Aerospace And Defense Composites Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 23.70 Billion |
| Market Size (2029) | USD 33.56 Billion |
| CAGR (2024 - 2029) | 7.21 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Aerospace And Defense Composites Market Analysis
The Aerospace And Defense Composites Market size is estimated at USD 23.70 billion in 2024, and is expected to reach USD 33.56 billion by 2029, growing at a CAGR of 7.21% during the forecast period (2024-2029).
The key driver of the market is the increasing adoption of advanced composites in aircraft manufacturing. As the aviation industry aims to reduce carbon emissions and improve fuel efficiency, the use of lightweight composites in airframes, wings, and other aircraft components has become more widespread. Similarly, the modernization of defense in various countries’ military fleets is propelling the demand for composites to produce high-performance military aircraft and land vehicles.
Manufacturing advancements like automated fiber placement technique and resin transfer molding technique have significantly improved the production and quality of composites. These advancements have reduced manufacturing costs and expanded composites’ application scope in various use cases.
High initial costs associated with composite and their manufacturing can be a significant barrier to widespread adoption, particularly for smaller OEMs and emerging countries. Moreover, the complex repair and recycling processes for composite materials pose challenges regarding lifecycle management.
Aerospace And Defense Composites Market Trends
The Protective Equipment Segment is Projected to Witness Significant Growth During the Forecast Period
The increasing strength of military personnel across various countries is driving the demand for advanced variants of protective equipment. Typically made from high-strength, lightweight fibrous materials such as Kevlar and carbon fiber, military ballistic equipment is designed to withstand ballistic impacts, including bullet penetration, as well as protection against shrapnel from explosives or other fragmentation sources. Thermoset composites such as epoxy or phenolic resins reinforced with aramid fibers (e.g., Kevlar) are used in ballistic helmets and body armor, offering high impact resistance and protection.
The basic requirements for ballistic protection equipment are preventing a projectile from perforating, reducing blunt trauma to the soldiers' body caused by ballistic impact, being thermal and providing moisture comfort, and being lightweight and flexible to guarantee the wearer's mobility. For instance, in April 2023, DuPont introduced a new product: Kevlar EXO, made of aramid fibers. These fibers are a class of heat-resistant and robust synthetic fibers for military and aerospace applications. Kevlar EXO offers previously unavailable levels of ballistic protection, and due to its unmatched flexibility and lightness, it contours different curves and body lines. Such developments are expected to drive the market's growth in the coming years.
Asia-Pacific is Expected to Record the Fastest Growth During the Forecast Period
The aerospace and defense sector has witnessed tremendous growth in Asia-Pacific in recent years. Increasing air traffic, a rising focus on enhancing airport infrastructure, and acquiring new aircraft are expected to drive the market's growth. For instance, in March 2024, Korean Air Lines signed a contract with Airbus to procure 33 A350 wide-body jets in a deal valued at USD 13.7 billion, as the airline seeks to strengthen its long-haul fleet while it gradually retires older aircraft. The aircraft has Victrex PLC's polymer composites, such as PEEK thermoplastic, on the cabin doors. Moreover, a PEEK polymer pipe system for cargo drainage is available, along with TenCate Cetex RTL carbon-PPS thermoplastic laminates from Toray Advanced Composites (NL) that are used for clips/cleats, access covers, keel beam ribs, and cargo shear webs.
Additionally, the rising focus on enhancing defense manufacturing capabilities and increasing defense expenditure from India, China, South Korea, and Japan creates demand for composites, which drives the market's growth. The Stockholm International Peace Research Institute (SIPRI) report stated that China and India were the second and fourth largest defense spenders in 2023, with a defense budget of USD 296 billion and USD 83.6 billion, respectively. Moreover, the Indian government announced its plan to replace six decades-old Avro aircraft with the C-295MW transport aircraft from Airbus Defence, placing an order for 56 aircraft. The engine of these aircraft uses materials such as ceramic matrix composites. Such developments are expected to drive the market's growth in the coming years.
Aerospace And Defense Composites Industry Overview
The aerospace and defense composites market is semi-consolidated, with a few local and global players holding significant shares. Some of the key OEMs in the market are Hexcel Corporation, Syensqo SA, Toray Industries Inc., DuPont De Nemours, Inc., and Honeywell International Inc. Companies are primarily focused on introducing advanced composites for various defense equipment that provide lightweight and cost-effective solutions.
Key OEMs in the market are highly focused on designing and developing ballistic helmets for military forces. In April 2023, ArmorSource LLC, a US-based ballistic helmet manufacturer, introduced its next-generation Aire System, a helmet with six different shells of new lightweight materials. In addition to the shells, the system includes a lightweight helmet mount and other helmet accessories designed to provide maximum protection and comfort.
Aerospace And Defense Composites Market Leaders
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Hexcel Corporation
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Syensqo SA
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Toray Industries, Inc.
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DuPont De Nemours, Inc.
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Honeywell International Inc.
*Disclaimer: Major Players sorted in no particular order
Aerospace And Defense Composites Market News
May 2024: JCB Aero, in collaboration with SHD Holdings Limited, developed a floorboard panel system for the MRO market with a substantial weight reduction. Utilizing FRVC411, an innovative, flame-retardant, and toughened epoxy resin system created by SHD, the durability of the new floor panels was significantly increased while weight and costs were reduced.
