The global market for aerospace and defense materials is expected to register a CAGR of more than 3% during the forecast period. The major factor driving the market studied increasing demand for aircraft in Asia-Pacific and the Middle-East countries. On the flip side, unfavorable conditions arising due to the COVID-19 outbreak is hindering the growth of the market.
- The commercial aircraft segment is expected to dominate the market studied over the forecast period.
- North America is expected to be the fastest-growing region in the global aerospace and defense materials market over the forecast period.
Key Market Trends
Increasing Demand for Commercial Aircraft Segment
- The increasing air travel rates, particularly in the emerging economies of North America and Latin America, and the rising disposable incomes around the world have been driving the growth of commercial aircraft globally.
- The manufacturers are focusing on solutions to meet the need to reduce weight and increase fuel efficiency. The materials used in commercial aircraft are aluminum alloys, steel alloys, titanium alloys, and composite materials, among others.
- The growth in the total demand for commercial aircraft is expected to increase over the next few years with the strong passenger travel demand in the Middle East and Asia-Pacific regions.
- According to Boeing, there is a need for more than 41,000 new deliveries, which are valued at over USD 6 trillion, due to the growth in air travel and old aircraft replacements, over the coming 20 years.
- The rising air traffic across ASEAN countries is also likely to spur the demand for commercial aircraft, with an increasing focus on tourism and travel and low airfares.
- Therefore, the increase in air traffic and commercial aircraft production expansion by global manufacturers is expected to boost the demand for aerospace and defense materials during the forecast period.
The North America Region to Dominate the Market
- The North America region is expected to be one of the promising markets for aerospace and defense materials during the forecast period.
- The aerospace sector in the United States is the largest in the world. The export of aerospace components to countries, such as France, China, and Germany, along with robust consumer spending in the United States, is driving manufacturing activities in the US aerospace industry.
- The US defense budget is continuously increasing as a result of rising global tensions and the country’s desire to equip the armed forces with modern platforms. The country contributes to around 35% of the total spending on the defense sector.
- The country’s defense firms are looking for growth opportunities through foreign military sales (FMS). The growth is likely to be driven by the supply of helicopters, missiles, and other carriers to the Middle Eastern countries.
- Therefore, the growing aerospace and defense sector in the United States is expected to boost the demand for the market studied during the forecast period.
The global aerospace and defense materials market is consolidated. The major companies of the market studied include TORAY INDUSTRIES INC., Solvay, Teijin Limited, Alcoa Corporation, and ATI, among others.
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