Aerospace & Defense Materials Market to Rise at 4.21% CAGR till 2027; Increasing Deliveries of Commercial Airlines Worldwide to Feed Market Growth

The global aerospace & defense materials market size is projected to reach USD 23,825.45 million by 2027 owing to steady expansion of aircraft fleet around the world, states Fortune Business Insights™ in its 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”. As per the report findings, the value of this market was at USD 18,411.83 million in 2019 and is expected to register a CAGR of 4.21% from 2020 to 2027.

However, the outbreak of the COVID-19 pandemic is likely to have a negative bearing on the growth of this market in 2020. This is because of the supply-chain disruptions triggered by the pandemic, which has crippled the functioning of the aerospace & defense industry. As a result, the market growth during the current year is anticipated to decline.

Kordsa Takes Over Axiom Materials in a Multimillion Dollar Deal

The Turkey-based composites specialist, Kordsa, successfully completed the acquisition of Axiom Materials, a leading US-based advanced composite materials company, in July 2019. At an estimated value of USD 181 million, the acquisition will allow the company the only globally qualified manufacturer of Oxide-Oxide ceramic matrix composites. Furthermore, through this investment, Kordsa will be able to access Axiom’s composite solutions for aircraft engines, thus strengthening its product portfolio of advanced aerospace & defense materials. Such takeovers are gradually becoming the hallmark feature of the competitive landscape of this market and elevating its potential.

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https://www.fortunebusinessinsights.com/aerospace-defense-materials-market-102980

Growing Stringency of Regulations Governing Aircraft Manufacturing to Restrict Market Expansion

Efficiency, durability, and safety of any aircraft depend on the materials used during its manufacturing. Although composite materials can be tailored to the needs of the airplane design and purpose, wrongful or careless deployment of advanced aerospace & defense materials can put at direct risk the lives of passengers. In 2013, for example, an immobile Ethiopian Airlines 787 stationed in London spontaneously caught fire due to a short circuit in the lithium batteries powering an emergency beacon on the plane. Further investigations revealed that resin, a composite material used in airline fuselage, fueled the combustion. This forced the Federal Aviation Agency (FAA) to stiffen its norms governing the safety of the materials used in aircraft production. Tightening of these regulations is, therefore, likely to obstruct the aerospace & defense materials market growth in the near future.    

Key Players to Invest in Geographic Expansion of Operations

In a bid to deepen their regional footprint and broaden their business horizons on foreign shores, major companies in this market are engaging in strategic acquisitions, mergers, and collaborations with other global players in the aerospace & defense materials domain. Besides widening their sales opportunities, these strategies are enabling key players to enhance their R&D and production capacities as they are able to access cutting-edge technologies being developed by the acquired companies.

Industry Development:

• June 2019: SEKISUI America Corporation, a division of Japan-based SEKISUI CHEMICAL, declared that it has successfully acquired US-based AIM Aerospace. The takeover will enable SEKISUI to strengthen its hold on the advanced materials domain in the aerospace industry in North America as well as enhance its image as a leading global composites supplier.

List of Players Covered in this Market Report:

• Sofitec (Spain)
• TATA Advanced Materials Limited. (India)
• Materion Corp. (US)
• Evonik Industries (Germany)
• Toray Composite Materials America, Inc. (US)
• Teijin Ltd. (Renegade Materials Corp.) (Japan)
• Koninklijke Ten Cate BV (Netherlands)
• AMI Metals Inc. (US)
• Hexcel Corporation (US)
• Huntsman (US)
• Arconic Inc. (US)

Further Report Findings:

• The composites segment is foreseen to lead the share in the market during the forecast period on account of extensive applicability of composite materials in the aerospace & defense. In 2019, the super alloys segment held a share of 16.6% in the market.
• North America, with a market size of USD 9,878.83 million in 2019, is expected to dominate the aerospace & defense materials market share in the coming years owing to the strong presence of aviation giants such as Boeing and Airbus.
• In the Middle East, Qatar and Saudi Arabia are fast emerging as lucrative investment hotspots in the aerospace & defense industry.  

Table of Segmentation: