Market Highlights
Tubes are the major components used in the fluid conveyance and engine sections, wherein high-temperature resistance with excellent corrosion resistance is critically required. The selection of material is dependent on several parameters including temperature resistance, lightweight, durability, strength, etc. Steel & alloys, titanium & alloys, and nickel & alloys are the three major materials used by tube manufacturers. Titanium & alloys are gaining traction in the market driven by their enormous advantages over others.
The flourishing aerospace industry was hit with the B737Max grounding in 2019 causing dishevel in the industry. Further, In 2020; the pandemic hit the industry hard, causing unimaginable disruption and losses for the stakeholders. The aerospace tubes market followed suit and logged a massive decline of -37% in 2020, creating a lag of 4 to 5 years in the market (unlike our pre-COVID estimates that suggested healthy growth in the market, aligning with the market’s movement at the time).
However, the long-term outlook still seems fruitful, well backed by the industry’s buoyant nature and strong fundamentals. Rebounding aircraft deliveries, upcoming aircraft engines, increasing acceptance of advanced materials, and aging aircraft fleet size are among the few key factors signaling the industry’s take off to a healthy recuperation. Overall, the aerospace tubes market is likely to rebound at a promising CAGR of 8.4%, in the long run, to reach US$ 939 Million in 2028.
Segments' Analysis
Based on the platform type, the aerospace tube market is segmented as commercial aircraft, regional aircraft, general aviation, military aircraft, helicopter, UAV, and spacecraft. Despite taking a nosedive in 2020, commercial aircraft is expected to remain the largest and fastest-growing segment of the market during the forecast period. Increasing demand for lightweight yet durable components and parts, market entry of new players, such as COMAC and Irkut, rebounding aircraft deliveries, and ungrounding of B737Max are some of the key factors propelling the demand for tubes in the commercial aircraft segment.
Based on the material type, the market is segmented as titanium & alloys, nickel & alloys, steel & alloys, and others. Titanium & alloys are expected to remain the largest segment of the market during the forecast period. The density of titanium is 40% less than that of steel- or nickel-based alloys yielding a remarkable weight advantage for aerospace structures. It is a desirable material for high-performance metal tubes owing to its tensile strength (better than that of austenitic or ferritic stainless steels), strength, stiffness, and toughness along with high melting point. Owing to their massive array of advantages, titanium, and nickel are gaining traction in the aerospace industry.
In terms of regions, North America is expected to remain the largest market for aerospace tubes during the forecast period. The USA is the growth engine of the region’s market with the presence of major aircraft OEMs, tier players, raw material suppliers, and part fabricators. Most of the tube suppliers have their presence in the region to address the emergent needs of OEMs and to be the partner for their upcoming aircraft programs or upcoming fuel-efficient variants of existing aircraft programs.
Asia-Pacific is likely to recoup at the fastest rate, witnessing the highest growth during the same period. The highest growth of Asia-Pacific is mainly attributable to the increasing aircraft fleet to support rising passenger traffic; the opening of assembly plants of Boeing and Airbus for multiple aircraft programs; increasing procurement of military aircraft, owing to the rising defense budget; and upcoming indigenous aircraft, C919.
Key Players
The market for aerospace tubes is gradually consolidating as the major companies are performing mergers & acquisitions to quickly gain the leading position and tap growing opportunities in this briskly expanding market. For instance, AMETEK, Inc., a leading global supplier of tubes for a wide range of industries, acquired Global Tubes and FMH Aerospace. After the acquisition, AMETEK, Inc. successfully leaped ahead in the market with the added capabilities and expansion of its product portfolio.
The supply chain of this market comprises several nodes including raw material suppliers, tube manufacturers, tube and duct assemblers, tier players, aircraft and engine OEMs, airlines, aircraft leasing companies, and MRO companies. The development of lightweight tubes for critical applications, expansion in untapped and growing markets, and execution of mergers & acquisitions are the key strategies adopted by the major players to gain a competitive edge in the market. The following are the key players in the aerospace tube market.
- AMETEK, Inc.
- Leggett & Platt, Inc.
- Haynes International, Inc.
- Sandvik AB
- Plymouth Tube Co.
- VSMPO-AVISMA Corporation
- Senior plc
- Kaiser Aluminum
- Constellium SE
- Arconic Corporation
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aerospace tubes market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The aerospace tube market is segmented into the following categories.
Aerospace Tubes Market, by Platform Type
- Commercial Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Regional Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- General Aviation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Military Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Helicopter (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- UAV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Spacecraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Aerospace Tubes Market, by Material Type
- Titanium & Alloys
- (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- (Grade Type Analysis: Ti-6Al-4V, Ti-3Al-2.5V, Commercially Pure, and Others)
- Nickel & Alloys
- (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- (Grade Type Analysis: Waspaloy, Inconel 625, Inconel 718, and Others)
- Steel & Alloys
- (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- {Grade Type Analysis: 320 Series (304/304L, 321, and Others), 21-6-9, and Others}
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Aerospace Tubes Market, by Sales Channel Type
- Direct Sales (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Distributor Sales (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Aerospace Tubes Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Argentina, and Others)
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.
