Aerospace materials are generally metal alloys that have either gained prominence or have been developed for the aerospace industry. These materials should possess properties such as heat resistance, strength, and light weight. Furthermore, fatigue resistance and corrosion resistance are the must-have properties for these materials. Aluminum was the most widely used material during the early phase of the aerospace manufacturing industry due to its exceptional light weight, state of the art, and inexpensive nature. As much as 70% of the aircraft was made from aluminum. Its ready availability made it applicable everywhere from engine components to fuselage. Extensive research & development made opportunities for other alloys and composites that can be used as aerospace materials and are more efficient than aluminum. Other composites and alloys include graphite, titanium, fiberglass, honeycomb materials, and carbon fiber reinforced polymers.
In terms of material type, the market for aerospace materials can be segmented into steel, aluminum, titanium, super, composites, and others. In terms of aircraft type, the market for aerospace materials can be segregated into helicopters, commercial aircrafts, business & general aviation, military aircrafts, and others.
The market for aerospace materials is anticipated to witness robust expansion due to the increment in passenger transportation. Increased passenger transport is estimated to boost the demand for aircraft. This, in turn, is projected to inadvertently augment the expansion of the aerospace materials market during the forecast period. In terms of material type, aluminum alloys segment held a prominent share of the market in 2016. The segment is projected to witness robust expansion in the near future due to its exceptional fatigue resistance and strength. However, the evolution of composite materials and their increasing demand can act as a restraint for the expansion of the aluminum alloys segment of aerospace materials in the near future. In terms of aircraft type, the commercial aircraft segment held a significant share of the market in 2016. Increase in passenger transport is a key factor boosting the expansion of the commercial aircraft segment. Increasing air traffic is fueling the demand for commercial aircraft, which in turn is likely to propel the expansion of the aerospace materials market during the forecast period.
In terms of geography, North America held a significant share of the aerospace materials market in 2016 and is anticipated to expand considerably in the near future. The market for aerospace materials is anticipated to expand in the region due to the significant investment in research & development by governments in the aerospace sector. Presence of key aircraft manufacturers such as Lockheed Martin, Boeing, and others is a major factor that can propel the expansion of the market in North America in the near future. North America is followed by Asia Pacific in terms of share of the aerospace material market in 2016. Asia Pacific is witnessing considerable expansion in the aerospace sector, which is attributed to the booming aerospace industry in emerging economies such as India and China. Japan is considered to be an attractive market for aircraft manufacturers due to the easy availability of raw materials and cheap labor. Rising number of low cost carriers and increasing air traffic are key factors propelling the expansion of the aircraft manufacturing market, which in turn is estimated to boost the expansion of the aerospace materials market in the region.
Key players operating in the aerospace materials market are Alcoa Corporation, Du Pont, Toray Industries, Inc., Teijin Limited, Constellium N.V., ATI Metals, and Cytec Solvay Group. Companies are adopting various strategies such joint ventures, acquisitions, and new product development to increase their presence in the market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.