites
• Application Outlook 
  • Commercial aircraft
  • Military aircraft
  • Business and general aviation
  • Helicopters
• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is undergoing significant transformations, driven by the imperative need for sustainable and fuel-efficient aircraft. Aircraft manufacturing is focused on advanced technologies such as carbon fibers, glass fibers, and polymer matrices to construct airframes that not only reduce emissions but also enhance fuel efficiency. Titanium alloys and steel alloys contribute to robust structural properties, ensuring safety and optimal performance.

This market serves various segments, including commercial aviation, military organizations, and the rapidly growing market for Unmanned Aerial Vehicles (UAVs). Amid travel restrictions and supply chain challenges, aerospace companies are navigating financial strain, emphasizing the importance of low-cost carriers (LCCs) and developing economies in sustaining the commercial aviation sector. The demand for larger airplanes, particularly with reduced operational costs, aligns with the ongoing commercial aircraft deliveries. As the industry evolves, composite materials and aluminum alloys, like those in Boeing 737MAX and Airbus A350, play a pivotal role, providing a balance between strength-to-weight ratio, fuel efficiency, and environmental impact. Regulatory standards continue to influence the adoption of these materials, impacting the aerospace manufacturing industry globally.

Moreover, the market is also witnessing a paradigm shift driven by the critical need for environmental sustainability in air travel. Advanced composite technologies are at the forefront, contributing to reduced emissions and fuel consumption while enhancing safety and overall performance. This transformative landscape spans various sectors, including the aerospace defense industry, passenger air travel, and the production of aircraft carriers. The adoption of composite materials, particularly in notable incidents like the Boeing 737MAX and Airbus A350, showcases their importance in achieving a balance between safety, fuel efficiency, and sustainability. The UAV (drone) market, encompassing both civil and military applications, further underscores the growing significance of lightweight materials, such as aluminum alloys, in meeting diverse industry needs. As the aerospace materials market continues to evolve, it plays a vital role in shaping the future of air transport, aircraft manufacturing, and the overall aviation industry, emphasizing the value of sustainability and advanced materials in achieving a harmonious balance between technological innovation and environmental responsibility.

Market Scope
Report Coverage	Details
Page number	168
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 9.23%
Market Growth 2024-2028	USD 49.39 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	8.79
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 39%
Key countries	US, China, Japan, Germany, and France
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Alcoa Corp., Allegheny Technologies Inc., AMG Advanced Metallurgical Group NV, Arconic Corp., Berkshire Hathaway Inc., Constellium SE, General Electric Co., Hexcel Corp., Hindalco Industries Ltd., Kaiser Aluminum Corp., Kobe Steel Ltd., Materion Corp., Mitsubishi Chemical Group Corp., Owens Corning, SGL Carbon SE, Solvay SA, Teijin Ltd., The Boeing Co., thyssenkrupp AG, and Toray Industries Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Composite Materials and Aluminum Alloys Aerospace Market between 2023 and 2028
• Precise estimation of the market growth and trends and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Market growth and forecasting across North America, Europe, APAC, South America, and the Middle East and Africa
• A thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive market report analysis of factors that will challenge the growth of market  companies

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