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The global aerospace & defense materials market size stood at USD 18,411.83 million in 2019 and is projected to reach USD 23,825.45 million by 2027, growing at a CAGR of 4.21% during the forecast period.
The aerospace & defense industry is one of the most stringently regulated industries in the world. The materials used in the industry are also subjected to high regulatory and performance norms in order to meet the rigorous demands of the situations they are used in. Variety of materials such as composites, aluminum, steel, titanium, alloys, and numerous others are used in several structural and non-structural components in this industry.
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Healthy Adoption Of Composites In Commercial Aircrafts to Drive the Market Growth Over the Forecast Period
Composites have been long used in the aerospace & defense industry. However, their usage in the industry was restricted to only a few applications. Military aircrafts were the first to use aerospace composites prominently in the structures to gain significant weight reduction. Boeing introduced its 787 Dreamliner (wide-body aircraft) model in 2011 (entered commercial service), which is claimed to be made of 80% composites by volume. It has been a huge success for Boeing since then, with around 1510 confirmed orders as of March 2020.
On the other hand, Boeing’s biggest rival, Airbus, back then also introduced Airbus A350 XWB, which is made up of more than 50% composites to compete with Boeing 787 Dreamliner. As of April 2020, the company has around 930 orders for A350 XWB in its records. The usage of composites is further expected to increase in other aircraft models on the back of increased fuel efficiency benefits facilitated by the composites usage.
Increasing Airplane Fleet Worldwide To Propel The Demand For Aerospace Materials
The rapid expansion of the middle-class coupled with rising disposable income has facilitated the growth of aerospace activities in the developing countries of the world. As a result, there has been an increase in the regional aircrafts as well as development of secondary airport infrastructure across the globe. This has indeed increased the demand for aircrafts in developing countries, which is propelling the consumption of aerospace & defense materials. Moreover, old aircraft fleets in the world also need to be renewed and airliners have already started replacing the old fleet with the new. Consequently, there has been tremendous increase in the manufacturing activities of aircrafts and to meet the growing demand manufacturers are focused on developing sustainable and integrated supply chain for aerospace & defense materials to avoid any delays in aircraft delivery. Of the total demand for these materials, Boeing and Airbus account for more than 60%.
Light-Weighting To Be A Key Growth Factor For The Aerospace & Defense Materials Market
Fuel efficiency has always been the central concern for any transportation industry domain and it holds pivotal importance in the aerospace & defense industry. The quest to reduce the cost of flying and increase operation profitability has led to the development of lightweight and high- performing materials that have helped the aerospace & defense industry reach new heights. Lightweight and high strength materials such as composites, aluminum, alloys, titanium, and others find prominent role in the main structures of the aircraft. More than 80% of the total titanium alloys in the aerospace & defense industry are utilized in engines. Composites are being used in fuselage, wings, and other interior as well as exterior structures. This has helped the airliners to boost their profitability by reducing the fuel consumption by significant amounts as compared to the conventional aircrafts. As a result, the demand for light-weight materials in this industry has significantly increased over the last few decades.
Stringent Regulation Governing The Aerospace & Defense Industry Confines The Growth Of Aerospace & Defense Materials Market
The aerospace & defense industry is governed by some of the most stringent regulations in the world. It has to comply with the international as well as the regional regulations to which the aircraft is being subjected to avoid any operational restrictions. As a result, the materials used in this industry also need to meet the stringent norms prescribed by the authorities. It takes several years and numerous procedures & tests for a material to be allowed for usage in the aerospace & defense industry as the lives of hundreds are at stake. This restricts the adoption and usage of some materials in the industry and delays their inclusion time. However, these procedures are meant to ensure safety.
