Commercial Aircraft Airframe Materials market will be USD 3845.2 million in 2023 and grow at a CAGR of 7.90% from 2023-2030: Cognitive Market Research
Introduction of?Commercial Aircraft Airframe Materials
Commercial aircraft airframe materials are the structural components that form an aircraft's frame, supporting its weight and providing aerodynamic shape. Entirely made of durable materials such as aluminum alloys, titanium, and advanced composites, these materials ensure structural integrity while minimizing overall weight for optimal fuel efficiency and performance. The expansion of aircraft fleet, enhancing fuel efficiency, research & development in material science and engineering, adoption of composite materials, strict emission regulations, growing demand for air travel, upgrading and modernizing existing aircraft, rising defense expenditure, economic growth & stability and development of electric and hybrid-electric aircraft are the major factors bolstering the growth of the Commercial Aircraft Airframe Materials market.
For instance, in July 2021, Markforged, a US-based manufacturing company, propounded two aerospace materials, Onyx FR-A, and Carbon Fiber FR-A, specially made for aircraft interiors.
Key Insights from Commercial Aircraft Airframe Materials Market Report
The Global Commercial Aircraft Airframe Materials market will be USD 3845.2 million in 2023 and grow at a CAGR of 7.90% from 2023 to 2030.
Increase in Fleet Size in a New Camera to Provide Viable Market Output.
The increasing fleet size provides growth in the Commercial Aircraft Airframe Materials market. As airlines expand their fleets to meet rising global travel demands, there is a parallel demand for lightweight and durable materials to enhance fuel efficiency and overall performance. Advanced materials, such as composite materials (carbon fiber-reinforced polymers), aluminum alloys, and titanium, are increasingly favored for their ability to reduce weight, improve fuel efficiency, and enhance the structural integrity of aircraft. This trend addresses environmental concerns and aligns with the aviation industry's focus on cost-effectiveness and sustainability, driving the adoption of innovative airframe materials in the market.
For instance, according to Boeing, a US-based aerospace company's commercial market report for 2021-2040, the global commercial fleet is expected to cross 49,000 airplanes by 2040.
Increase in Tourism Sector to Propel Market Growth
The rise in the tourism sector has significantly impacted the Commercial Aircraft Airframe Materials market. Airlines expand their fleets to meet the growing flight demand as more people engage in air travel for leisure and business. This surge in aircraft production necessitates advanced and lightweight materials for airframes to enhance fuel efficiency and overall performance. Manufacturers are increasingly investing in innovative materials, such as composite materials and alloys, to reduce aircraft weight, improve fuel economy, and enhance durability. Consequently, the rise in tourism directly contributes to the demand for cutting-edge airframe materials, propelling growth in the commercial aircraft materials market.
For instance, in January 2023, according to the United Nations World Tourism Organization (UNWTO), a Spain-based specialized agency of the United Nations, over 900 million tourists traveled internationally in 2022, more than in 2021.
Market Dynamics of the?Commercial Aircraft Airframe Materials Market
High Cost of Materials to Restrict Market Growth
The high cost of materials is hindering the growth of the market. Advanced materials, such as titanium and carbon composites, renowned for their lightweight and durable properties, come with a substantial price tag. The intricate manufacturing processes involved in these materials further contribute to their elevated costs. It poses a challenge for aircraft manufacturers and operators, impacting overall project budgets and potentially increasing the final cost of air travel. Striking a balance between performance requirements and cost-effectiveness becomes crucial for industry players navigating this restraint to develop efficient and economical commercial aircraft.
Impact of COVID-19?on?the Commercial Aircraft Airframe Materials market
The COVID-19 pandemic affected the Commercial Aircraft Airframe Materials market significantly. With a sharp decline in air travel demand, aircraft production and deliveries were heavily impacted, affecting the demand for airframe materials. Supply chain disruptions and production delays further intensified the challenges for manufacturers. The reduced cash flow and financial strain on airlines led to deferred or canceled orders, impacting the overall market. However, as the aviation industry gradually recovers with easing travel restrictions, the market is expected to rebound, driven by renewed aircraft orders and a gradual return to normalcy in global air travel.
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Competitive Landscape of the?Commercial Aircraft Airframe Materials market
The major players invest in advanced materials like composites, titanium, and aluminum to enhance aircraft performance and fuel efficiency. Technological innovation, strategic partnerships, and a focus on sustainability drive competitiveness in this dynamic market.
Commercial Aircraft Airframe Materials Industry News
In July 2022, Trelleborg AB, a Sweden-based provider of engineered polymer solutions, agreed to acquire MG Silikon GmbH for an undisclosed amount. With the acquisition, Trelleborg is expected to strengthen its offering of sealing solutions for cabin interiors, a strategic growth area for the company, and boost airframe seal production capacity. MG Silikon GmbH is a Germany-based organization within the Saint-Gobain Group focusing on sealing solutions for industrial and aerospace applications.
Top Companies Market Share in Commercial Aircraft Airframe Materials Industry:
Commercial Aircraft Airframe Materials Market Analysis
Material Type Segment Analysis
According to Cognitive Market Research, aluminum alloys held the major market share over the forecast period. They are known for their lightweight properties and dominate the market due to their high strength-to-weight ratio, making them suitable for various aircraft components. They offer cost-effectiveness and are widely used in the aviation industry.
Titanium alloys are the fastest-growing category over the forecast period. They are recognized for their superior strength and corrosion resistance, find applications in critical structural components, and enhance durability.
Type Segment Analysis
According to Cognitive Market Research, narrow-body aircraft hold a prominent market share. Narrow-body aircraft, such as single-aisle planes like the Boeing 737 and Airbus A320 families, demand materials that balance weight and durability for fuel efficiency.
Wide-body aircraft are the fastest-growing category over the forecast period. Wide-body aircraft require materials capable of withstanding heavier loads and extended flight durations.
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According to Cognitive Market Research, North America dominated the market in 2023. It accounted for around 40% of the global revenue, owing to the region's thriving aerospace industry. Increased demand for fuel-efficient and lightweight materials and technological advancements propel market expansion. The presence of leading aircraft manufacturers and a strong emphasis on research and development contribute to the region's dominance in the market. Regulatory initiatives promoting sustainability and environmental considerations further drive the adoption of advanced materials. North America's commercial aircraft airframe materials market showcases resilience and continuous innovation, fostering a competitive and dynamic industry landscape.
Europe is the fastest-growing category due to the region's technological advancements, increasing demand for fuel-efficient and lightweight aircraft, and stringent environmental regulations. The region's prominent aerospace industry players and a strong focus on research and development contribute to the adoption of innovative materials. High demand for advanced composites, aluminum alloys, and titanium in airframe construction is observed, emphasizing durability and weight reduction. The European market benefits from collaborations between aerospace manufacturers and material suppliers, fostering the development of cutting-edge solutions.
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