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The Defense Aircraft Materials Market is segmented by Aircraft Type (Combat, Non-Combat), Material Type (Aluminum Alloys, Steel, Titanium Alloys, Composites), and Geography.
Fastest Growing Market:
The defense aircraft materials market is anticipated to grow at a CAGR of over 5% during the forecast period.
A modern military aircraft is composed of several metal alloys and composite structures joined together to create the specific structural profile of airframe and other constituent parts and components that fulfills the specified operational requirements of the aircraft. The study provides an in-depth qualitative and quantitative insight via historical data and verifiable projection derived using apt research methodologies and assumptions. The market forecasts are based on the ongoing contracts for the procurement and modernization of military aerial assets across the world, which necessitate the use of advanced military-grade materials for production.
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Combat aircraft are vital for protection against aerial threats as they can engage in both aerial warfare and ground-support missions. Global military powerhouses such as the US, the UK, China, France, and Japan are vying to achieve a profound reconceptualization of modern aerial warfare techniques by fostering the indigenous development of fifth-generation and the envisioned sixth-generation combat aircraft. The F-35 Joint Strike Fighter (JSF) is one of the most advanced combat aircraft currently in service. At the start of 2020, Lockheed Martin Corporation announced that the company successfully reached its annual delivery target of 131 units of F-35 JSF aircraft in 2019. Constellium supplies the corrosion-resistant 7050 and 7140 alloys used in the F-35 airframe. It is also a major supplier of the Airware 2297 and 2098 alloys used in the bulkheads, skins, and other key structural components of the Boeing F-18 and Lockheed Martin F-16 aircraft programs. On a global scale, the demand for combat aircraft greatly outnumbers the demand for non-combat aircraft, hence the segment is envisioned to dominate the market in focus during the forecast period.
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The United States, one of the leading defense spenders, globally, is focusing on increasing its defense expenditure every year. Currently, it spends about 3.2% of its GDP on defense. In July 2018, the US government instructed the NATO leaders to increase their defense spending, to meet 2% of the country's economic output, and further increase it up to 4%, higher than the group's goal of 2%. Following this, in November 2019, NATO announced that in 2019, the defense spending across European Allies and Canada increased in real terms by 4.6%, marking the fifth consecutive year of growth. Compared to other regions, North America houses a majority of aerospace OEMs, hence the region boasts of a robust supply chain. Significant investments towards R&D has resulted in the development of sophisticated fabrication processes for advanced aerospace materials. For instance, in April 2018, Toray Composite Materials America, Inc. announced successfully developing a new fabrication technology for Carbon Fiber Reinforced Plastics (CFRPs) that enables both improved dimensional accuracy and energy savings for aircraft manufacturing. Dispersal of several new procurement contracts for aerial assets is envisioned in the future, driving the North America segment of the market in focus during the forecast period.
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The rapidly evolving aerospace industry calls for a solid supply chain where, transparency and traceability are of paramount importance especially since the aircraft OEMs face mounting market pressures to increase production rates through continuous improvement and automation best practices, while keeping an eye on sustainability and energy/cost efficiency. Thus, a reliable, standardized production process and consistent data capture throughout the production cycle are crucial to ensure repeatability and ensure the quality of the finished materials. However, the regional market is consolidated as strategic collaborations have become a frequent occurrence. For instance, Toray Composite Materials America, Inc. acquired TenCate Advanced Composites in 2018. Also, in October 2019, AMG Advanced Metallurgical Group N.V. signed a definitive agreement to acquire the assets of International Specialty Alloys from Kennametal, Inc. The defense aircraft materials market is highly competitive and is marked by the presence of many prominent players competing for the market share. The stringent safety and regulatory policies in the defense sector are expected to restrict the entry of new players. Furthermore, the market is primarily influenced by the prevalent economic conditions in dominant markets like the US. Hence, during an economic downturn, contracts may be subjected to deferral or cancelation and lead to a relatively slower growth rate, which, in turn, can adversely affect the market dynamics and the manufacturers.
1.1 Study Assumptions
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
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
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Aircraft Type
5.2 Material Type
5.2.1 Aluminum Alloys
5.2.3 Titanium Alloys
5.3.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.3.4 Latin America
220.127.116.11 Rest of Latin America
5.3.5 Middle-East and Africa
18.104.22.168 Saudi Arabia
22.214.171.124 United Arab Emirates
126.96.36.199 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Allegheny Technologies (ATI)
6.2.2 AMG Advanced Metallurgical Group N.V.
6.2.3 Arconic Corp.
6.2.5 Henkel Singapore Pte. Ltd.
6.2.6 Novelis Deutschland GmbH (Hindalco Industries Ltd.)
6.2.7 Solvay SA
6.2.8 Toray Composite Materials America, Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS