Mar 21, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aerospace Bars Market.
It was estimated prior to this unanticipated outbreak that the Aerospace Bars Market take off to a healthy recuperation at a propitious rate of 7.5% to reach US$ 2.1 Billion in 2026. 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.
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Till 2019, the aerospace industry was at its peak with unending demand and insatiable orders. But the industry was hit with the B737 MAX grounding in 2019 disrupting its value chain. The industry stakeholders expected to head towards their old ways of smooth business soon; however, in 2020, the pandemic hit the industry hard, causing unimaginable losses. For the last couple of years, the industry seemed to be revolving around a vicious circle of obstacles and downhill trajectories leading to massive supply chain disruption, production halts, and deferring orders. The aerospace bars market followed suit and logged a massive decline of -26.9% in 2020, creating a lag of 4 to 5 years in the market (unlike our pre-COVID estimates that suggested a healthy growth in the market, aligning with the market’s movement at the time).
Despite the current situation continues to challenge the overall market environment, the long-term outlook still seems fruitful, well backed by the industry’s buoyant nature and strong fundamentals. The lift of Boeing’s B737 MAX in October 2020, gradual opening up of travel restrictions, rebounding aircraft deliveries, and Airbus’ reports of the first quarter suggest that the crisis is not yet over but gradually healing. Boeing reported lower losses in its first quarter of 2021 amid signs of a recovery in commercial aerospace and the company’s defense business posted strong results. 2021 seems like a key inflection point for the industry as vaccine distribution is continuously accelerating, enabling a robust recovery.
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Based on the platform type, the aerospace bars market is segmented as commercial aircraft, regional aircraft, general aviation, military aircraft, helicopter, spacecraft, and UAV. Despite taking a nosedive in 2020, 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 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 bars in the commercial aircraft segment.
Based on the material type, the market is segmented as 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% lesser 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 their tensile strength (better than that of austenitic or ferritic stainless steels), 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 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 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 rising defense budget; and upcoming indigenous aircraft, C919.
Key players operating in the global Aerospace Bars market are-
- Allegheny Technologies Incorporated
- Arconic Inc.
- Carpenter Technology Corporation
- Constellium SE
- Haynes International Inc.
- Kaiser Aluminum Corporation
- Sandvik AB
- Titanium Metals Corporation (PCC)
- Voestalpine Böhler Welding
- VSMPO-AVISMA Corporation
Features of the Report
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.
The Aerospace Bars analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- 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, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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