- Aluminium Alloys
- Titanium Alloys
- Steel Alloys
- Nickel Alloys
- Super Alloys
Aerospace Lightweight Materials Market was valued at USD 40,356.7 million in 2022 and is poised to grow at a CAGR of 7.3% over 2023-2029. Aerospace lightweight materials are airframe components that allow greater range, and speed to improve aircraft performance and also reduce the operational cost while maintaining stringent functional requirements. The increased preference among people to travel via airways especially the growing middle-class population owing to less time and hassle-free travel when compared to other conventional travelling methods drives the aerospace lightweight materials market. Furthermore, aerospace manufacturers are in the market for lightweight materials that might enhance fuel efficiency and lessen the environmental impact of airplanes as a result of growing environmental concerns and the need to minimize carbon emissions. Furthermore, the ongoing research to reduce the weight of aircrafts to reduce aviation emissions has created opportunities to implement green aviation concept that contributes to reducing global warming phenomena and environmental pollution. For instance, in the Boeing 787, a 20% weight reduction led to a 10%–12% improvement in fuel efficiency. A lightweight design could help improve flight performance in other ways as well, such as quicker acceleration, increased structural strength and stiffness, and improved safety performance. Currently, the usage of additive manufacturing (3D printing) to create intricate lightweight components and simultaneously reduce cost and waste is gaining popularity in the market. But, the high cost for the research and developmental activities, and the compulsion to meet stringent safety and regulatory standards may hinder the market growth. However, the increasing demand for newer aircraft, rising number of people using air transport, increase in the number of aircraft parts manufacturers, and increased investments in research and development by the key companies are anticipated to burgeon the market during forecast years,
Fastest Growing Market
The market is expected to rise owing to the aluminum alloys being used extensively for the manufacturing of lightweight materials like fuselage, wings, and other parts of an aircraft. Owing to aluminum and its alloys having qualities including high strength, corrosion resistance, heat resistance, and reduced weight, they are favored over steel and iron in the manufacture of airplanes. The largest users of aluminum alloys are commercial and business aircraft. For instance, the aluminum alloy 2024 is the most widely used in aerospace development. Aluminum alloys cover in most planes up to 80% of the material that is used. The high damage tolerance and fracture toughness of the aluminum alloy series drives the market. Furthermore, due to the lightweight properties of aluminum, it offers a cost-effective alternative to other material types. Lighter aircraft can equate to less fuel consumption and an overall cost-saving advantage
The Aerospace lightweight materials market was valued at USD 40.356.7 Million in 2022 and is expected to grow at 7.3% CAGR over the forecast period 2023 – 2029.
The increased preference among people to travel via airways especially the growing middle-class population owing to less time and hassle-free travel when compared to other conventional travelling methods drives the aerospace lightweight materials market.
Toray Industries, Inc. (Japan), Solvay S.A. (Belgium), DuPont de Nemours, Inc. (US), Alcoa Corporation (US), Teijin Limited (Japan), Allegheny Technologies Incorporated (US), Constellium SE (France), Kobe Steel, Ltd. (Japan), AMG N.V. (Netherlands), NOVELIS (US) and Hexcel (US) are a few companies operating in Aerospace lightweight materials market.
North America dominates the market with 7.3% CAGR over 2018-2022, and is anticipated to grow with 7.5% CAGR over the forecast period 2023-2029.