Aerospace Lightweight Materials Market: By Type (Aluminium Alloys, Steel Alloys, Titanium Alloys, Super Alloys, Nickel Alloy, Composite Materials, Others), Component Type (Interior Parts, Exterior Parts), Aircraft Type (Commercial Aircraft, Business and General Aviation, Helicopters, Military Aircraft), and Geography

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,

Aerospace Lightweight Materials Market Key Developments:

• In December 2019, Solvay and SGL Carbon agreed into a joint development agreement (JDA) to bring the first composite materials based on large-tow intermediate modulus (IM) carbon fiber to market. These materials address the need to lower prices, cut CO2 emissions, and enhance the manufacturing process and fuel efficiency of new commercial aircraft.
• In January 2019, Teijin Limited entered into an agreement with Boeing for the supply of unidirectional pre-impregnated tape (TENAX TPUD). This helped the company in its medium-term growth in the aircraft business.