Market Highlights
Rolled products, such as sheets, plates, and foil, have been used across industries for decades. 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, which are available in the form of coiled or flat sheets.
The aerospace industry has been girdled with multiple obstacles over the past couple of years, and the sudden outbreak of the pandemic in 2020, crashed the industry's growth, ending its 16-year-long boon. The pandemic's sharp, unsought strike brought havoc and dismay to markets across the industry. The plates market in the aerospace industry was no different, it suffered a massive blow in 2020 recording a grave decline of 34.7% YoY which when juxtaposed with our pre-COVID estimates is an outright contrast.
However, the long-term outlook for the market seems very promising, as the market recorded robust growth in 2022. With the expected increase in the production rate and the introduction of key aircraft programs, the demand for aerospace plates is also likely to grow. This will drive the market in the coming years, ultimately helping industry stakeholders cross their pre-pandemic levels by 2024.
Overall, the aerospace plates market is likely to rebound at a promising CAGR of 5.5% in the long run to reach US$ 3.6 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 April 2020, Novelis Inc., a supplier of aluminum sheet and plate materials for fuselage and wing structure components, completed the acquisition of Aleris Corporation (a global supplier of rolled aluminum products).
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 plates in the years to come.
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Material-Type Analysis
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Titanium & Alloys, Aluminum & Alloys, Steel & Alloys, and Others
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Titanium & Alloys stand at the forefront as the most preferred materials in the market. It is also expected to experience the fastest growth.
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Sales Channel-Type Analysis
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Direct Sales and Distributor Sales
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Direct sales are expected to maintain their dominance in the market during the forecast period.
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Product-Type Analysis
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Hot-Rolled Plates and Cold-Rolled Plates
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Hot-rolled plates stand at the forefront as the dominant product type in the market.
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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 plate market is segmented into commercial aircraft, regional aircraft, general aviation, military aircraft, helicopter, and spacecraft. Commercial aircraft is expected to remain the largest and the fastest-growing platform type in the market during the forecast period. Rapidly recovering the production of aircraft, probable market entry of new aircraft such as C919, and incessant requirements of mill products best suiting the applications at hand, are the key reasons behind the segment’s healthy growth in the long run.
Based on the material type, the market is segmented into titanium & alloys, aluminum & alloys, steel & alloys, and others. Titanium & Alloys are likely to remain the dominant as well as the fastest-growing material type in the market during the forecast period. Titanium offers a remarkable weight advantage for aerospace structures as its density is 40% less than that of steel- or nickel-based alloys. The material brings a range of advantages to the table: tensile strength better than that of austenitic or ferritic stainless steels, extraordinary stiffness and toughness, and a high melting point. Aluminum & alloys are likely to remain the second dominant material type in the market during the forecast period. Aluminum is a low-cost, lightweight metal that can be heat-treated to high-strength levels; and it is one of the most easily fabricated high-performance materials.
In terms of regions, North America is expected to dominate the aerospace plates 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 plate 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 heal at the fastest rate in the post-pandemic market developments. 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; and increasing procurement and production of military aircraft, owing to the rising defense budget.
Key Players
The market for aerospace plates 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, 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 plates market:
- Arconic Corporation
- VSMPO-AVISMA Corporation
- Allegheny Technologies Incorporated
- Titanium Metals Corporation (TIMET)
- Constellium SE
- Kaiser Aluminum Corporation
- Carpenter Technology Corporation
The development of lightweight plates 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 position in the market.
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aerospace plates 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 plate market is segmented into the following categories.
Aerospace Plates 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 Plates 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 Plates 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 Plates Market, by Product Type
- Hot-Rolled Plates (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Cold-Rolled Plates (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Aerospace Plates Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and 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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