The global aerospace and defense materials market is expected to grow significantly, reaching approximately USD 23.83 billion by 2027, with a compound annual growth rate (CAGR) of 4.21% during this period. This growth is largely driven by the increasing number of air travelers worldwide, according to a report by Fortune Business Insights titled “Aerospace & Defense Materials Market Size, Share & Industry Analysis.”
In 2018, the International Air Transport Association (IATA) reported a 7.4% increase in air travel demand compared to 2017. Air passengers made up 81.9% of aircraft load factors, while freight accounted for 49.3%. As more airplanes are deployed for both passenger and cargo transport, the need for high-quality materials in aircraft manufacturing becomes critical. Ensuring the materials meet stringent standards is vital for the safety of passengers and the protection of valuable cargo.
Informational Source:
https://www.fortunebusinessinsights.com/aerospace-defense-materials-market-102980
Key Companies in the Market
The report profiles several companies in the aerospace and defense materials sector, including:
- Teijin Ltd. (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)
Market Highlights
The report offers several insights, including:
- A thorough analysis of market trends, drivers, and challenges.
- Detailed exploration of various market segments.
- Examination of regional and competitive dynamics influencing market growth.
- A comprehensive overview of the industry’s outlook.
Market Drivers
One of the key drivers of growth in the aerospace and defense materials market is the rising use of carbon fiber composites by airlines. These materials are lightweight and durable, contributing to better fuel efficiency. Additionally, carbon fiber composites resist fatigue and corrosion, reducing maintenance costs. For example, Airbus has utilized carbon fiber in the wings of its A350 XWB, resulting in improved performance compared to traditional aluminum wings.
Regional Insights
North America is expected to dominate the market, particularly the US, which has a strong air transport industry and significant military aircraft spending. In 2019, the market size in North America was around USD 9.88 billion. Meanwhile, Europe is bolstered by France’s capacity for producing both commercial and military aircraft. Growth in the Asia-Pacific region is driven by increased investments in indigenous aircraft manufacturing in countries like India and China.
Competitive Landscape
The COVID-19 pandemic has posed challenges for the aerospace and defense materials market, disrupting supply chains and leading to temporary setbacks for companies. Some key players had previously merged or acquired other companies to expand their market presence, but the pandemic has prompted a reevaluation of strategies.
Industry Developments
Recent industry developments include:
- In April 2020, Hexcel Corporation and Woodward, Inc. mutually agreed to terminate their merger due to the disruptions caused by COVID-19.
- In August 2019, Teijin Limited completed its acquisition of Renegade Materials Corporation, enhancing its ability to produce high-temperature prepreg materials used in next-gen aircraft engines.
Overall, the aerospace and defense materials market is poised for growth, driven by rising air travel and advancements in material technologies.
