According to a new report by Reports and Data, the Global Steel Alloys Aluminium Alloys Aerospace Materials Market is expected to reach USD 8,098.9 Million by 2028. The increasing demand for high-quality metals and alloys in the aerospace industry is driving market growth. The aerospace industry requires materials that can comply with the highest standards of performance and quality under extreme conditions for various applications, including carrying passengers, astronauts, or fighter pilots.
Aluminum alloys are used in aircraft due to their low density, good thermal and electric conductivity, high strength, corrosion resistance, and technological effectiveness. However, as aluminum loses its strength at high temperatures, it is not used on the skin surface of an aircraft. On the other hand, steel is three times stronger and heavier than aluminum and is used in landing gears due to its strength and hardness as well as on the skin surface of aircraft due to its high heat resistance.
The market growth is fueled by the increase in demand for aircraft in the Asia Pacific region, with India and China contributing to the growth of the market. The expansion of facilities, rise in mergers and acquisitions, and strategic partnerships are expected to drive market demand.
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The report suggests that the aerospace industry is gradually turning to recycled aluminum alloys to meet the high demand for such alloys, with a drive for innovation in the materials used in aerospace design and the design structure of aircraft. The increase in air traffic in emerging nations and manufacturers' drive towards fuel-efficient and lightweight aircraft are expected to boost the market for aerospace materials. Furthermore, the increase in defense spending in many countries is anticipated to fuel market growth.
Commercial aviation held half the market share in 2020, and the rise in passenger transport, along with the demand for commercial aircraft, is expected to propel market growth. Aluminum is the most widely used material in aircraft, holding a market share of 63% in 2020. The aircraft engine requires quality alloy steels for many of its components, including crankshafts, connecting rods, valve and valve springs, and gears.
North America accounted for approximately one-third of all commercial aircraft globally, holding a market share of 31% in 2020. Small widebody planes are expected to account for 72% of the total widebody passenger deliveries over the next two decades, offering North America the ability to operate non-stop flights and increase revenue.
Key participants in the market include Nucor Corporation, Kobe Steel, Arcelor Mittal, Nippon Steel Sumitomo Metal, Thyssenkrupp Aerospace, AMI Metals, Materion, Baosteel Group, Alcoa Corp., and Huntsman International LLC., among others.
The global Steel Alloys Aluminium Alloys Aerospace Materials Market has been segmented by Reports and Data based on product type, grade, applications, and region.
Steel Alloys Aluminum Alloys Aerospace Materials Market: Drive factors
The global Steel Alloys Aluminum Alloys Aerospace Materials Market is being driven by several factors. One of the primary drivers is the increase in demand for innovative and high-quality metals and alloys in the aerospace industry. This is due to various applications, including carrying of passengers, astronauts, or fighter pilots, which increases the market demand for aerospace products that must comply with the highest performance and quality standards under extreme conditions.
Another factor driving the market growth is the increase in demand for aircraft from the Asia Pacific region, with India and China contributing to the growth of the market. Moreover, the rise in mergers and acquisitions, facility expansion, and strategic partnerships are also expected to fuel the market demand.
The aerospace industry is gradually looking to recycled aluminum alloys to fulfill the high demand for such alloys owing to the projection of a substantial increase in demand for aluminum during the forecast period. Additionally, there is a drive for innovation in the materials used in aerospace design, as well as the design structure of aircraft.
Furthermore, the increase in air traffic in emerging nations and the manufacturers' drive towards fuel-efficient and lightweight aircraft is expected to boost the market for aerospace materials. The increase in defense spending in many countries is also anticipated to fuel market growth.
Lastly, commercial aviation held half the market share in 2020, and an increase in passenger transport, along with the rise in demand for commercial aircraft, is anticipated to propel the market growth.
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