Opportunities for the composite materials in the global defense industry to reach $670 million by 2023

According to a new market report published by Lucintel, the future of the composite materials in the global defense industry looks good with opportunities in military aircraft, naval systems, land vehicle, body armor, arms & ammunition, and military hard wall shelter. The composite materials market in the global defense industry is expected to reach an estimated $670 million by 2023 and is forecast to grow at a CAGR of 1.8% from 2018 to 2023. Some of the applications of composites in the defense industry are helicopter rotor blade, ballistic protection plates, control surface, radome, doors, and fuselage. The major growth drivers for this market are increasing use of lightweight and high-performance materials in defense programs and growing need for lightweight materials in ballistic protection solutions.
In this market, military aircraft, naval systems, land vehicle, body armor, arms and ammunition, and military hard wall shelter are the major segments. Lucintel forecasts that the military aircraft is expected to remain the largest segment, while body armor is expected to witness the highest growth during the forecast period supported by the growing demand for lightweight and high strength ballistic protection materials.
By reinforcement type, carbon fiber composite is expected to remain the largest segment over the forecast period. Ceramic matrix composite is expected to witness the highest growth due to its high-temperature performance, better wear resistance, and good compressive strength.
By resin type, thermoset composite is expected to remain the largest segment by value and volume due to its wider application areas in the defense industry.
North America is expected to remain the largest market by value and volume. ROW is expected to witness the highest growth over the forecast period because of growth of new defense programs in the region.
Emerging trends, which have a direct impact on the dynamics of the industry, include the adoption of nano-technology in ballistic protection materials and growing focus on stealth technology for military aircrafts.
Some of the companies supplying composite materials for defense industry are Cytec-Solvay, Hexcel, Tencate, Polystrand, and Toray.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in composites in the defense industry by market segment, reinforcement, resin, and region. Lucintel has prepared a comprehensive research report entitled “Growth Opportunities for Composites in the Defense Industry 2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for composites in the defense industry by market segment, reinforcement, resin, and region as follows:
Composites in Defense Industry by Market Segment [Volume (M lbs) and $M shipment analysis for 2012–2023]:
• Military Aircraft
− Structural Components
− Control Surface
− Engine Components
− Helicopter Rotor Blade
− Others
• Naval Systems
− Superstructure
− Rudder
− Others
• Land Vehicles
− Vehicle Armor
− Others
• Body Armor
− Vest Protection Plate
− Soldier Helmets
− Others
• Arms and Ammunition
• Military Hard Wall Shelter
Composites in Defense Industry by Reinforcement [Volume (M lbs) and $M shipment analysis for 2012–2023]:
• Carbon Composites
• Glass Composites
• Ceramic Matrix Composites
• Aramid Composites
Composites in Defense Industry by Resin [Volume (M lbs) and $M shipment analysis for 2012–2023]:
• Thermoset Composites
• Ceramic Matrix Composites
• Thermoplastic Composites
Composites in Defense Industry by Region [Volume (M lbs) and $M shipment analysis for 2012–2023]:
• North America
− US
− Rest of North America
• Europe
− France
− Germany
− United Kingdom
− Rest of Europe
• Asia Pacific
− China
− Japan
− Rest of Asia Pacific
• Rest of the World
− Brazil
− Israel
− ROW
This 169-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com. Lucintel offerings include Advanced Materials Reports, Composite Materials Market Report, Opportunity Screening and Analysis, Capital Investment Feasibility and SWOT Analysis.

This report answers following 11 key questions:

Q.1 What are some of the most promising potential, high-growth opportunities for composites in the defense industry by market segments (military aircraft, naval systems, land vehicle, body armor, arms and ammunition and military hard wall shelter), by reinforcement (carbon composites, glass composites, aramid composites and ceramic matrix composites), by resin (thermoset composites, thermoplastic composites and ceramic matrix composites), and by region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are emerging trends in this market and the reasons behind them?
Q.7 What are some changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

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This release was published on openPR.