Aerospace Raw Materials Market Expected to Reach $75.6 Billion by 2033

According to a new report published by Allied Market Research, titled, “Aerospace Raw Materials Market," The aerospace raw materials market size was valued at $38.2 billion in 2023, and is estimated to reach $75.6 billion by 2033, growing at a CAGR of 7.5% from 2024 to 2033.

The rising demand for commercial air travel, heightened defense budgets, and the growing utilization of uncrewed aerial vehicles (UAVs) alongside space exploration initiatives. Furthermore, continuous progress in aerospace technologies, including electric propulsion systems and autonomous flight capabilities, is generating new prospects for manufacturers of aerospace components which in turn drive the aerospace raw materials market forecast.

The surge in need for lighter, more innovative, and fuel-efficient aircraft, which is driven by the imperative to minimize carbon emissions. The aerospace raw materials industry is also expected to gain from increased fleet renewal rates and a surge in aircraft production. Moreover, technological innovations and the demand for specialized aircraft tailored for specific functions are further propelling the expansion of the global market. The rising trend of utilizing aluminum in aircraft interiors is motivated by the necessity to decrease weight and enhance fuel efficiency. By incorporating aluminum into cabin designs, seating arrangements, and other internal elements, aircraft manufacturers can significantly reduce the overall weight of the aircraft, which in turn leads to lower fuel consumption and reduced operational expenses. This focus on minimizing weight not only improves aircraft performance but also aligns with the industry's overarching objectives of promoting sustainability and decreasing carbon emissions.

Airlines are increasingly seeking innovative solutions that enhance fuel efficiency, lower operational costs, and reduce carbon footprints, prompting the development of lightweight, high-strength materials and next-generation components. These advancements include composite materials, advanced alloys, and aerodynamically optimized parts that enhance aircraft performance. For instance, in May 2024 Hexcel Corporation developed and showcased advanced lightweight composite materials, HexTow IM9 24K in ILA Berlin. The HexTow IM9 24K fibre provides a reliable solution for manufacturers seeking to maximize production efficiency in primary and secondary aerospace structures. Furthermore, it delivers high fibre performance, translating into increased composite tensile strength and offering increased fibre line throughput and productivity provided by a 24K tow size.

Th increase in commercial air travel serves as a vital factor for the aerospace parts manufacturing industry. The growing passenger demand for air travel necessitates the production of additional aircraft, thereby amplifying the need for aerospace parts and components which in turn create opportunities for aerospace raw materials market growth and innovation in the sector.

In addition, the rise of long-haul flights and the proliferation of low-cost carriers are pushing aerospace parts manufacturers to innovate and create components that enable cost-effective, high-capacity air travel. This growing pressure on manufacturers to improve efficiency, alongside the aerospace industry's stringent safety and regulatory standards, creates both challenges and opportunities for growth and innovation. As new technologies such as 3D printing and digital twin simulations continue to evolve, they promise to revolutionize the way aerospace parts are designed and manufactured, further driving advancements in the aerospace raw materials industry.

Furthermore, the increasing demand for lightweight aircraft, particularly in developing economies. These composites are prized for their lightweight, durability, and resistance to chemicals and extreme temperatures. The aerospace industry has long focused on reducing aircraft weight due to its direct impact on flight dynamics and fuel consumption. Composite materials, used in components such as helicopter blades, are thinner and contribute to lowering both the aircraft's weight and its radar detection rate, which is anticipated to further drive market growth.

The aerospace raw materials market analysis is segmented into material type, application, and region. On the basis of material type, the market is divided into composites, aluminum alloys, titanium alloys, steel alloys, super alloys, and others. On the basis of application, the market is divided into commercial aircraft, business and general aviation, and military aircraft.

Region-wise, the aerospace raw materials market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

KEY FINDINGS OF THE STUDY

• The commercial aircraft segment was the highest revenue contributor to the aerospace raw materials market size, with $18.5 billion in 2023, and is estimated to reach $38.2 billion by 2033, with a CAGR of 8.0%.
• The composite materials segment generated the highest aerospace raw materials market share during the forecast period of 2023-2033.
• North America was the highest revenue contributor, accounting for $18.8 billion in 2023, and is estimated to reach $15 billion by 2033, with a CAGR of 5.98%.

The key aerospace raw materials market leaders profiled in the report include Toray Industries, Inc., Arconic (Alcoa Corporation), ATI (Allegheny Technologies), Synesco, Constellium SE, AMG N.V., Hexcel, Materion, Dupoint, Kobe Steel Ltd. These key players adopt several strategies such as new product launch & development, acquisition, partnership & collaboration, and business expansion to increase the aerospace raw materials market share during the forecast period.