Aerospace And Defense Materials Market Size, Share & Trends Analysis Report By Product (Aluminum, Composites), By Application (Aerostructure, Propulsion System), By Aircraft Type (Commercial, Military), By Region, And Segment Forecasts, 2023 - 2030

Aerospace And Defense Materials Market Size, Share & Trends Analysis Report By Product (Aluminum, Composites), By Application (Aerostructure, Propulsion System), By Aircraft Type (Commercial, Military), By Region, And Segment Forecasts, 2023 - 2030

Aerospace And Defense Materials Market Growth & Trends

The global aerospace and defense materials market size is expected to reach USD 27.99 billion by 2030, registering a revenue-based CAGR of 5.3% during the forecast period, according to a new report published by Grand View Research, Inc. Increasing investment in modernization along with expansion of combat aircraft fleet in countries, such as India and China is expected to drive the growth.

The market is expected to benefit from the strong demand for aircraft in the foreseeable future. The number of commercial and cargo fleets around the world is expected to double over the forecast period. The huge surge in passenger and freight traffic is also anticipated to contribute significantly to the increase in aircraft production and demand for aerospace & defense materials.

The aerospace & defense industry has been a long-term promoting factor for the development and application of advanced materials. Leading manufacturers are increasingly adopting a variety of advance materials such as carbon fiber composites and titanium alloys. These materials play an important role in reducing the overall weight and increasing fuel efficiency of an aircraft.

The market players often enter into long-term supply contracts with aircraft manufacturers. The material manufacturers provide highly customized solutions to the component and aircraft manufacturer. Aircraft manufacturers are often involved in monitoring the materials throughout the value chain from design to component manufacturing to ensure the quality.

Aerospace And Defense Materials Market Report Highlights

• Titanium is expected to have the fastest growth rate of 6.0%, in terms of revenue, over the forecast period owing to its exceptional compatibility with composites.
• Aerostructure segment is expected to register the fastest CAGR of 5.8% from 2023 to 2030 on account of the rising use of composites including CFRP and honeycomb materials in non-critical structural components.
• Commercial aircraft accounted for 55.0% of the overall revenue in 2022, owing to the tremendous growth in commercial passenger and freight traffic, coupled with improved trade relations worldwide.
• North America held the largest revenue share with 55.7% in 2022, owing to the presence of huge aircraft parts manufacturing industry in the region
• Major market players focus on mergers and acquisitions to expand their business and technological capabilities. They prioritize R&D of low cost materials that provide high strength

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