The global market for aerospace materials is projected to reach USD 25.80 billion by 2022, at a CAGR of 6.9% from 2017 to 2022. Growing demand from the aerospace industry for high-grade aerospace materials is driving the aerospace materials consumption, globally.
Expansion was the key strategy adopted by industry players to boost their growth in the global aerospace materials market. Besides expansions, companies are investing in new product development and acquisitions. The North American region witnessed the highest number of strategic initiatives from 2011 to 2016. Expansion was the most preferred strategy in this region. Companies such as Alcoa Corporation (U.S.), Cytec Solvay Group (Belgium), Hexcel Corporation (U.S.), and Du Pont (U.S.), were the most active players in the aerospace materials market in the region.
Major manufacturers such as Toray Industries, Inc. (Japan), Alcoa Corporation (U.S.), Cytec Solvay Group (Belgium), Du Pont (U.S.), Teijin limited (Japan), ATI Metals (U.S.) and Constellium N.V. (Netherlands) are profiled in this report. These companies have adopted both organic and inorganic growth strategies to grow in the market.
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Toray Industries, Inc. (Japan), Alcoa Corporation (U.S.), Cytec Solvay Group (Belgium) are identified as the major players in the aerospace materials market. These companies have a strong product portfolio as well as a robust business strategy to achieve continued growth.
For instance, Alcoa Corporation (U.S.) and Toray Industries, Inc. (Japan) offer various types of aerospace materials. In 2011, Solvay S.A. (Belgium) acquired Cytec (U.S.). This acquisition helped Solvay to become the second-largest company in the aerospace composite materials market globally.
Du Pont (U.S.), Teijin Limited (Japan), ATI Metals (U.S.), Constellium N.V. (Netherlands), AMG N.V. (Netherlands), Hexcel Corporation (U.S.), ThyssenKrupp Aerospace (Germany), Koninklijke Tencate N.V. (Netherlands), SGL Group (Germany), and VSMPO-AVISMA Corporation (Russia) are identified as dynamic players in the aerospace materials market. These companies also have a strong foothold in the aerospace materials market with the help of various strategies such as mergers & acquisitions, investments & expansions, and agreements & partnerships.
DuPont acquired BAE Systems Tensylon High-Performance Materials, Inc. (U.S.), a prominent manufacturer of carbon fiber composites. DuPont, in collaboration with these industry players, is expected to develop new products, thereby penetrating further in the aerospace materials market. Constellium N.V. has invested heavily in the development of its unique technology AIRWARE to revolutionize the aerospace industry. This new technology has been a huge success and has been adopted by various major aircraft manufacturers. The company has supply contracts with Airbus (U.S.) and Bombardier (Canada) which is viewed as a strategic step for future growth by many industry experts.