Aerospace Bars Market Report
Aerospace Bars Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028
Materials in the aerospace industry are used in various milled forms, such as sheet, plate, bar, and strip, for a wide range of applications. Bars are majorly used in applications such as engines, fasteners, exhaust ducts (for helicopters), and landing gear. They come in various shapes, sizes, and diameters, best fitting the application at hand. The selection of material is dependent on several parameters, including temperature resistance, lightweight, durability, strength, etc. Titanium & alloys, aluminum & alloys, and steel & alloys are the three major materials used by bar manufacturers.
Till 2019, the aerospace industry thrived with relentless demand and soaring orders. However, the pandemic in 2020 dealt a severe blow, leading to unprecedented losses. The pandemic’s sharp, unsought strike brought havoc and dismay to markets across the industry. The bars market in the aerospace industry was no different, it suffered a massive blow in 2020, recording a grave decline of 36.1% YoY which when juxtaposed with our pre-COVID estimates, is an outright contrast.
Following a difficult 2020 due to the COVID-19 pandemic, the market recovered in 2022. The commercial aircraft manufacturing sector foresees good growth in 2023. Notably, in September 2023, Boeing delivered 27 commercial jets and Airbus delivered 55, compared to 51 and 53 deliveries, respectively, in the same month the previous year. Looking ahead, the aerospace bars market is expected to exhibit a promising CAGR of 5%, reaching a projected value of US$ 2.2 billion by 2028.
Recent Market JVs and Acquisitions:
List of Sub-Segments
Dominant and Fastest-Growing Segments
Commercial Aircraft, Regional Aircraft, General Aviation, Military Aircraft, Helicopter, and Spacecraft
Commercial aircraft is anticipated to remain the biggest demand generator for bars in the years to come.
Titanium & Alloys, Aluminum & Alloys, Steel & Alloys, sales and Others
Titanium & Alloys stand at the forefront as the most preferred materials in the market.
Sales Channel-Type Analysis
Direct Sales and Distributor Sales
Direct sales are expected to maintain their dominance in the market during the forecast period.
Round Bars, Flat Bars, Square Bars, and Others
Round bars stand at the forefront as the dominant shape in the market.
North America, Europe, Asia-Pacific, and The Rest of the World
North America is expected to remain the largest market over the next five years, whereas Asia-Pacific is likely to grow at the fastest rate.
Based on the platform type, the aerospace bars market is segmented into commercial aircraft, regional aircraft, general aviation, military aircraft, helicopters, and spacecraft. Commercial aircraft are expected to remain the largest and the fastest-growing platform type in the market during the forecast period. Increasing demand for lightweight yet durable parts; market entry of new players, such as COMAC and Irkut; and rebounding aircraft deliveries are some of the key factors propelling the demand for bars in the commercial aircraft segment.
Based on the material type, the market is segmented into titanium & alloys, aluminum & alloys, steel & alloys, and others. Titanium & Alloys are expected to remain the most dominant material type in 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 bars owing to its tensile strength (better than that of austenitic or ferritic stainless steels), stiffness, and toughness along with their 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 bars 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 bar suppliers have their presence in the region to address the emergent needs of OEMs and to be partners 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; and the increasing procurement of military aircraft, owing to the rising defense budget.
The market for aerospace bars is gradually consolidating as the major companies are performing mergers & acquisitions to quickly gain the leading position and to tap the growing opportunities in this briskly expanding market. For instance, Alcoa and VSMPO-AVISMA formed a Joint Venture in 2013 to meet the growing demand for high-end titanium and aluminum products for aircraft manufacturers worldwide. The following are the key players in the aerospace bars market.
The development of lightweight bars 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.
This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s aerospace bars 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 market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate 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 market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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 market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
The aerospace bars market is segmented into the following categories.
Aerospace Bars Market, by Platform Type
Aerospace Bars Market, by Material Type
Aerospace Bars Market, by Sales Channel Type
Aerospace Bars Market, by Shape Type
Aerospace Bars Market, by Region
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
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The aerospace bars market is estimated to grow at a CAGR of 5% by 2028. The expected increase in the overall production of aircraft and extensive usage of bars in the aerospace industry in different applications, such as engines, fasteners, exhaust ducts (for helicopters), and landing gear.
Arconic Corporation, VSMPO-AVISMA Corporation, Allegheny Technologies, Inc., Titanium Metals Corporation (TIMET), Constellium SE, and Haynes International, Inc. are the key players in the aerospace bars market.
North America is estimated to remain dominant in the aerospace bars market in the foreseeable future as most of the bar suppliers have their presence in the region to address the emergent needs of OEMs and to be the partners for their upcoming aircraft programs or upcoming fuel-efficient variants of existing aircraft programs.
Asia-Pacific is estimated to remain the fastest-growing market for aerospace bars in the foreseeable future. The highest growth of Asia-Pacific is mainly attributable to the increasing aircraft fleet to support rising passenger traffic and the opening of assembly plants of Boeing and Airbus for multiple aircraft programs.
Commercial aircraft is estimated to remain dominant in the aerospace bars market in the foreseeable future owing to a sustained rebound in aircraft deliveries.
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