January 2024: DuPont signed an exclusive agreement with Point-Blank Enterprises (PBE) to offer body armor made with Kevlar EXO aramid fiber for North American state and local law enforcement departments. Kevlar EXO offers body armor that is an unprecedented combination of lightweight, flexible, and protected from aramid fiber.
Aerospace And Defense Composites Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION
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5.1 Application
- 5.1.1 Manned and Unmanned Aircraft
- 5.1.2 Naval Ships
- 5.1.3 Land Vehicles
- 5.1.4 Protective Equipment
- 5.1.5 Other Applications
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5.2 Resin Type
- 5.2.1 Thermoset Composites
- 5.2.2 Thermoplastic Composites
- 5.2.3 Ceramic Matrix Composites
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5.3 Aircraft Type
- 5.3.1 Commercial
- 5.3.2 Military
- 5.3.3 Business Jets and General Aviation
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5.4 Geography
- 5.4.1 North America
- 5.4.1.1 United States
- 5.4.1.2 Canada
- 5.4.2 Europe
- 5.4.2.1 United Kingdom
- 5.4.2.2 Germany
- 5.4.2.3 France
- 5.4.2.4 Russia
- 5.4.2.5 Rest of Europe
- 5.4.3 Asia-Pacific
- 5.4.3.1 China
- 5.4.3.2 India
- 5.4.3.3 Japan
- 5.4.3.4 South Korea
- 5.4.3.5 Rest of Asia-Pacific
- 5.4.4 Latin America
- 5.4.4.1 Brazil
- 5.4.4.2 Rest of Latin America
- 5.4.5 Middle East and Africa
- 5.4.5.1 United Arab Emirates
- 5.4.5.2 Saudi Arabia
- 5.4.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Advanced Composites Inc.
- 6.1.2 Hexcel Corporation
- 6.1.3 Syensqo SA
- 6.1.4 Toray Industries Inc.
- 6.1.5 DuPont de Nemours Inc.
- 6.1.6 SHD Holdings Limited
- 6.1.7 Huntsman Corporation
- 6.1.8 Terma AS
- 6.1.9 Alpine Advanced Materials LLC
- 6.1.10 Honeywell International Inc.
- 6.1.11 CFOAM LLC
- 6.1.12 LMI Aerospace Inc. (Sonaca SA)
- 6.1.13 Atlas Fibre LLC
- 6.1.14 Mar-Bal Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityAerospace And Defense Composites Industry Segmentation
Aerospace and defense composites are a subset of composite materials suitable for use in different defense vehicles, equipment, and aircraft applications. Composites are vital to aircraft and defense applications as they are about half as heavy as aluminum for comparable structural support. These composite structures reduce the weight and fuel consumption for all types of vehicles and aircraft. The report covers a detailed analysis of different composite types, such as thermoset, thermoplastic, and ceramic matrix composites used in aerospace and defense applications.
The aerospace and defense composites market is segmented by application, resin type, aircraft type, and geography. By application, the market is segmented into crewed and crewless aircraft, naval ships, land vehicles, protective equipment, and other applications (satellite structures, panels, missiles, etc.). By resin type, the market is segmented into thermoplastic composites, thermoset composites, and ceramic matrix composites. By aircraft type, the market is segmented into commercial, military, and business jets and general aviation. Also, the report covers the market sizes and forecasts for the aerospace and defense composites market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
| Application | Manned and Unmanned Aircraft | |
| Naval Ships | ||
| Land Vehicles | ||
| Protective Equipment | ||
| Other Applications | ||
| Resin Type | Thermoset Composites | |
| Thermoplastic Composites | ||
| Ceramic Matrix Composites | ||
| Aircraft Type | Commercial | |
| Military | ||
| Business Jets and General Aviation | ||
| Geography | North America | United States |
| Canada | ||
| Geography | Europe | United Kingdom |
| Germany | ||
| France | ||
| Russia | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Latin America | Brazil |
| Rest of Latin America | ||
| Geography | Middle East and Africa | United Arab Emirates |
| Saudi Arabia | ||
| Rest of Middle East and Africa |
Aerospace And Defense Composites Market Research FAQs
How big is the Aerospace And Defense Composites Market?
The Aerospace And Defense Composites Market size is expected to reach USD 23.70 billion in 2024 and grow at a CAGR of 7.21% to reach USD 33.56 billion by 2029.
What is the current Aerospace And Defense Composites Market size?
In 2024, the Aerospace And Defense Composites Market size is expected to reach USD 23.70 billion.
Who are the key players in Aerospace And Defense Composites Market?
Hexcel Corporation, Syensqo SA, Toray Industries, Inc., DuPont De Nemours, Inc. and Honeywell International Inc. are the major companies operating in the Aerospace And Defense Composites Market.
Which is the fastest growing region in Aerospace And Defense Composites Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Aerospace And Defense Composites Market?
In 2024, the Asia Pacific accounts for the largest market share in Aerospace And Defense Composites Market.
What years does this Aerospace And Defense Composites Market cover, and what was the market size in 2023?
In 2023, the Aerospace And Defense Composites Market size was estimated at USD 21.99 billion. The report covers the Aerospace And Defense Composites Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Aerospace And Defense Composites Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Aerospace And Defense Composites Industry Report
Statistics for the 2024 Aerospace And Defense Composites market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Aerospace And Defense Composites analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