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Dominance Of Composites In Value Market Is Likely To Continue Throughout The Forecast Period
The composite materials segment dominates the aerospace & defense materials market in terms of value. It is also poised be fastest growing segment in the market, both in terms of value and volume. Though composites are finding increasing number of applications in the aerospace & defense industry, they account only for single digit share in the market in terms of volume. Its counterpart, aluminum, is the most widely used material in the industry owing to its high adoption in structural as well as interior components. Titanium alloys are anticipated to be second-fastest growing segment in the market.
Commercial Aircraft Segment To Lead The Market Growth
On the back of large aircraft fleet and applicability, the commercial aircraft segment has been identified as the largest consumer of these materials in the market. Furthermore, the size of commercial aircrafts is significantly greater than military aircrafts, which means more volume of materials is consumed in the former. However, rising regional disputes and conflicts are anticipated to result in increased spending on military & defense activities, and as a result, the military aircrafts segment is poised to grow the fastest in the market.
North America Aerospace & Defense Materials Market Size, 2019 (USD Million)
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The market size in North America stood at USD 9,878.83 million in 2019 on the back of the US, which accounts for around half of the global demand. The US is home to some of the biggest players in the aerospace & defense industry such as Boeing, General Electric, CFM International, Pratt & Whitney, and various others, including foreign entities. The country not only manufacturers high number of commercial aircrafts but is also the largest manufacturer of military aircrafts in the world. It is also the leading manufacturer of aircraft engines in the world. Europe accounts for second-largest share in the market, dominated by the western European countries. Airbus, Rolls Royce, Safran, and others are amongst the prominent consumers of these materials in the region. France leads the market in Europe on the back of its manufacturing capabilities for commercial as well as military aircrafts. Asia-Pacific is set to be fastest growing region in this market share owing to developments in countries such as China and India.
The indigenous manufacturing and development programs are booming in these countries and foreign investments are being welcomed by the governing bodies. Consequently, foreign majors are collaborating with local partners to manufacture and develop aircraft technologies in the region. China has made significant progress in this sector and its success is visible with the manufacturing and maiden flight of C919, a narrow body aircraft manufactured by a Chinese player-COMAC, in May 2017. India is also promoting indigenous development of military aircrafts and efforts in collaboration with foreign majors are underway. Latin America and the Middle East & Africa are relatively small markets and are in early phase of development. Brazil & Mexico dominate the market in Latin region on the back of consumers such as Embraer.
Israel and Turkey lead the market in the Middle East region. Countries such as UAE and Saudi Arabia are also emerging as attractive investment options in the region. However, the outbreak of COVID-19 pandemic is estimated to shrink the global aerospace & defense materials market by over 3% in 2020, with significant recovery expected from 2022 onwards. The effect of COVID-19 on the market can be assessed from the fact that prominent manufacturers of commercial & military aircraft have announced delay in deliveries due to disruption in supply chain.
Merger & Acquisition Along With Collaborations To Remain Amongst Top Strategies For The Key Players
The aerospace & defense materials market structure is highly fragmented and regulated. Stakeholders in the market have developed robust supply chains around the world to meet the tight schedule of deliveries and avoid any disruptions. Mergers & acquisitions and collaborations with local partners have always been prime strategies of players to ensure uninterrupted supplies. Generally, consumers enter into yearlong supply agreements with the manufacturers and suppliers to avoid any shortages and disruptions. These strategies will help the market grow in terms of revenue. For instance, in 2018, Arconic, a key player in aerospace & defense materials market, signed a multiyear-long supply contract with Boeing.
The aerospace & defense materials market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends, competitive landscape, and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.
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Value (USD Million), Volume (Kilotons)
Fortune Business Insights says that the global market size was USD 18,411.83 million in 2019 and is projected to reach USD 23,825.45 million by 2027.
In 2019, the market value stood at USD 18,411.83 million.
Growing at a CAGR of 4.21%, the market will exhibit steady growth in the forecast period (2020-2027).
The composites segment is expected to be the leading segment in this market during the forecast period.
Increasing aircraft fleet around the world is propelling the demand for aerospace & defense materials.
North America held the highest market share in 2019.
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