Dublin, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The "Missile Composite Materials Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028" report has been added to ResearchAndMarkets.com's offering.
Global missile composite materials market is likely to grow at a promising CAGR of 9.6% over the next five years to reach an annual market size of US$ 157 Million in 2028.
This report provides market intelligence in the most comprehensive way. 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.
Composites are widely used in missiles as these materials are lightweight, strong, and durable, making them ideal for use in missiles, helping missiles to be fast, agile, and able to withstand harsh environments. Composites are used in missiles for a variety of reasons, including high strength, durability, lightweight, resistance to extreme temperatures, and corrosion resistance.
Due to the pandemic, the missile composite materials market witnessed a decline for two consecutive years (2020 and 2021). Major factors, such as increasing usage of composites in missiles, increasing procurement of missiles propelled by the rising defense budget, and an upgrade of missiles with the adoption of new technologies, are expected to propel the growth of the missile composite materials market during the forecast period.
Based on the material type, the missile composite materials market is segmented into carbon composite materials, glass composite materials, aramid composite materials, and ceramic composite materials.
Carbon composites and glass composites are the primary materials employed in missile construction. The majority of composite materials used in missiles are in the form of prepreg. Carbon composites are projected to maintain their dominance in the market throughout the forecast period.
Carbon composites are characterized by their exceptional stiffness, impressive strength-to-weight ratio, lightweight properties, high-temperature resistance, minimal thermal expansion, and the ability to endure substantial stress and strain.
These attributes collectively establish carbon composites as the superior choice for missile construction materials. As a result, the utilization of carbon composites in the fabrication of missile components like frames, fins, warheads, and canisters is steadily increasing.
Based on the missile type, the market is segmented into ballistic missiles and cruise missiles.
During the forecast period, it is anticipated that ballistic missiles will dominate the market. Ballistic missiles are well-suited for extended-range missions and possess remarkable precision-strike capabilities. The incorporation of composites is expected to enhance their flight range and payload capacities. For example, DRDO achieved an extension of the Agni-5 missile's range to over 7,000 km by substituting steel with composite materials.
In terms of application type, the market is segmented into fuselage, composite tank, radome, and others.
Fuselage is likely to maintain its unconquerable lead in the market during the forecast period and is likely to witness the highest CAGR of 10.3% during 2023-2028. Composites are used to create strong, lightweight structural components, such as frames, heat shields, fins, and control surfaces, that can withstand the high stresses and temperatures during missile flight.
Some of the missiles that use carbon composites for fuselage are AGM-129 ACM (Advanced Cruise Missile), AIM-9X Sidewinder, AGM-88 HARM (High-speed Anti-Radiation Missile), RIM-116 Rolling Airframe Missile, and Astra BVRAAM.
North America is expected to remain the largest market for missile composite materials during the forecast period.
The USA has been the top country in terms of military expenditure, making up ~40% of the world's military expenditure for the last two decades.
In addition to that, the presence of major missile manufacturers, such as Lockheed Martin, Boeing, Raytheon, Northrop Grumman, and General Dynamics, in North America makes the region a hot spot for missile composite materials. Over the years, multiple contracts have been signed between US DOD, tier players, and OEMs for fabricating composite parts for the different missile systems.
Asia-Pacific and Europe are also likely to create sizeable opportunities in the coming five years, driven by increasing defense budget, rising geopolitical conflicts, increasing efforts towards improving the performance of previous generation missiles, and a surge in investment towards the development of new and advanced missile systems such as a hypersonic missile.
Report Features
- 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 missile composite materials market is segmented into the following categories
Key Players
- Hexcel Corporation
- Solvay S.A
- Toray Industries, Inc
- Gurit
- Owens Corning
- Mitsubishi Chemical Group Corporation
- DuPont de Nemours, Inc
- SGL Carbon SE
Missile Composite Materials Market, by Material Type
- Carbon Composites (Trend and Forecast)
- Glass Composites (Trend and Forecast)
- Aramid Composites (Trend and Forecast)
- Ceramic Composites (Trend and Forecast)
Missile Composite Materials Market, by Missile Type
- Ballistic Missiles (Trend and Forecast)
- Cruise Missiles (Trend and Forecast)
Missile Composite Materials Market, by Range Type
- Short-Range Missiles (Trend and Forecast)
- Medium-Range Missiles (Trend and Forecast)
- Long-Range Missiles (Trend and Forecast)
Missile Composite Materials Market, by Application Type
- Fuselage (Trend and Forecast)
- Composite Tanks (Trend and Forecast)
- Radome (Trend and Forecast)
- Others (Trend and Forecast)
Missile Composite Materials Market, by Region
- North America (Trend and Forecast)
- Europe (Trend and Forecast)
- Asia-Pacific (Trend and Forecast)
- Rest of the World (Trend and Forecast)
For more information about this report visit https://www.researchandmarkets.com/r/udh6yo
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