Aluminum has a long and successful history in the aerospace industry. Over the years, the aerospace industry has become more demanding in terms of materials used for manufacturing. The invention of jumbo jets, increased usage of aircraft for defense and international flights led to the development of different types of alloys as the shell and engine parts had to be extremely durable and resistant to fatigue. Aluminum was chosen as it is lightweight, strong, and also highly resistant to corrosion.
With the increasing demand, many new companies have joined the race for producing the best aluminum alloys. According to the study, ‘Global Aluminium Alloys Aerospace Materials Market Status (2015-2019) and Forecast (2020-2024), the top players in the aluminum alloys aerospace materials market at the global level are Alcoa, Rio Tinto Alcan, Kaiser Aluminum, Aleris, Rusal, Constellium, and AMI Metal. However, this growth in the demand is likely to be hampered due to increased traction towards composite materials.
However, rising passenger transportation will likely result in enhancing aircraft production industry, and drive the demand for aerospace materials. But, few factors in the global market is very likely to hit the growing aerospace materials market hard in the coming years. The reduced budget expenditure on defense by key defense spending nations are declining the global defense expenditure. The U.S. government’s declaration about reduced defense spending has affected the global defense equipment manufacturer’s market gravely; especially the military aircraft manufacturers market, which will further impact the aerospace materials market.
Still, the global market for Aluminum Alloys Aerospace Materials is predicted to grow in terms of value. With the increased demand for such alloys, the aerospace industry is looking towards using recycled aluminum alloys. All this is due to the projected substantial increase in the demand for aluminum during the forecasted period. Besides, there is a drive for innovation in the materials used in aerospace design, as well as the design structure of aircraft, which is expected to propel the market demand. The latest development is the introduction of Aluminium-Lithium, and it has received an enthralling response in the global market for aerospace materials because of its ability to endure high temperatures as well as improving the thrust-to-weight ratio in aircraft engines, and it weighs half of the traditional nickel alloys.
Increased investment in the aerospace industry by the developing nations is expected to bring more new innovations in aluminum alloys in the coming years. However, steel alloys, superalloys, titanium alloys and other composite aerospace materials may prove to be a hindrance in the growth of the aluminum alloys market in the forecast period.
Based on end-use, aluminum alloys are used for commercial and military aircraft. The application of aluminum alloys in commercial aircraft dominated the market. It is likely to maintain dominance in the forecast period as well. Soaring passenger transport, as well as growing demand for commercial aircraft, is expected to fuel the market demand in the future. The business & general aviation aircraft segment is predicted to grow during the forecast period. North America is the largest contributor to the largest market share in this category.
Based on product type, aluminum alloys have a myriad of variations in industrial and technical grades. The most durable aluminum alloys series is 7xxx with minimum yield strength of 500 MPa. It is used in aircraft structural components and other high-strength applications. It is expected to register the highest CAGR in the forecast period. Other aluminum alloys series that are non-heat treatable alloy grade include 3xxx, and 5xxx series.
The largest market share is owned by North America and it is anticipated that it will lead the market in the forecast period too owing to the increasing demand for aluminum alloys as aerospace materials in the U.S. Whereas the market in Europe is expected to come up as a promising market in the forecast period. In the near future, it is expected that the market will expand globally at a rapid pace as a result of innovations and advancement of technologies during the forecast period.
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Ankur Gupta, Head Marketing & Communications