Global aerospace materials market to reach $28.7 billion in 2026, CFRP to be used in passenger aircraft in large numbers

Global aerospace materials market to reach $28.7 billion in 2026, 

CFRP to be used in passenger aircraft in large numbers

According to a new market analysis report provided by Reports Link website on October 13, the global aerospace materials market is estimated to be $22.9 billion in 2022 and is expected to reach a revised size of $28.7 billion by 2026, growing at a compound annual growth rate (CAGR) of 6.2% during the forecast period. The U.S. is the largest regional market for aerospace materials, expected to reach $9.1 billion by 2026; China is expected to be the fastest growing regional market, growing at a CAGR of 9.4% during the analysis period.

Aerospace materials are typically the materials used by aircraft original equipment manufacturers and parts manufacturers to manufacture various aircraft components. Materials engineering is an important field in aerospace engineering, characterized by constant innovation and significant investment in research and development (R&D). Currently, few innovative materials are used in the production of aircraft and aircraft components, mainly including carbon fibers, advanced composites, new metal alloys other than lightweight aluminum alloys such as titanium and beryllium alloys; and new composite materials designed to improve the robustness, durability, heat resistance and fire resistance of aerospace products.

The growth of the global market is largely dependent on the strong growth in demand for commercial air travel. The demand for stronger, lighter, safer, quieter-running, fuel-efficient and lower-emissions aircraft is driving manufacturing demand for next-generation materials. Some of the key factors driving market growth include the growing number of orders and deliveries of new and wide-body commercial aircraft, the increasing number of low-cost carriers, the growing demand for lightweight and fuel-efficient aircraft, and technological advances in composite materials. Some of the new materials under development include microfilament cellulose (MFC), magnesium, nano-adaptive hybrid fabrics, fiber metal laminates (FML), reinforced aluminum (CentrAl), and ceramic matrix composites (CMC). MFCs in particular have reaped strong R&D interest given the high strength and thermal stability of the materials.

Drones (also known as micro air vehicles) are creating new and unique material needs, and materials capable of storing electrical energy are of particular interest to the UAV engineering community. Polymer membranes and artificial muscles are being investigated, with prototype versions describing the ability to change shape depending on flight conditions and environment, supported by electrical currents stored in the material.

The United States is the largest market for aerospace materials, primarily due to significant government investment in research and development in the aerospace industry, the presence of several major aircraft manufacturers such as Lockheed Martin and Boeing, and the adoption of various growth strategies such as expansion and mergers and acquisitions by major market players. In Asia Pacific, the demand for new aircraft has increased significantly due to economic growth and rising disposable income, which has led to a rapid increase in the number of air travelers and low-cost carriers, which is expected to drive the growth of the regional market.

The composites market is expected to become the dominant aerospace material type during the forecast period. Composites are increasingly being preferred over traditional materials in the production of a range of products for the simple reason that they combine the properties of different constituent materials to provide additional benefits and features to the end user. As a result, composites are driving the trend toward fewer components in single-piece designs or aircraft assemblies.

Advanced composites used in the aerospace industry primarily include carbon fiber reinforced plastics (CFRP) and glass fiber reinforced plastics, with CFRP being the most used composite material in functional and cockpit components today. Aircraft OEMs have begun incorporating large amounts of carbon fiber composites into single-aisle, long-term passenger aircraft.