The global aerospace and 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.
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.
Market on the Rise
The global aerospace and defense materials market is projected to reach new heights. Estimates suggest a steady growth trajectory, with a Compound Annual Growth Rate (CAGR) exceeding 3% and a market value reaching around USD 30 billion by 2032. This growth is fueled by several factors:
- Increasing Air Traffic: The burgeoning demand for air travel, particularly in regions like Asia-Pacific and the Middle East, necessitates the production of more aircraft, which in turn drives demand for materials.
- Aging Aircraft Replacement: As existing aircraft fleets reach retirement age, a surge in new aircraft production creates a significant market for materials [4].
- Focus on Lightweight Materials: A growing emphasis on fuel efficiency and environmental sustainability is propelling the use of lightweight materials like composites in aircraft manufacturing.
- Defense Spending: Governments around the world continue to invest in their defense capabilities, creating a steady demand for materials for military equipment and weapon systems.
Material Matters: Key Players in the Market
The aerospace and defense materials market is a diverse landscape, encompassing a range of materials with unique properties:
- Metal Alloys: Traditional workhorses like aluminum alloys, titanium alloys, and superalloys remain crucial. Aluminum offers a good balance of strength and weight, while titanium excels in high-strength applications. Superalloys can withstand extreme temperatures and stresses, making them ideal for jet engines and rocket propulsion systems.
- Composite Materials: Fiber-reinforced composites, particularly carbon fiber-reinforced polymers (CFRPs), are rapidly gaining traction. These materials offer exceptional strength-to-weight ratios, enabling lighter aircraft structures and improved fuel efficiency.
- Other Materials: Specialty materials like high-performance polymers, ceramics, and advanced composites also play a role in specific applications. For instance, ceramics find use in heat shields for spacecraft due to their exceptional thermal resistance.
Source- https://www.fortunebusinessinsights.com/aerospace-defense-materials-market-102980
Material Applications: From Wings to Missiles
The materials used in the aerospace and defense sectors cater to a wide range of applications:
- Aerostructure: The airframe, fuselage, wings, and other structural components of aircraft rely heavily on lightweight and strong materials like aluminum alloys and CFRPs.
- Propulsion Systems: Jet engines, rocket engines, and other propulsion systems require materials that can withstand extreme temperatures, pressures, and stresses. Superalloys and advanced composites are often the materials of choice.
- Defense Applications: Military vehicles, weapons systems, and protective gear all utilize a variety of materials depending on their specific needs. For instance, armored vehicles might use high-strength steels, while ballistic protection for soldiers could involve advanced composites.
Regional Analysis