Defense Composites Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028

Market Insights

The defense industry is an early adopter of advanced composites. The lessons learnt from the incorporation of advanced composites in the crucial sections have lately been replicated in other aerospace platforms including commercial aircraft. Today, composite materials are used in building several crucial sections of military aircraft such as the fuselage and wings of military aircraft. Similarly, helmets, ballistic panels, missile fuselage, and bullet-proof jackets are other noticeable applications where the penetration of composites has been rising over the eons.

Unlike other aerospace platforms, such as general aviation and commercial aircraft, that recorded a colossal plunge amid the pandemic, the defense industry recorded a relatively low decline, thanks to the long-term contracts followed by continued focus on lading economies to further strengthen their defense capabilities. In the year 2020, the defense composites market witnessed a decline of -10.

However, the defense composites market started rebounding from 2021 onwards and is likely to grow at a promising CAGR of 4.7% over the next five years to reach an annual market size of US$ 0.8 Billion in 2028. Major factors, such as increasing penetration of composites in various defense applications, greater demand for lightweight materials, and increasing preference for composites in large-sized applications, are expected to propel the growth of defense composites during the forecast period.

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.

Based on the reinforcement type, the defense composites 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.

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.

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.

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 the publisher, 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 the publisher'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. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

The defense composites market is segmented into the following categories.

Defense Composites Market, by Reinforcement Type

• Carbon Composites (Regional Analysis: North America, Europe, Asia-Pacific, and the Rest of the World)
• Glass Composites (Regional Analysis: North America, Europe, Asia-Pacific, and the Rest of the World)
• Aramid Composites (Regional Analysis: North America, Europe, Asia-Pacific, and the Rest of the World)
• Ceramic Composites (Regional Analysis: North America, Europe, Asia-Pacific, and the Rest of the World)

Defense Composites Market, by Resin Type

• Thermoset Composites (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Thermoplastic Composites (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Ceramic Matrix Composites (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Defense Composites Market, by Application Type

• Military Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Naval Systems (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Land Vehicles (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Personal Protection (Regional Analysis: North America, Europe, Asia-Pacific, and the Rest of the World)
• Arms & Ammunition (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Defense Composites Market, 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)