World News: 10:03 GMT Thursday 12th July 2018. [Research and Markets via Globe Newswire via SPi World News]
Dublin, July 12, 2018 (GLOBE NEWSWIRE) -- The report has been added to offering.
The future of the composite materials in the global defense industry looks good 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 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 nano-technology 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. ROW is expected to witness the highest growth over the forecast period because of growth of new defense programs in the region.
Composites in Defense Industry by Reinforcement [Volume (M lbs) and $M shipment analysis for 2012-2023]:
Composites in Defense Industry by Resin [Volume (M lbs) and $M shipment analysis for 2012-2023]:
Composites in Defense Industry by Region [Volume (M lbs) and $M shipment analysis for 2012-2023]:
Laura Wood, Senior Manager
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Related Topics: Military Aerospace and Defense, Composites
Globe Newswire: 10:03 GMT Thursday 12th July 2018
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