Aerospace Bars Market is Forecasted to Reach US$2.2 billion in 2028, Says Stratview Research

The global Aerospace Bars Market size was US$1.7 billion in 2023 and is likely to grow at a decent CAGR of 5% in the long run to reach US$2.2$ billion in 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global aerospace bars which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Market Statistics

Segment Insights & Market Share Analysis of the Aerospace Bars market

The global Aerospace Bars Market is segmented based on Platform, Material, Sales channel and Shape-Type.

"Commercial aircraft segment accounted for the largest market share."

• Based on the platform type, the aerospace bars market is segmented into commercial aircraft, regional aircraft, general aviation, military aircraft, helicopters, and spacecraft. Commercial aircraft are expected to remain the largest and fastest-growing platform type in the market during the forecast period. Increasing demand for lightweight yet durable parts; market entry of new players, such as COMAC and Irkut; and rebounding aircraft deliveries are some of the key factors propelling the demand for bars in the commercial aircraft segment.

"Titanium & Alloys segment accounted for the largest market share."

• Based on the material type, the market is segmented into 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% less 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 its tensile strength (better than that of austenitic or ferritic stainless steels), stiffness, and toughness along with their high melting point. Owing to their massive array of advantages, titanium and nickel are gaining traction in the aerospace industry.

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

"North America region accounted for the largest market share."

• 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 emerging needs of OEMs and to be 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 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; and the increasing procurement of military aircraft, owing to the rising defense budget.

Aerospace Bars Market Drivers:

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.

Here is the list of the Top Players (Based on Dominance): -

The market for aerospace bars is gradually consolidating as the major companies are performing mergers & acquisitions to quickly gain the leading position and to tap the growing opportunities in this briskly expanding market. For instance, Alcoa and VSMPO-AVISMA formed a Joint Venture in 2013 to meet the growing demand for high-end titanium and aluminum products for aircraft manufacturers worldwide. The following are the key players in the aerospace bars market.

• Arconic Corporation
• VSMPO-AVISMA Corporation
• Allegheny Technologies, Inc.
• Titanium Metals Corporation (TIMET)
• Constellium SE
• Haynes International, Inc.

The development of lightweight bars for 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.

Note: The above list does not necessarily include all the top players in the market.

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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