Tuesday, April 16, 2024

Email id: support@kenresearch.com, Contact Us : +91-9871552944

Home Manufacturing And Construction Construction Materials Demand for Aluminum alloys in the Aerospace materials market: Ken Research

Demand for Aluminum alloys in the Aerospace materials market: Ken Research

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.

For More Information, Click on the Link Below:-

Global Aluminium Alloys Aerospace Materials Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

Ankur@kenresearch.com

+91-9015378249

RELATED ARTICLES

Engineering Efficiency: A Look at Key Players in the $52.3 Billion Industrial Engineering Market

The world runs on efficiency, and behind the scenes, smooth-operating factories and streamlined production lines stand the heroes of optimization: industrial engineers. As a...

Optimizing the Future: The Rise of the $2.04 Trillion Engineering Service Industry

The industrial engineering market plays a vital role in driving efficiency and productivity across various industries. As an integral part of the broader engineering...

The Rise of Modular Construction in a Dynamic Market

In the ever-evolving landscape of the construction industry, modular construction has emerged as a game-changer, promising efficiency, cost-effectiveness, and sustainable solutions. As business heads...

Most Popular

Dietary Supplements Market: Size, Segmentation and Future Outlook

Dietary supplements, those concentrated sources of nutrients, have become a staple in many households globally. Whether it's filling nutritional gaps or targeting specific health...

Why You Should Choose the Best Credit Card in India for Your Financial Goals

In today's world, the use of credit cards has become an integral part of our lives. Whether it is for making everyday purchases or...

Investors Guide to the Manufacturing Plant Market Trends, Challenges & Opportunities

The global manufacturing industry is undergoing a metamorphosis, driven by automation, digitalization, and a growing emphasis on sustainability.  At the heart of this transformation...

Juice Market Trends, Challenges and Opportunities in a Booming Beverage Sector

The juice market, encompassing both fruit and vegetable juices, is a billion-dollar beverage sector brimming with potential. From breakfast staples to health-conscious on-the-go drinks,...