Market Definition
Materials in the aerospace sector are milled into sheet, plate, bar, and strip shapes for a variety of uses. Engines, fasteners, exhaust ducts (for helicopters), and landing gear are all common uses for bars. They are available in a variety of forms, sizes, and diameters to best suit the task. The material used is determined by numerous factors such as temperature resistance, lightweight, durability, strength, and so on. The three most common materials utilized by bar makers are titanium and alloys, aluminum and alloys, and steel and alloys.
Market Outlook
The global Aerospace Bars Market was valued at US$ 1.8 billion in 2022 and it is anticipated to grow up to US$ 2.4 billion by 2032, at a CAGR of 3.0% during the forecast period.
Market Drivers and Trends
Increasing Demand for General and Commercial Aircraft is likely to propel the global aerospace bars market. Civil aviation (both private and commercial) and passenger and freight transportation are two of the many uses for general and commercial aircraft. The aerospace sector is suffering sluggish development as passenger travel demand strengthens. The backlog of new aircraft orders, as well as the ongoing revival of business aircraft, may contribute to the expansion of the aerospace sector. Demand for private travel has grown as the number of high-net-worth individuals and ultra-high-net-worth individuals has expanded internationally, leading to the purchase of helicopters and business jets with enhanced cabin interiors. According to IATA (International Aviation Transport Association), the yearly increase in global aviation traffic in 2020 will be around 66% lower than in 2015. The growth rate in 2021 was favorable and hovered around 18%, while estimates for 2022 predict a 51% increase over the previous year. These drivers are likely to propel market expansion.
One of the restraints for the Aerospace Data Recorder Market is the concerns regarding the durability of the materials.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
The report analyses the global Aerospace Bars Market based on platform type, material, and region.
Global Aerospace Bars Market by Platform Type
Based on platform type, the Aerospace Bars Market is segmented into commercial aircraft, regional aircraft, general aviation, military aircraft, helicopter, spacecraft, and UAV. The commercial aircraft segment is expected to dominate the market during the forecast period. The increasing need for lightweight yet robust parts; market entry of new competitors like as COMAC and Irkut; recovering aircraft deliveries; and the ungrounding of the B737Max are some of the primary drivers driving demand for commercial aircraft bars.
Global Aerospace Bars Market by Material
By material, the market is classified into titanium & alloys, aluminum & alloys, steel & alloys, and others. The titanium and alloys segment dominated the market in 2022 in terms of revenue and is expected to dominate the market during the forecast period. Titanium has a lower density than steel or nickel-based alloys, resulting in a significant weight advantage for aircraft construction. Because of its tensile strength (which is higher than that of austenitic or ferritic stainless steels), stiffness, and toughness, as well as its high melting point, it is a preferred material for high-performance metal bars. Titanium and nickel are gaining popularity in the aerospace sector due to their numerous benefits.
Geographical Analysis of Global Aerospace Bars Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America has the biggest market share in terms of Aerospace Bars Market value followed by Asia-Pacific. With the presence of major aircraft OEMs, tier players, raw material suppliers, and part fabricators, the United States is the region’s growth engine. Most bar suppliers have a presence in the region to meet OEMs’ emerging demands and to be a partner for their prospective aircraft programs or fuel-efficient versions of existing aircraft programs. Asia-Pacific is expected to recover the fastest, with the biggest growth throughout the same time. The highest growth in Asia-Pacific is primarily due to an increase in aircraft fleet to support rising passenger traffic; the opening of Boeing and Airbus assembly plants for multiple aircraft programs; increased procurement of military aircraft due to rising defense budgets; and the upcoming indigenous aircraft, C919.
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Major Players
The key players studied in the global Aerospace Bars Market are Allegheny Technologies Incorporated. , Carpenter Technology Corporation , Constellium SE , Haynes International Inc., Kaiser Aluminum Corporation, Sandvik AB, Titanium Metals Corporation, Voestalpine Böhler Welding. , and SMPO-AVISMA Corporation among others.
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
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