Aerospace & Defense Materials Market will exhibit a CAGR of 4.21% during the forecast period and reach USD USD 23,825.45 million by 2027, and the market value as per 2019 was USD 18,411.83 million.
Fortune Business Insights™ in a recently published report, titled, “Aerospace & Defense Materials Market Size, Share & Industry Analysis, By Materials (Titanium Alloys, Aluminum Alloys, Composites, Super Alloys, Steel and Others), By Aircraft (Commercial, Military, Business & General Aviation and Others) and Regional Forecast, 2020-2027.”
Aerospace & Defense Materials Market Drivers and Restraint :
Rising Adoption of Carbon Fiber Composites to Feed Market Growth
The aerospace & defense materials market growth is slated to accelerate as airliners expand application of carbon fiber composites in their aircraft fleet. Carbon fiber is known for its excellent lightweight and enhanced durability properties, which make aircrafts more fuel-efficient. Moreover, composites of this material are resistant to fatigue and corrosion, which lowers maintenance costs of components. For example, Airbus tested the new carbon fiber wings on its advanced A350 XWB in 2014 and found that the wings displayed greater flex, strength, and rigidity compared its aluminum predecessors. A more recent example is the introduction Sigrafil, a novel carbon fiber with a high Young’s modulus developed by SGL Group, designed for use in aerospace applications.
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List of Significant Manufacturers Aerospace & Defense Materials Market are:
• Teijin Ltd. (Renegade Materials Corp.) (Japan)
• Koninklijke Ten Cate BV (Netherlands)
• AMI Metals Inc. (US)
• Hexcel Corporation (US)
• Huntsman (US)
• Arconic Inc. (US)
• Sofitec (Spain)
• TATA Advanced Materials Limited. (India)
• Materion Corp. (US)
• Evonik Industries (Germany)
• Toray Composite Materials America, Inc. (US)
North America to Hold Lion’s Share in the Market Backed by Surging Commercial Aircraft Production
North America, especially the US, has a robust domestic air transport industry, with the country registering the second-highest passenger journeys in 2018, as per IATA statistics. This, coupled with massive spending on military aircrafts, will enable the region to dominate the aerospace & defense materials market share in the coming years. The market size in North America in 2019 was at USD 9,878.83 million.
In Europe, the market growth is based on France’s capacity to produce large volumes of commercial as well as military aircrafts. The market in Asia-Pacific is set to rise on the shoulders of the increasing investments by India and China in enhancing their indigenous aircraft manufacturing and development capabilities.
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Adoption of Wide Range of Commercial and Military Application to Spur Demand for Antenna
The segment antenna (By Component Analysis) is likely to hold the highest market share owing to high adoption in several commercial and military purpose. Antennas are useful for enhancing communication, thereby, extensively adopted in military vehicles and jets to maintain strategic power. Moreover, rapid growth in air traffic is driving the demand for antennas that will aid the market growth.
COVID-19 Outbreak to Create Temporary Setbacks for Players
The coronavirus contagion has massively disrupted global supply-chains, forcing players in this market to temporarily contracts and agreements to wade through the crisis successfully. Prior to this pandemic, some of the key players had acquired or merged with other companies to expand their presence in the market and open new revenue streams.
Some of the key industry developments in the Aerospace & Defense Materials Market Include:
• April 2020: Hexcel Corporation and Woodward, Inc. announced the mutual termination of their agreement to merge the two companies, which was signed in January 2020. But the two parties have now decided to end it due to the COVID-19 pandemic, which has compelled both the companies to secure their place in the aerospace & defense industry by focusing on their businesses.
• August 2019: Japan-based Teijin Limited successfully completed its acquisition of all shares of the US-based Renegade Materials Corporation. The acquisition will allow Teijin to strengthen its production capacity for high-temperature prepreg materials, which are used to make engine parts for next-gen airplanes.
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