The global aerospace & defense materials market size is projected to reach USD 23,825.45 million by 2027, exhibiting a CAGR of 4.21% during the forecast period. Growing number of air passengers worldwide will steadily expand the market, shares Fortune Business Insights™ in its new 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”. According to the International Air Transport Association (IATA), the demand for air travel rose by 7.4% in 2018 from 2017 levels. Air passengers accounted for 81.9% of the load factor on aircrafts, while freight load was 49.3%, the IATA data reveals. Rising deployment of airplanes for passenger and cargo transport necessitates the utilization of efficient materials in building aircraft components. Any laxity shown in the quality of materials used will endanger the lives of thousands of passengers and put at risk highly valuable cargo. Thus, increasing air travel has escalated the demand for next-gen aerospace & defense materials.
COVID-19 Impact on the Market:
The COVID-19 pandemic has created turmoil in the global economy. One of the worst-hit industries by this pandemic is the aerospace & defense industry, with lockdowns and trade restrictions choking supply-chains worldwide. In order to provide businesses with a detailed impact analysis of this crisis on this market, we at Fortune Business Insights™ are offering comprehensive market research reports, developed by our expert and experienced research team. To know more, click here.
The report states that the market value was at USD 18,411.83 million in 2019. The other highlights of the report include:
In-depth evaluation of the market trends, drivers, and restraints;
Detailed examination of the different market segments;
Careful study of the regional and competitive developments influencing the market growth; and
Panoramic overview of the overall industry outlook.
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.
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.
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.
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.
List of Companies Profiled in the Aerospace & Defense Materials Market Report: