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Aerospace Tube Materials Market | Covid-19 Impact Analysis
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aerospace tube materials market realities and future market possibilities for the forecast period of 2020 to 2025. After a continuous interest in our aerospace hoses and tube assemblies market report from the industry stakeholders, we have tried to further accentuate our research scope to the aerospace tube materials market. 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 low-hanging fruits available in the market as well as formulate growth strategies.
The Aerospace Tube Materials Market: Highlights
Tube materials currently represent only 1.2% of the total aerospace raw materials market and are estimated to grow at a higher pace (4.2% CAGR (tube materials) vs 3.1% CAGR (raw materials), volume basis) over the next five years. The aerospace tube materials market is expected to witness a lucrative CAGR of 5.2% during the forecast period of 2020-2025 to reach an estimated value of US$ 197.1 million in 2025. Most of the factors negatively affecting the aerospace raw materials market, such as grounding of B737 Max, P&W 1100G engine series failure (A320neo), and multiple in-flight incidents in PW1500G and PW1900G on Swiss 220s, are also negatively imprinting the demand for tube materials in the aerospace industry.
However, the long-term outlook of the aerospace tube materials market still seems vigorous with attractive growth opportunities over the next five years. Several factors will directly or indirectly be bolstering the demand tubes, which, in turn, will drive the demand for tube materials in the aerospace industry. Some of the major ones are expected increase in commercial and regional aircraft production, increasing demand for lightweight and durable fluid conveyance systems, increasing penetration of composites in newer variants of aircraft, increasing use of titanium alloys and powders, increasing production of LEAP engines, and aging aircraft fleet size.
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 property, durability, engine type, and section of the engine where tubes are used. Steel & alloys, titanium & alloys and nickel & alloys are the three major materials used by the tube manufacturers. Titanium & alloys are gaining traction in the market driven by their enormous advantages over others.
The market for aerospace tube materials is gradually consolidating as major companies are performing mergers & acquisitions to quickly gain the leading position and to 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 added capabilities and expansion of product portfolio.
Based on the platform type, the market is segmented as commercial aircraft, regional aircraft, general aviation, military aircraft, helicopter, and spacecraft. Commercial aircraft is expected to remain the largest and the fastest-growing segment of the market during the forecast period. Increasing demand for lightweight yet durable materials in fabricating different components and parts; market entry of new players, such as COMAC and Irkut; introduction of variants of existing best-selling aircraft programs, such as B737 Max, A320neo, and B777X; and rising commercial and regional aircraft deliveries across regions are the key factors propelling the demand for tube materials in the commercial aircraft segment.
Based on the material type, the market is segmented as titanium & alloys, nickel & alloys, steel & alloys, and others. In terms of value, steel & alloys are expected to remain the largest segment of the market during the forecast period. Steel & alloys offer various advantages, such as high strength and excellent corrosion resistance, at a lower cost which make them the preferred material for a wide array of applications in the aerospace industry including hydraulic tubes.
In terms of regions, North America is expected to remain the largest market for aerospace tube materials 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 material suppliers have their presence in the region to address the emergent needs of the OEMs for their upcoming aircraft programs or upcoming fuel-efficient variants of existing aircraft programs.
Asia-Pacific is likely to witness 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; opening of assembly plants of Boeing and Airbus for multiple aircraft programs; increasing procurement of military aircraft, owing to rising defense budget; and upcoming indigenous commercial and regional aircraft (C919 and Mitsubishi SuperJet)
The supply chain of this market comprises several nodes including raw material suppliers, intermediate product manufacturers, aerospace component manufacturers, aircraft and engine OEMs, airlines, aircraft leasing companies, and MRO companies. Key players in the market are AMETEK, Inc.; Plymouth Tube Co.; Sandvik SE; Carpenter Technology Corporation; Special Metals Corporation; VSMPO-AVISMA Corporation; Villares Steel; Kobe Steel Ltd.; Allegheny Technologies, Inc.; and TIMET (Berkshire Hathaway Inc.). Development of lightweight advanced materials for tubes and other 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 report offers high-quality insights and is the outcome of 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 book, press release, journals, investor presentation, 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.
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:
The market is segmented into the following categories:
Aerospace Tube Materials Market, by Platform Type
Aerospace Tube Materials Market, by Material Type
Aerospace Tube Materials Market, by Sales Channel Type
Aerospace Tube Materials Market, by Region
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
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 at [email protected].
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