Stratview Research, a global market research firm in Ann Arbor, has released a new report that forecasts the global Defense Composites Market will grow at a CAGR of 4.7 percent between 2023 to 2028, and will reach $800 million in 2028.
The report shows North America will be a leading market for composites used in the defense industry. According to Michigan Economic Development Corp., around 4,000 Michigan businesses are engaged in defense and aerospace work.
At the same time, according to the 2022 Aerospace Competitive Economics Study from the International Association of Machinists and the Society of Professional Engineering Employees in Aerospace, Michigan ranked 16th among all states in 2019 for the production of major aerospace structures, parts, and final assembly. Last year, the state’s ranking plummeted to No. 32 on the list.
The Stratview report provides a comprehensive analysis of the global and regional industry forecast, current and emerging trends, segment analysis, and competitive landscape.
The global Defense Composites Market is segmented based on reinforcement type, resin type, application type, and region.
Based on the reinforcement type, the market is segmented into carbon composites, glass composites, aramid composites, and ceramic composites. Carbon composite is anticipated to remain the most preferred material type in the market during the forecast period.
The lightweight characteristic combined with high-tensile strength gives carbon fiber an advantage over its metal counterparts for many military and defense applications, the report states. In addition, an expected increase in production rates of the key military aircraft programs is expected to give additional impetus to the demand for carbon composites during the forecast period.
Based on the resin type, the market is segmented into thermoset composites, thermoplastic composites, and ceramic matrix composites. Thermoplastic composite is expected to witness the highest growth in the market during the forecast period.
High-impact resistance, strength, sustainability, ease of production, and re-formability are the major factors driving the growth of thermoplastic composites in the defense industry. On the other hand, thermoset composite is anticipated to remain the most dominant category in the years to come.
The report suggests that North America is expected to remain the largest market for Defense Composites during the forecast period. The growth is attributed to an increasing focus on composite-rich military aircraft as well as lightweight defense vehicles and weight reduction in personal protection equipment such as body armor, tactical helmets, and shields.
In addition, the Asia-Pacific and Europe are also likely to create sizeable opportunities in the coming five years.
As for Defense Composites Market Drivers, the increasing demand for lightweight and high-strength materials in military and defense applications is the primary driver of the defense composites market. Apart from this, there are several other factors that drive the global market for defense composites, including:
- Rising military and defense spending in developing countries,
- Increasing demand for unmanned aerial vehicles (UAVs) and drones,
- A shift toward eco-friendly and sustainable materials in defense and military applications.
The report also provides the top 10 companies in the Defense Composites Market. The market is fairly consolidated with the presence of some global and regional players. Stratview Research has identified the following companies as the top market players:
- Hexcel Corp.
- Solvay S.A.
- Toray Industries Inc.
- Teijin Limited
- Owens Corning
- Mitsubishi Chemical Group Corp.
- Sigmatex (UK) Limited
- SGL Carbon SE
- DuPont de Nemours Inc.
- Lanxess AG
Stratview Research specializes in aerospace and defense, chemicals, and other industries. It also provides customized research services, including market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.
For more information about Stratview Research, visit stratviewresearch.com.
