Aerospace And Defense Materials Market - Forecast (2024 - 2030)
Aerospace and Defense Materials Market size is forecast to reach US$28.3?billion by 2027, after growing at a CAGR of?4.5% during 2022-2027.?Aerospace?and defense materials are widely employed?in?aircraft, spacecraft, and more because the materials?such as copper alloys, titanium alloys, carbon fiber composites, polymer composites, and more result?in reducing the weight of the aircraft.?Aerospace and defense materials?have high performance, strength, and?heat resistance,?owing to these features the market is growing.?The aerospace and defense materials market?is?primarily driven by the growing demand from?the aircraft sector. Furthermore,?the rapidly increasing demand for it from?the spacecraft sector has also increased its demand, thereby, propelling the aerospace and defense materials industry growth during the forecast period.
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COVID-19 Impact?
The COVID-19 pandemic of 2020 affected the growth of industries across the world. To overcome the spread of the COVID-19 pandemic nations across the world imposed strict lockdown guidelines. As a result of the lockdown guidelines, the supply chain was disrupted, significantly impacting aircraft, spacecraft, and components exports, resulting in losses for the aerospace and defense materials sector. For instance, according to International Trade Centre (ITC), in the year 2019, the global exports of aircraft, spacecraft, and parts were?US$335.42 billion and in 2020 it was US$215.9 billion, a decline of 35.63%. However, in 2021 to overcome the blockage created by the COVID-19 pandemic the production was allowed keeping in mind the norms set by the government such as regular sanitization, social distancing, and other such norms, as a result of this the aerospace and defense industry saw a growth. Furthermore, by mid-2022 the COVID-19 pandemic will end and with this, the aerospace and defense materials market will see faster growth with no government-initiated restriction.
Report Coveragenbsp;
The?report:?“Aerospace and Defense Materials Market–Forecast (2022-2027)”,?by IndustryARC,?covers an in-depth analysis of the following segments of the?Aerospace and Defense Materials Market.?
By Form:?Round Products (Bar, Rod, Pipe, and Others), Flat Products (Slab, Plat, Sheet, and Others), and?Net-Shaped Products (Forging, Near-Net Shapes Powdered Products, and Machined Components)? By Material Type:?Metals?& Alloys (Aluminum, Titanium Alloys, Nickel-based Alloys, Steels, Superalloys,?Copper alloys,?Tungsten, Niobium, and Others), Composites, Plastics (Polyetheretherketone?(PEEK), Polyamide-imide (PAI), and Others), and?Others? By Application:?Airframe, Cabin Interior, Propulsion?System, Aero Engine,?Naval System, Weapons, Navigation and Sensors, Satellites, and Others? By End-Use Industry:?Aircrafts (Wide Body Aircrafts (Large Widebody, Medium Widebody, and Small Widebody), Single Aisle Aircrafts, and Regional Transport Aircrafts), Rotorcrafts, Spacecrafts, and Others? By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East (Saudi Arabia, UAE, Israel, and Rest of Middle East), and Africa (South Africa, Nigeria, and Rest of Africa))?
Key Takeawaysnbsp;
Figure: North America?Aerospace and Defense Materials Market?Revenue, 2021-2027 (US$ Billion)
Aerospace and Defense Materials Marketnbsp;Segment Analysis – Bynbsp;Formnbsp;
The?net-shaped form?segment held the largest share in the?aerospace and defense materials?market?in 2021.?Compared to other forms net-shaped forms are widely employed in aerospace and defense materials because it gives the advantage of reduced material usage, which results in savings on procurement costs. Similarly, it gives the advantage of reduced waste material, which results in savings on recycling and disposable cost. The net-shaped product includes forging which is beneficial for the advanced materials widely employed in the aerospace industry. Furthermore, the machined components are utilized to?create application-ready components from forged, cast, and fabricated shapes?for aircraft.?Thus,?these benefits of the net-shaped product segment are anticipated to accelerate the aerospace and defense materials market growth during the forecast period.
Aerospace and Defense Materials Marketnbsp;Segment Analysis – Bynbsp;Material Typenbsp;
The?metals and alloys?segment held the largest share in the?aerospace and defense materials?market?in 2021?and is growing at a CAGR of?3.8% during 2022-2027.?Metals and alloys are widely utilized materials in aerospace and defense materials because compared with other materials they have multiple advantages which make their use an ideal one. Metal such as?aluminum gives the advantage of lightweight, corrosion resistance, high level of strength, and good thermal conductivity, as a result of this more payloads can be carried with the aircraft. Moreover, steel provides strength to the aircraft which is crucial for aerospace and defense appliances. For fatigue resistance alloys are utilized in the aerospace and defense materials which result in resistance towards corrosion. Due to the advantages of metals and alloys, its demand is increasing, thereby, propelling the aerospace and defense materials market growth.
Aerospace and Defense Materials Marketnbsp;Segment Analysis – Bynbsp;Applicationnbsp;
The?airframe?segment held the largest share in the?aerospace and defense materials?market?in 2021?and is growing at a CAGR of?6.2% during 2022-2027.?Because the airframe comprises of the aircraft's body separated by?its engine, aerospace, and defense materials are frequently utilized?in the airframe.?The airframe is considered an important structure for the aircraft because structure such as wings provides lift to the aircraft and it helps in keeping it airborne. And to provide strength to the structure and making sure that the weight is apt for the functioning of the aircraft aerospace and defense materials are used. Due to these factors, the airframe sector's demand is increasing which is further aiding the aerospace and defense materials market growth.
