Market Highlights
Several forms of raw materials are used in the aerospace industry, such as flat products, rolled products, and extruded products. Rolled products include sheets, plates, foils, strips, etc. Plates are rectangular cross-sections of metal that have a thickness of a quarter of an inch or more (0.25 in or >6 mm). Plates are extensively used in the aerospace industry for a range of applications such as upper and lower wing covers, fuselage panels, tactical aircraft bulkheads, and internal fuselage structures. Sheets usually have a thickness in the range of 0.2 mm to 6.3 mm. Any rolled products thinner than 0.2 mm are called foils.
In 2020, the aviation sector experienced a substantial decline amid the COVID-19 pandemic. The decrease in passenger demand led to a notable reduction in aircraft production, causing a ripple effect on aircraft manufacturers. Aerospace rolled products, a sizeable market, could not escape from such trends and witnessed a colossal decline of more than 35% in 2020.
Despite the pandemic, the market has rebounded strongly. In 2022, Boeing enhanced its portfolio with a new 777X-based freighter and aims to deliver four 777s per month by 2025/26. In September 2023, Airbus achieved milestones by delivering 55 jets, including A220s, A320s (all NEO), A330s, and A350s. Both OEMs are adding assembly lines for their best-selling narrow-body aircraft programs (B737Max and A320neo family) in their hometown with an aim to raise their production rates.
Overall, the aerospace rolled products market is likely to rebound at a promising CAGR of 5.1% in the long run to reach US$ 6.3 Billion in 2028.
Recent Market JVs and Acquisitions:
- In May 2023, Arconic Corp., known for its portfolio encompassing the rolled products business, which manufactures aluminum coils, sheets, and plates through cold rolling and hot rolling processes, agreed to be acquired by Apollo Global Management Inc. (APO.N) in a take-private deal valued at about US$ 5.2 billion.
- In November 2020, Kaiser Aluminum Corp. took steps to enter the North American aluminum packaging industry by acquiring the rolling mill business in Indiana from Alcoa Corp. subsidiary Alcoa Warrick LLC for US$ 670 million.
Market Segments' Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Platform-Type Analysis
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Commercial Aircraft, Regional Aircraft, General Aviation, Military Aircraft, Helicopter, and Spacecraft
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Commercial aircraft is anticipated to remain the biggest demand generator for rolled products in the years to come.
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Product-Type Analysis
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Sheets, Plates, and Others
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Plates are projected to retain their position as the largest product type in the market during the forecast period.
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Material-Type Analysis
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Titanium & Alloys, Aluminum & Alloys, Steel & Alloys, and Others
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Aluminum & Alloys stand at the forefront as the dominant material type in the market in the years to come.
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Sales Channel-Type Analysis
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Direct Sales and Distributor Sales
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Direct sales stand out as the prevailing sales channel type in the market in the years to come.
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Product-Type Analysis
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Hot-Rolled Products and Cold-Rolled Products
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Hot-rolled products stand at the forefront as the dominant product type in the market over the next five years.
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Regional Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World
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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.
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Based on the platform type, the aerospace rolled products market is segmented into commercial aircraft, regional aircraft, general aviation, military aircraft, helicopter, and spacecraft. The commercial aircraft is expected to remain the largest and the fastest-growing platform type in the market during the forecast period, with the consistent rise in commercial aircraft deliveries, Boeing and Airbus have delivered 371 and 488 aircraft in 2023 (till Q3), compared to 328 and 435, respectively, during the first nine months of 2022.
Based on the material type, the market is segmented into titanium & alloys, aluminum & alloys, steel & alloys, and others. Aluminum & Alloys are expected to remain the most preferred material in the market, whereas titanium & alloys are expected to remain the fastest-growing material in the market during the forecast period. Aluminum &Alloys have remained the material of choice for several decades in the aerospace industry. Aluminum is a low-cost, lightweight metal that can be heat-treated to fairly high strength levels, and it is one of the most easily fabricated high-performance materials. Titanium offers a remarkable weight advantage for aerospace structures as its density is 40% less than that of steel- or nickel-based alloys. Titanium and nickel are increasingly gaining traction in the aerospace industry owing to a plethora of advantages they offer.
In terms of regions, North America is expected to capture the highest share of the aerospace rolled products market 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 rolled product 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 likely to recoup at the fastest rate, witnessing the highest growth over the next six years. The highest growth of the region 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 production and procurement of military aircraft, owing to the rising defense budget; and expected rise in the production of indigenous aircraft, C919. India and China remain the thrust-bearers of the region’s market in the long run.
Key Players
The major companies are actively performing mergers & acquisitions to quickly gain the leading position and to tap growing opportunities in this briskly expanding market, which, in turn, nudging the market for aerospace rolled products towards consolidation. For instance, in 2015, Alcoa Corporation, the world’s leading supplier of aluminum, acquired RTI International Metals, gaining excellent capabilities in the aerospace titanium market. Several players maintain a fair presence at several nodes in the supply chain, attaining an edge over their competitors. The following are the key players in the aerospace rolled products market:
- Arconic Corporation
- VSMPO-AVISMA Corporation
- Allegheny Technologies, Inc.
- Titanium Metals Corporation (TIMET)
- Constellium SE
- Kaiser Aluminum Corporation
- Carpenter Technology Corporation
The development of lightweight rolled products for critical applications, expansion in untapped and growing markets, and execution of mergers & acquisitions are the key strategies adopted by the major players to maintain a stable position in the market.
Research Methodology
This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s aerospace rolled products 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.
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 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:
- 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 existing and new players
- Key success factors
The aerospace rolled products market is segmented into the following categories.
Aerospace Rolled Products 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)
- Spacecraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Aerospace Rolled Products Market, by Product Type
- Sheets (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Plates (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Aerospace Rolled Products Market, by Material Type
- Titanium & Alloys (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Aluminum & Alloys (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Steel & Alloys (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Aerospace Rolled Products 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 Rolled Products Market, by Product Type
- Hot-Rolled Products (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Cold-Rolled Products (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Aerospace Rolled Products Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and The Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and The Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, 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
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