Aerospace and Defense Materials Market Size

Aerospace and Defense Materials Market Analysis

The Global Aerospace and Defense Materials Market is projected to register a CAGR of over 3% during the forecast period (2021-2026).

The aerospace and defense sectors are negatively impacted by COVID-19. The aircraft manufacturing companies faced a decline in orders as the travel bans are imposed in many countries, thus decreasing the growth of the market studied. Controlling the coronavirus pandemic is crucial to reviving commercial aircraft demand. Most transport aircraft requirements are driven by discretionary air travel, and the commercial aerospace supply chain must focus on survival until people feel comfortable traveling and governments allow it. In October 2020, Airbus declared that it had delivered 57 commercial aircraft in September 2020 (14 in April, 24 in May, 36 in June, 49 in July, and 39 in August) versus 71 aircraft over the same period in 2019. From the start of 2020 to October 9, Airbus delivered a total of 341 aircraft (18 A220s, 282 A320 Family, 9 A330s, and 32 A350s), a reduction of around 40% compared to the same period in 2019 (571 aircraft deliveries). Besides, the defense sector continued to grow as the governments continued to fund the defense departments.

• Over the medium term, the major factor driving the market studied is the increasing demand for aircraft in Asia-Pacific and the Middle Eastern countries.
• On the flip side, unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
• North America is expected to dominate the global aerospace and defense materials market over the forecast period.