Market Highlights
High-performance industries like aerospace generate massive demand for an extravagant range of materials. Sheet is one of the many mill products used in the aerospace industry for a wide range of applications such as fuselage and pressure cabin skin. The key differences between sheet and plate lie in their thickness, rigidity, and strength. Plates are thicker, more rigid, and stronger as compared to sheets.
In 2020, the grave impact of the pandemic was felt across the aerospace industry, and it trashed the market participants’ growth. The aerospace sheets market could not escape from the pandemic’s wrath and suffered a debilitating loss of over 35% in 2020. However, in 2022, the market rebounded strongly. The continual rise in aircraft deliveries is evident in the figures for the first nine months of 2023. During this period, Boeing delivered 371 aircraft, and Airbus delivered 488, as opposed to 328 and 435, respectively, in the same timeframe of 2022. Overall, the aerospace sheets market is estimated to promise a CAGR of 4.6% during the forecast period to reach US$ 2.4 Billion by 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, has 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.
- 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 sheets 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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Aluminum & Alloys stand at the forefront as the most preferred material in the market, whereas titanium & alloys type is the fastest-growing material.
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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 Sheets and Cold-Rolled Sheets
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Hot-rolled sheets stand at the forefront as the dominant product 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 sheets market is segmented into commercial aircraft, regional aircraft, general aviation, military aircraft, helicopter, and spacecraft. Commercial aircraft is expected to remain the largest and fastest-growing platform type in the market during the forecast period. Recovering production of aircraft, probable market entry of new aircraft, and an incessant requirement of mill products, 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. others. Aluminum & Alloys captured the lion’s share in 2022, whereas titanium & alloys are expected to grow at the highest rate during 2023-2028. 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 including tensile strength better than that of austenitic or ferritic stainless steels, extraordinary stiffness and toughness, and a high melting point.
In terms of regions, North America is expected to hold the major share in the aerospace sheets 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 sheet 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 during the same period. 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 of military aircraft, owing to the rising defense budget and upcoming indigenous aircraft, C919. China, Japan, and India are likely to remain the major markets in the region.
Key Players
The market for aerospace sheets is gradually consolidating as the major companies are performing mergers & acquisitions to quickly gain the leading position and to 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 sheets 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 sheets 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 sheets' 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 the 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 sheets Market is segmented into the following categories.
Aerospace Sheets 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 Sheets 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 Sheets 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 Sheets Market, by Product Type
- Hot-Rolled Sheets (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Cold-Rolled Sheets (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Aerospace Sheets 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
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 to sales@stratviewresearch.com.
