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Abstract, Snapshot, Market Analysis & Market Definition: Global Aerospace and Defense Materials Market The global aerospace and defense materials market size was estimated at USD 19.70 billion in 2017. It is poised to progress at a CAGR of 4.3% over the forecast period. Increasing emphasis on replacement of ageing fleets is anticipated to increase aircraft production, thereby boosting the demand for the product over the forecast period. Increasing technological advancements in additive manufacturing and powder metals in aircraft production are one of the key trends supporting market growth. Furthermore, players in the market are focusing on development of high performance composites in order to increase their strength, primarily due to growing demand for lightweight materials. Material buyers are involved in value chain from earlier stages of design, which enables them to control quality, reduce costs, and ensure inventory. In addition, these buyers work closely with other value chain participants which allow them to anticipate availability and pricing changes. Furthermore, material buyers usually opt for reliable suppliers with high goodwill through past product procurement, thereby increasing entry barrier for new entrants. The market is subject to internal substitution, wherein aluminum is being replaced by lightweight alloys and composites. Composites are increasingly being used in manufacturing fuselage and wings, whereas steel is likely to be replaced by carbon in braking systems. The market is capital intensive and is characterized by presence of established players with strong financial base. Financial stronghold in the industry enables them to assign capital investment for potential market expansion. The material buyers usually opt for reliable suppliers with high goodwill through past product procurement, making it difficult for new entrants to establish their business. The reduction in defense spending is a major restraint for the market. Several governments are in the process of diverting their expenditure towards armed personnel welfare schemes, which may impact the military aircraft production. Decline in aircraft production is expected to reduce the demand, thereby acting as a stumbling stone for aerospace and defense material manufacturers. Market Segmentation, Outlook & Viewpoint: Global Aerospace and Defense Materials Market Product Market Segmentation & Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025) Aluminum Titanium Composites Superalloys Steel Plastics Others Aircraft Part Market Segmentation & Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025) Aero structure Components Cabin Interiors Propulsion System Equipment, System, & Support Satellites Construction & Insulation Components Aircraft Type Market Segmentation & Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025) Commercial Business & General Aviation Military Others Key Players, Recent Developments & Regional Insights: Global Aerospace and Defense Materials Market Durability and longevity of aircraft components are projected to be the key factor determining selection of materials. Furthermore, high temperature resistance and weight reduction are factors influencing the development of aerospace and defense materials. Aluminum and titanium are most widely used in aircraft manufacturing owing to their lightweight and high durability characteristics. Aluminum is primarily used for manufacturing aerostructure components owing to its excellent characteristics such as high corrosion and heat resistance. The segment is poised to register a CAGR of 4.8% in terms of revenue over the forecast period owing to growing preference for aluminum alloys to pure aluminum. Titanium exhibits exceptional strength-to-weight ratio as it has lower density than that of steel and superalloys, making it an ideal aircraft component material. It is commonly used in major structural components such as fastners, landing gears, and actuators that needs high strenght and lightweight. Furthermore, Titanium exhibits excellent compatibility with composites owing to its superior corossion resistance, thus promoting its use over the forecast period. The composites segment stood at a valuation of USD 8.18 billion in 2017 owing to properties including phenomenal weight reduction and improved durability. Carbon fiber reinforced polymer (CFRP) are most widely used composites, followed by glass fiber reinforced polymers (GFRP). However, major restraining factors for composites are their inability to work at high temperatures. Aircraft Part Insights Aerostructure was valued at USD 9.72 billion in 2017 and is likely to exhibit substantial growth over the forecast period. Aluminum and composites are widely used in the structure owing to its lightweight characteristics as well improved rigidity. Furthermore, properties such as superior corrosion & heat resistance reduce the overall maintenance cost of an aircraft. Aircraft components are expected to post a CAGR of 4.1% over the forecast period, owing to its extensive use in aircraft manufacturing. These components include bearings, fasteners, bushings, and fueling & refueling system, which contribute to core functions of an aircraft. Spiraling use of the product in manufacturing propulsion systems owing to its ability to provide superior heat and thermal resistance is estimated to bolster the growth of the aerospace and defense materials market. Furthermore, these materials provide durability and longevity to propulsion systems as they are subject to extreme pressure during flight operations. Composites are widely used in manufacturing of actuator