According to foreign websites published aerospace and defense materials market research report. The report predicts that the global aerospace and defense materials market will be worth $28.37 billion by 2027 with a compound annual growth rate of 4 percent.
The development and application of advanced materials has been long-term driven by aerospace and defense industry. Leading manufacturers are increasingly using advanced materials such as carbon fiber composites and titanium alloys. These materials play an important role in reducing the overall weight of the aircraft and improving fuel efficiency. From 2020 to 2027, the compound growth rate of composite materials is about 3.8% (composite material revenue of us $10.37 billion in 2019).
Over the forecast period, the global fleet of commercial and cargo aircraft will be doubled in number, and the surge in traffic will also boost aircraft production, leading to increased demand for aerospace and defense materials, according to the report.