The future of the composite materials in the global defense industry looks good, according to a recent report by Research and Markets, with opportunities in military aircraft, naval systems, land vehicle, body armor, arms & ammunition, and military hard wall shelter.
The composite materials market in the global defense industry is expected to reach an estimated $670 million by 2023 and is forecast to grow at a compound annual growth rate (CAGR) of 1.8% from 2018 to 2023.
Some of the applications of composites in the defense industry are helicopter rotor blade, ballistic protection plates, control surface, radome, doors, and fuselage. The major growth drivers for this market are increasing use of lightweight and high-performance materials in defense programs and growing need for lightweight materials in ballistic protection solutions.
Emerging trends, which have a direct impact on the dynamics for composites in defense industry, include the adoption of nanotechnology in ballistic protection materials and growing focus on stealth technology for military aircrafts.
Some of the companies supplying composite materials for defense industry are Cytec-Solvay, Hexcel, Tencate, Polystrand, and Toray.
The research forecasts that the military aircraft is expected to remain the largest segment, while body armor is expected to witness the highest growth during the forecast period supported by the growing demand for lightweight and high strength ballistic protection materials.
By reinforcement type, carbon fiber composite is expected to remain the largest segment over the forecast period. Ceramic matrix composite is expected to witness the highest growth due to its high-temperature performance, better wear resistance, and good compressive strength.
North America is expected to remain the largest market by value and volume. The rest of the world is expected to witness the highest growth over the forecast period because of growth of new defense programs in the region.
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