How big is the Aerospace Materials Market?

The Aerospace Materials Market size is expected to reach USD 51.51 billion in 2024 and grow at a CAGR of greater than 8.20% to reach USD 76.49 billion by 2029. Read More

What is the current Aerospace Materials Market size?

In 2024, the Aerospace Materials Market size is expected to reach USD 51.51 billion. Read More

Who are the key players in Aerospace Materials Market?

BASF SE, Toray Industries Inc., Hexcel Corporation, Solvay and Huntsman International LLC are the major companies operating in the Aerospace Materials Market. Read More

Which is the fastest growing region in Aerospace Materials Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Aerospace Materials Market?

In 2024, the North America accounts for the largest market share in Aerospace Materials Market. Read More

What years does this Aerospace Materials Market cover, and what was the market size in 2023?

In 2023, the Aerospace Materials Market size was estimated at USD 47.29 billion. The report covers the Aerospace Materials Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Aerospace Materials Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Aerospace Materials Market Trends

Market Trends of Aerospace Materials Industry

The Demand for General and Commercial Aircraft is Increasing

General and commercial aircraft are used for various purposes, including civil aviation (both private and commercial) and passenger and freight transportation.
The aerospace industry is experiencing stagnant growth owing to the strengthening of passenger travel demand. The backlog of new aircraft orders and the constant resurgence of business aircraft may further contribute to its growth.
Demand for private travel has increased as the number of high- and ultra-high-net-worth individuals has increased globally, resulting in the procurement of helicopters and business jets with improved cabin interiors.
According to IATA (International Air Transport Association), the annual growth of global air traffic in 2023 increased by 36.9% in 2022.
The aerospace industry is undergoing rapid technological advancements and innovation, creating upswings for aircraft manufacturing industries. According to the Boeing Commercial Outlook 2023-2042, with a resurgence in international traffic and domestic air travel back to pre-pandemic levels, the company has projected global demand for 48,575 new commercial jets by 2042.
China is one of the largest aircraft manufacturers and one of the largest markets for domestic air passengers. Moreover, the country's aircraft parts and assembly manufacturing sector has been increasing, with over 200 small aircraft parts manufacturers.
As per IBEF (India Brand Equity Foundation) and IATA forecasts, India's aviation market is expected to be the world's third-largest by 2024. The aviation sector has witnessed various investments and developments in recent times. For instance, in January 2022, Tata Sons acquired 100% shares of the state-run Air India by offering INR 18,000 crore (USD 2.4 billion). In June 2024, the National Company Law Tribunal (NCLT) approved the merger of Air India and Vistara to form the largest international carrier in India.

Aerospace Materials Market: Worldwide number of Airbus aircraft deliveries, in Units, Global, 2019-2023

Understand The Key Trends Shaping This Market

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North America is Expected to Dominate the Market

North America is expected to dominate the market due to increasing demand from countries like the United States and Canada.
The United States has the largest aviation market in North America and one of the world's largest fleet sizes. Strong exports of aerospace components to countries such as France, China, and Germany, along with robust consumer spending in the United States, have been driving the aerospace industry's manufacturing activities, which is expected to induce a positive momentum for the country's aerospace material market.
From 2022 to 2023, the amount of money the United States government allocated for defense rose by USD 55 billion, partly because of extra military assistance provided to back Ukraine during its continuous battle. The United States allocates more funds to defense than the next eight nations. Also, the United States government has signed the Fiscal 2023 National Defense Authorization Act into law, allotting USD 816.7 billion to the Department of Defense.
The General Aviation Manufacturers Association (GAMA) announced that business aircraft manufacturers had a strong performance in the third quarter of 2023. In addition, the United States manufacturers saw an increase in production, delivering 512 aircraft in Q3 2023, a rise from 473 in the previous quarter, marking an 8.2% growth. This represents 70% of the total global shipments in the third quarter.
According to the Aerospace Industries Association of Canada (AIAC), the aerospace industry generates CAD 31 billion (USD 23 billion) in annual revenue. Approximately 80% of Canada's aerospace industry is civil-oriented, and 20% is military-oriented.
Montréal is the world's third-largest aerospace hub after Seattle, Washington, and Toulouse, France. Aerospace leads the Canadian manufacturing sector in innovation-related investment, with an annual expenditure of over USD 1.4 billion on R&D activities.