Defense Composites Market Forecast Analysis

Market Insights

The defense industry is an early adopter of advanced composites, with composite materials being used in crucial sections of military aircraft, helmets, ballistic panels, missile fuselage, and bullet-proof jackets. As of 2022, the market is valued at USD 0.6 billion and is expected to grow at a promising CAGR of 4.7% over the next five years, reaching an estimated annual market size of USD 0.8 billion in 2028.

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What are defense composites?

Defense composites are advanced materials made of high-strength fibers such as carbon or glass, that are embedded in a resin matrix to create a light yet strong material. They offer benefits such as a high strength-to-weight ratio, resistance to corrosion, and extreme temperatures, and are used in a wide range of military applications such as aerospace, naval vessels, and ground vehicles.

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. Such as–

• Rising military and defense spending in developing countries,
• With the increasing demand for unmanned aerial vehicles (UAVs) and drones,
• The shift towards eco-friendly and sustainable materials in defense and military applications.

Recent Market JVs and Acquisitions:

• In 2018, Toray Industries, Inc. acquired Tencate Advanced Composites from Koninklijke Ten Cate B.V.
• In 2017, Hexcel Corporation acquired Structil SA, a French company that produces and supplies high-performance composites.

Segments Analysis

By Reinforcement Type

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 a clear advantage over its metal counterparts for many military and defense applications. 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.

By Resin Type

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.

Regional Insights

In terms of regions, North America is expected to remain the largest market for defense composites during the forecast period. Major factors such as increasing focus on composite-rich military aircraft, lightweight defense vehicles, and weight reduction in personal protection equipment, such as body armor, tactical helmets, and shields, are fueling the growth of composites in the North American defense industry. Asia-Pacific and Europe are also likely to create sizeable opportunities in the coming five years.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories. 

By Reinforcement Type

• Carbon Composites
• Glass Composites
• Aramid Composites
• Ceramic Composites

By Resin Type

• Thermoset Composites
• Thermoplastic Composites
• Ceramic Matrix Composites

By Application Type

• Military Aircraft
• Naval Systems
• Land Vehicles
• Personal Protection
• Arms & Ammunition
• Others

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the defense composites market.

• Hexcel Corporation
• Solvay S.A.
• Toray Industries, Inc.
• Teijin Limited
• Owens Corning
• Mitsubishi Chemical Group Corporation
• Sigmatex (UK) Limited
• SGL Carbon SE
• DuPont de Nemours, Inc.
• Lanxess AG

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s defense composites market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. 

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. 

We conducted more than 12 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.