and control systems, due to their excellent strength-to-weight ratio. Furthermore, high strength steel and titanium are preferred in manufacturing landing gear. Manufacturing of equipment, support, and systems requires materials with controlled fire behavior, low fume toxicity, and high chemical resistance, thus promoting the use of high strength steel and titanium in the aerospace & defense sector. Aircraft Type Insights The global commercial passenger & cargo fleet segment is expected to register strong growth during the forecast period owing to rising number of number of passengers per annum, which is slated to double over the next two decades. Increasing efforts by manufacturers to reduce carbon emissions by improving fuel efficiency are estimated to create aan upswing in the demand for aerospace and defense materials. The business and general aviation aircraft segment is projected to witness a CAGR of 4.3% over the forecast period, which can be attributed to higher corporate profits. North America accounts for half of the demand for business aircrafts, followed by Europe. However, Asia Pacific is poised to experience substantial growth owing to widening base of billionaires in the region. The military aircraft segment represented a sizeable share in the market in 2017 owing to increasing use of composites and superalloys in aircraft construction. Titanium is the most crucial material used in defense aircraft, owing to its superior properties such as higher temperatures resistance and durability. However, demand for military aircraft is anticipated to decline due to reduced defense expenditure in developed economies, thus negatively impacting market growth. Demand for composites is driven by increasing requirement of robust and temperature resistant materials in manufacturing of drones and unmanned aerial vehicles. Moreover, surging adoption of reinforced carbon composite tiles in spacecrafts for protection against extreme temperatures is likely to work in favor of the overall market. Regional Insights North America was at the forefront of the arena, commanding more than half of the total volume in 2017. Strong presence of a raft of aircraft manufacturers is one of the primary growth stimulants of the regional market. Furthermore, the region has a large number of component manufacturers supplying parts to the aerospace & defense industry, thereby promoting growth. The aerospace & defense industry in Europe experienced moderate growth against the economic slowdown and uncertainties in countries such as U.K. and Italy. Furthermore, rising security threats in Europe are estimated to fuel the demand for military aircrafts over the forecast period, leading to an increase in the demand for the product. Asia Pacific is projected to be the fastest growing regional market, progressing at a CAGR of 4.5% in terms of revenue over the forecast period. Japan is the most prominent aircraft component manufacturing hub in the region owing to ease of availability of raw materials and skilled labor. Furthermore, increasing R&D investments by companies in researching new and improved materials are poised to drive the regional market. Significant investments by the Government of China to increase domestic aircraft manufacturing capabilities and overall exports to the U.S. are anticipated to benefit the market in APAC. In addition, large scale-production of China’s indigenously produced jet COMAC from 2021 onwards is likely to augment the market in the region. Aerospace and Defense Materials Market Share Insights The market is highly concentrated in North America and Europe, with presence of a large number of manufacturers and component suppliers in the regions. The industry is characterized by high investments into R&D by manufacturers in order to develop novel materials with superior properties. The market is subject to extreme competition among material suppliers for gaining long-term contracts from major aircraft manufacturers. Furthermore, the market is witnessing a trend of mergers & acquisitions, with established players focusing on inorganic growth in order to enhance their technological capabilities. Key players are targeting markets with long-term growth potential to expand their businesses, and achieve sustainable competitive advantage. Plastic manufacturers are expected to integrate the production of composites in the wake of increased product demand from the aerospace & defense industry. Key Insights Covered: Global Aerospace and Defense Materials Market 1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Aerospace and Defense Materials industry. 2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of Aerospace and Defense Materials industry. 3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Aerospace and Defense Materials industry. 4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Aerospace and Defense Materials industry. 5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Aerospace and Defense Materials industry. Research Methodology: Global Aerospace and Defense Materials Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other
Table of Contents Chapter 1. Report Scope 1.1. Research Methodology 1.2. Research Scope & AssumptionsChapter 2. Methodology 2.1. List of Secondary Sources 2.2. List of Primary Sources 2.2.1. Primary respondent details 2.2.2. Primary Interview BreakupChapter 3. Executive Summary 3.1. Market SnapshotChapter 4. Market Definitions 4.1. Market SegmentationChapter 5. Industry Outlook 5.1. Business Segment Trends 5.1.1. Aerospace & Defense Market Analysis 5.1.2. Aerospace & Defense Market: Regional Analysis 5.2. Value Chain Analysis 5.3. Raw Material Tren | read more...