The global aerospace & defense materials market size is estimated to reach USD 27.44 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 4.3% during the forecast period. Increasing demand for lightweight materials in order to reduce the weight and increase fuel efficiency of an aircraft is projected to boost market growth.
The aerospace & defense materials market exhibits low competitive rivalry due to limited number of players offering suitable products to aircraft manufacturers. Moreover, aircraft manufacturers prefer to enter in long-term supply agreements with reliable material suppliers, thereby further reducing the competitive rivalry.
Price of materials, such as aluminum, is influenced by growing exports of products from China. Furthermore, spiraling demand for aluminum due to dynamic growth of the building & construction industry in developing economies is poised to have a notable impact on prices.
Air Transport Association (ATA) introduced emission policy options in 2010 to reduce aircraft emissions in order to protect the environment. This has encouraged aircraft manufacturing companies to incorporate lightweight materials into structure to reduce overall weight and increase fuel efficiency.
Industry participants in North America and Europe are anticipated to face disruptive competition due to emerging players in Asia, especially China and Japan, which are offering comparatively low-cost material solutions. Material manufacturers are investing significantly in research & development to provide high strength and lightweight materials at competitive costs.
In depth research report on Aerospace & Defense Materials Market
Further key findings from the report suggest:
· Composites are likely to register the highest growth of 4.2% from 2018 to 2025, owing to their superior characteristics such as lightweight, high strength, and ability to withstand impact
· Commercial aircraft is expected to be valued at USD 16.20 billion by 2025, owing to increasing demand from developing economies coupled with rising use of alloys and composites in aircraft construction
· Aero structure was the largest aircraft part segment in terms of revenue in 2017. It is estimated to witness a noteworthy CAGR of 4.9% over the forecast period owing to growing use of composites by manufacturers
· North America was the leading revenue contributor in the market, representing more than 50.0% in 2017, owing to presence of major aircraft and component manufacturers in the region
· Major companies in the market focus on mergers & acquisitions in order to expand their business and technological capabilities. Hexcel Corporation acquired aerospace & defense business of Oxford Performance Materials in December 2017 in order to expand its portfolio in additive manufacturing for aerospace & defense component manufacturing
Grand View Research has segmented the global aerospace & defense materials market on the basis of product, aircraft part, aircraft type, and region:
Aerospace & Defense Materials Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
· Aluminum
· Titanium
· Composites
· Superalloys
· Steel
· Plastics
· Others
Aerospace & Defense Materials Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
· Aero structure
· Components
· Cabin Interiors
· Propulsion System
· Equipment, System, & Support
· Satellites
· Construction & Insulation Components
Aerospace & Defense Materials Aircraft Type Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
· Commercial
· Business & General Aviation
· Military
· Others
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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