Aerospace Steel Market Size was valued at USD 2,353.7 million in 2022. The Aerospace Steel industry is projected to grow from USD 2458.68 million in 2023 to USD 3,912.1 million by 2032, exhibiting a compound annual growth rate (CAGR) of 5.30% during the forecast period (2023 - 2032). A premier material in the aerospace industry, aerospace steel comprises a class of specialized steel alloys carefully engineered to meet the demanding requirements of aerospace components and structures. These alloys are uniquely formulated to exhibit exceptional strength, durability and resistance to the extreme conditions encountered in flight. The aerospace sector's constant drive to improve performance, efficiency and safety drives the development and use of aerospace steel. Aircraft steel, characterized by a high strength-to-weight ratio, ensures structural integrity while maintaining a low overall aircraft weight, which is essential for fuel economy and maneuverability. The corrosion resistance of the alloys protects against the harsh environment of high altitudes and changing weather conditions. In addition, aerospace steel's ability to withstand cyclic loading and temperature fluctuations underscores its critical role in ensuring the reliability and longevity of aircraft. As aerospace technology advances, aerospace steel remains a key enabling element for innovation, whether in the form of lightweight composites, advanced manufacturing processes or the search for more sustainable materials. The development of aerospace steel reflects the industry's commitment to pushing the boundaries of what is possible, leading to safer, more efficient and more powerful aircraft.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The aerospace sector is currently experiencing an unprecedented era of rapid expansion, driven by a combination of technological advancements, changing consumer demands, and evolving global dynamics. This growth spans various aspects of the industry, from commercial aviation to space exploration, with far-reaching implications for transportation, communications, and human exploration. One of the primary catalysts for the rapid expansion of the aviation sector is the growing demand for air travel. As economies boom and the middle class expands around the world, more and more individuals seek the convenience and efficiency of air travel. This increase in demand has prompted airlines to modernize their fleets and expand routes, resulting in an increased need for new aircraft. Manufacturers respond to this demand by increasing production, thus supporting the expansion of the aviation industry.
This rapid expansion of the aerospace industry is proving to be a powerful catalyst that is poised to drive significant growth in the aerospace steel market. This surge in growth is fuelled by a combination of factors, including increased demand for air transport, technological advancements and exploration of new frontiers, all of which are intricately linked to the demand for aerospace steel. At the heart of this dynamic is the rapidly growing demand for air transport. The global air transport sector has been experiencing steady growth and expansion, despite India's relatively limited growth in comparison. Several factors contribute to this upward trend in the global aviation industry. Firstly, the increasing affordability of air travel and the growing middle class in many countries have led to a surge in passenger demand. Additionally, globalization has significantly boosted international trade and tourism, requiring efficient and reliable air transportation services. Furthermore, advancements in technology have made air travel safer, more comfortable, and more accessible, encouraging more people to choose air transport over other modes of transport. Lastly, emerging economies in regions like Asia and Africa are witnessing rapid urbanization and economic development, resulting in increased air travel demands. While India's growth may be relatively limited due to various challenges, such as infrastructural constraints and regulatory issues, the global air transport sector is anticipated to continue its upward trajectory in the foreseeable future.
The Aerospace Steel Market segmentation, based on Product the Aerospace Steel Market has been segmented into steel bar stock, forgings, castings and others. In 2022, the forgings segment drove the Aerospace Steel Market by holding a substantial market share with a market value of USD XX million. It is projected to register a CAGR of 5.27 % during the projected timeframe. Steel forgings play a key role in various aerospace applications due to their strength, durability and reliability. Forgings are created by the process of shaping and compressing metal under extreme pressure, resulting in parts with improved mechanical properties. Several critical aircraft engine components are made from steel forgings. These components include turbine blades, compressor blades, shafts and other parts that require high strength and resistance to high temperatures and pressures in jet engines.
Based on Aircraft, the Aerospace Steel Market has been segmented into commercial aircraft and business & general aviation, Military Aircraft and Helicopter In 2022, the commercial aircraft segment drove the Aerospace Steel Market by holding a substantial market share with a market value of USD 1,519.0 million. It is projected to register a CAGR of 5.40 % during the projected timeframe. Demand for commercial aircraft is increasing due to factors such as economic growth, increasing demand for travel, advancements in technology, and expansion of emerging markets. This rise in demand for commercial aircraft will positively impact the market of steel as steel is used for making several components of aircraft such as bolts, nuts and screws. The strength and reliability of steel make it suitable for ensuring the structural integrity of an aircraft. Moreover, parts such as shafts and mounting structures can be made of steel, as these parts must be strong and resistant to fatigue.
By Region, the study segments the Aerospace Steel market into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2022, the US region drove the Aerospace Steel Market by holding a substantial market share with a market value of USD XX million. It is projected to register a CAGR of XX % during the projected timeframe. The U.S. aerospace industry is experiencing significant growth due to increasing production of commercial, military and general aviation aircraft. As aircraft production increases to meet global travel and military requirements the demand for aerospace steel used in various aircraft components is increasing. Furthermore, the upgradation of aging military aircraft involves replacing or reinforcing components with high-strength materials such as aircraft steel for enhancing its effectiveness. This factor will create a significant impact on the market demand of aerospace steel in the country.
The Aerospace Steel Market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive with all the players competing to gain maximum market share. Rapid advancements in processes, manufacturing, and the growing application of Aerospace Steel in end-use industries are the key factors that affect global market growth. The vendors compete based on cost, product quality, availability, and reliability of the products. The vendors must provide cost-effective and high-quality Aerospace Steel to compete in the market. The competitive scenario is fragmented between tier-1 and tier-2 companies.
The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. Deutsche Edelstahl Werke, CRS Holdings, LLC (Carpenter Technology), Cogne Acciai Speciali SpA, Lisi, and Universal Stainless are some of the key players operating in the global market. These companies compete in terms of availability, quality, price, and technology. They consider product development as their key strategy in the Aerospace Steel Market.
Additionally, the companies are following both organic and inorganic strategies to strengthen their presence in the global market. They are focusing on acquisitions and agreements to diversify their service offerings along with enhancing their customer relationship. Additionally, companies are also adopting various business development strategies that will further help in growing their business.
Liberty Steel: Liberty Steel is strongly committed towards green transition through its responsible, positive and long-term actions that will benefit society as well as future generations. Through its GREENSTEEL strategy, the company is aiming at becoming carbon neutral by the end of 2032. According to its GREENSTEEL strategy the company will be focusing on steel recycling, development as well as usage of low carbon & renewable energies. It is also committed towards developing technologically advanced methods such as hydrogen steel making, that will help the company in making its production processes more efficient and sustainable.
Voestalpine High Performance Metals LLC: Voestalpine High Performance Metals LLC believes in gaining competitive advantage through constant innovations and developments. The company is making continuous efforts to enhance its market position in the industry of special materials. Further, it is aiming at expanding its niche position in the aerospace sector along with strengthening its position in the oil & gas industry. To achieve these goals, the company is constantly seeking to improve its processes and products in order to provide high quality solutions to its customers.
November 2022: H Liberty Steel Group had signed an agreement with KG Steel, a South Korea steel company for the purchase of its Dongbu steel plant as well as associated equipment. This agreement will help Liberty Steel Group to develop modern, flexible and low carbon steel plants.
December 2022: In December 2022, Aubert & Duval inaugurated its first manufacturing workshop completely dedicated to aerospace sector. This strategic development will support the company’s offerings for aerospace sector, further helping it in expanding its business and generating higher revenues.
May 2023: Cogne Acciai Speciali SpA acquired Special Melted Products, A UK based company specialising in the supply of forged, melted, precision machined nickel and steel-based alloys that are used for critical applications in industries such as oi & gas, aerospace, and nuclear. Cogne Acciai Speciali SpA will be able to expand its manufacturing capabilities through this acquisition, further leading to its business expansion.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD Â 2,353.7 million |
| Market Size 2023 | USD Â 2458.68 Â million |
| Market Size 2032 | USD Â 3,912.1 million |
| Compound Annual Growth Rate (CAGR) | 5.45 % (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2019 & 2021 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By on, Product, Aircraft, and By Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, and South America |
| Countries Covered | US, Canada, Mexico, Germany, France, UK, Italy, Spain, China, Japan, India, South Korea, Saudi Arabia, UAE, South Africa, Brazil, Argentina |
| Key Companies Profiled | Deutsche Edelstahl Werke, CRS Holdings, LLC (Carpenter Technology), Cogne Acciai Speciali SpA, Lisi, and Universal Stainless |
| Key Market Opportunities | ·      Research And Developments In The Aerospace Industry |
| Key Market Dynamics | ·      Technological Advancements In Steel Metallurgy And Manufacturing Processes ·      Rapid Expansion Of Aerospace Sector |
Frequently Asked Questions (FAQ) :
USD 2,353.7 million in 2022
5.30%
Asia-Pacific
Deutsche Edelstahl Werke, CRS Holdings, LLC (Carpenter Technology), Cogne Acciai Speciali SpA, Lisi, and Universal Stainless and others.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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