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Aerospace and Defense Materials Marketnbsp;Segment Analysis – By End-Use Industrynbsp;
The aircraft?segment held the largest share in the?aerospace and defense materials market?in 2021 and is growing at a CAGR of?8.4%?during 2022-2027.?Aerospace and defense materials are employed in the aircraft because these materials have multiple advantages which serve as good compatibility with the aircraft. The increasing production of widebody aircraft is accelerating the demand for the aerospace and defense materials market growth. For instance, according to airbus the widebody aircraft production in the year 2018 was 96 and in 2019 it was 153, an increase of 59.4%. Thus, the growing aircraft sector is increasing its demand, which is further aiding the aerospace and defense materials growth.
Aerospace and Defense Materials Marketnbsp;Segment Analysis – By Geographynbsp;
North America?region held the largest share in the?aerospace and defense materials market?in 2021?up to?38.5%. The future space projects in the region will increase the demand for spacecraft and satellites, which will accelerate the aerospace and defense materials market growth. For instance, according to the National Aeronautics and Space Administration (NASA), the future space projects are Near-Earth object Surveyor 2026, Europa Clipper 2024, Sun Radio Interferometer Space Equipment 2023, and more such projects in the region. Furthermore, the increasing aerospace and defense industry in the region is accelerating the demand for the aerospace and defense materials market growth. For instance, in 2018 the US aerospace and defense sales were?US$853.6 billion and in 2019 it was US$909 billion, an?increase of 6.9%.?Thus,?the growing aerospace and defense industry in the North American?region is accelerating the aerospace and defense materials market growth.
Aerospace and Defense Materials Marketnbsp;Driversnbsp;
Increased Government Spending and Futurenbsp;Projects onnbsp;Space
Aerospace and defense materials are widely used in the space sector because of their single-shell molded structure, which reduces the weight of the spacecraft.?The government spending on space technology is increasing, which is further accelerating the aerospace and defense materials market growth. For instance, India's budget for the space department in the year 2020 was Rs. 9,500 crores (US$1.28 billion) and in 2021 it was Rs. 13,949 crores (US$1.9 billion), an increase of 46.8%. The growing future space missions are anticipated to increase the demand for spacecraft, which will further accelerate the demand for the aerospace?and defense?materials?industry growth. For instance, according to the European Space Agency (ESA), some of its future space projects are ExoMars/TGO, Cluster II, Mar Express, and more. Furthermore, according to the National Aeronautics and Space Administration (NASA), some of its future space missions are Moon 2024, Landsat 9, CYGNSS, and more?is anticipated to?further increase the demand for spacecraft?and satellites, which will propel the growth for the aerospace?and defense?materials?industry. Thus, the increasing government spending and future space projects are increasing its increasing, which will drive the growth of the aerospace and materials market growth.
Growing Defense Spendingnbsp;
Lightweight aircraft and rotorcraft are required by the defense industry to transport big payloads such as missiles, warheads, and other items. As a result, aerospace and?defense materials are widely used in the defense industry due to their lighter weight than other materials.?Defense spending across the world is increasing which is aiding the aerospace and defense materials growth.?For instance, according to Stockholm International Peace Research Institute (SIPRI), in?2019 the?defense spending?at the world level?was?approximately?US$1933.46 billion?and in 2020 it was approximately US$1981 billion,?an increase of 2.4%. Moreover, US defense expenditure was the highest?compared to the other countries, in?2019 the US defense spending was?approximately?US$743.77 billion and in 2020 it was approximately US$778 billion,?an increase of 4.4%.?Similarly, China's defense spending in 2019 was US$247.21 billion and in 2020?it was US$252 billion, an increase of 1.9%. As a result of an increase in defense spending, the demand for defense aircraft and weapons will increase which will drive the aerospace and defense materials market growth.?
Aerospace and Defense Materials Marketnbsp;Challengesnbsp;
Approved Source Certification and Policy Intervention are Posing as a Challengenbsp;
Major Challenge for the aerospace and defense materials market is getting certified as an approved source. Most of the global OEMs have a list of approved suppliers with long-term contracts for any given projects, and OEMs do not switch the suppliers at the later stage because it adds to the cost. Thus, it becomes tough for the aerospace and materials company to serve multiple clients at a time. Furthermore, certain global-level policy interventions that serve as a challenge for the market growth. For instance, the European?Defence?Standards Information System (EDSIS) and the European?Defence?Standards Reference System (EDSTAR) were established by the European?Defence?Agency (EDA) to ensure standardization in the specifications of the materials and components. Similarly, the Department of Defense (DoD) has been established by the US to secure its defense industrial supply chain. Thus, the approved source certification and policy interventions are posing as a major roadblock for the growth of the aerospace and defense materials market.?
Aerospace and Defense Materials Marketnbsp;Landscapenbsp;
Technology launches, acquisitions,?and?increased?R&D activities are key strategies adopted by players in the?aerospace and defense materials market.?Major players of the?aerospace and defense materials market?are:?
Acquisitions/Technology Launchesnbsp;