Soft Magnetic Materials Market Size Worth $26.12 Billion By 2027

The global soft magnetic material market size is anticipated to reach USD 26.12 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a revenue-based CAGR of 3.9% from 2020 to 2027. The rapid expansion in electricity grids and power distribution is anticipated to boost the demand in the market.

The demand for soft magnetic materials is driven by the phenomenal character of getting magnetized and demagnetized with ease. This characteristic is quite essential in electrical and electronic circuits as the magnetic energy is converted back to electrical energy easily before being reintroduced in the circuit. This is not possible in case of hard or permanent magnetic materials, as their magnetization and demagnetization require a large amount of energy. As a result, soft magnetic materials find applications in motors, transformers, generators, and others.

Motors held the largest volume share of the market in 2019. Soft magnetic materials are used in motors where they enhance the field produced by motor windings and channel the flux in permanent magnet motors. Electric motors have ample applications in machine tools, pumps, power tools, turbines, ships, mills, vehicles, home appliances, HVAC equipment, and medical equipment, among others. The use of motors in various industries is boosting its demand.

Electric vehicles are a prominent end-use segment of motors. The growing production of electric vehicles owing to environmental concerns related to conventional vehicles and government initiatives is anticipated to positively influence the demand for motors. Due to the growing demand, manufacturers are compelled to expand their motor production capacities.

For example, in February 2020, Nidec announced its intention to invest a sum of ¥200 billion (USD 1.8 billion) in EV powertrains rush. The investment of the company shall be split into three new plants in China, Poland, and Mexico. Together the three facilities are expected to produce 8.4 electric motors annually.

Electrical steel or silicon steel is the most prominent type of soft magnetic material and is used in transformers, motors, and generators. Owing to its high silicon content, it helps increase electrical resistivity thus, reducing eddy current losses. Grain-oriented silicon steel is preferred in transformers because of its orientation, which helps minimize magnetic losses.

Electrical steel has high demand in its end-use segments, which has propelled its production. For example, in January 2019, U. S. Steel Košice announced about building a new non-grain oriented electrical steel line in Kosice worth an investment of USD 130 million and an annual production capacity of 100 kilotons. The plant was expected to be operational by the fourth quarter of 2020. However, on account of the outbreak of COVID-19 virus across the world, the U.S. Steel Corporation had to take certain actions in order to preserve long-term growth, under which the above-mentioned investment remains delayed, as of March 2020.

Asia Pacific held the largest share of the market in 2019 and this trend shall continue over the forecast period, owing to increasing emphasis on power distribution, electric vehicle production, and growth in consumer goods and medical equipment in developing economies. Countries such as India have huge potential for investment as the electricity demand in the country is expected to reach over 15,000 TWh by 2040. The gradual shift towards renewable energy sources is another driving factor for the power sector, thus, a positive sign for market growth.

The competitive scenario of the market is high with the presence of various players, who are engaged in developing strategies in order to gain a competitive edge in the market. For example, in July 2019, Carpenter Technology announced that it shall help provide soft magnetic alloys for electric aircraft engine demonstrators. The company had made an investment of USD 100 million in a precision strip mill for expanding its soft magnetic capabilities for catering to the aerospace and other industries.

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https://www.grandviewresearch.com/industry-analysis/soft-magnetic-materials-market

Further Key Findings from the Report Suggest:

Middle East & Africa expected to register the fastest growth rate of 5.0% in terms of revenue over the forecast period, owing to the huge potential for the power sector to flourish in the region
Asia Pacific constituted a volume share of over 46.0% in 2019 of the global market, which is attributable to the increasing manufacturing activities in terms of automotive, medical equipment, consumer goods, and infrastructure in developing economies of the region
Motors is anticipated to witness the fastest growth rate of 4.1% in terms of revenue across the forecast period, considering its wide range of applications which is accelerating in electric vehicles and power distribution sectors
Ferrites held a revenue share of over 12.0% in 2019 of the global market owing to their high cost than electrical steel
The market growth is sluggish as of 2020 owing to the covid-19 pandemic, which has disrupted the manufacturing sector, where demand for soft magnetic materials exists. However, the demand in the healthcare sector persists, owing to increasing patients and their rising need for medical equipment such as ventilators.

Dunnage Packaging Market Worth $4.8 Billion By 2027

The global dunnage packaging market size is projected to reach USD 4.8 billion by 2027 registering a CAGR of 6.1%, according to a new report by Grand View Research, Inc. Dunnage packaging is extensively used in end-user industries, such as aerospace, food & beverage, consumer durables. These industries implement a custom dunnage solution to modify the shape of the product/s packed, which not only safeguards the packed product but also helps in saving and optimizing the cargo space.

This type of packaging is predominantly used in automotive applications on account of the rising demand for eco-friendly and 360° product safety. Herein, corrugated paper- and foam-based packaging assist in preserving lightweight packaging while lowering the transportation and handling costs, and maintaining the structural integrity of automotive components.

On the basis of raw material, the corrugated plastic segment led the global market in 2019 and is projected to expand further at the fastest CAGR of 7.1% from 2020 to 2027. This can be attributed to the rising demand for the material as it is lightweight, highly durable, eco-friendly, and inexpensive. Corrugated plastic is extensively used in the electronics industry as the material can be molded into different sizes and shapes.

Asia Pacific is expected to be the largest as well as the fastest-growing regional market over the forecast years on account of rising product demand from the electronics, aerospace, and automotive end-use industries. Furthermore, rapid urbanization in countries, such as China, India, and Australia, has led to the increased consumption of FMCG, automotive, and consumer durable goods, which require dunnage packaging. This, in turn, will help boost the market growth.

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https://www.grandviewresearch.com/industry-analysis/dunnage-packaging-market

Further key findings from the report suggest:

In terms of revenue, the foam raw material segment is projected to ascend at a CAGR of 6.8% over the forecast period
Foam packaging solution offers Class A surface protection, cushioning support, and vibration & shock protection, which, in turn, is projected to augment the demand for foam-based dunnage solutions
The electronics application segment is estimated to register the fastest CAGR from 2020 to 2027
Growing demand for thermoplastics, fabric, and foams-based dunnage solutions to pack distinguished electronic components, on account of the product’s ability to impart anti-static, conductive, or static dissipative properties, is likely to fuel the segment growth
Asia Pacific is expected to witness the fastest growth during the forecast period due to rising sales and consumption of automotive vehicles
In June 2020, Reusable Transport Packaging published a first-of-its-kind all-inclusive analysis of the Reusable Transport Packaging (RTP) industry, named- the 2020 State of the Reusable Packaging Industry Report
On account of the growing interest in sustainability in transportation & logistics packaging, the company attempts to help manufacturers and service providers to grasp a holistic view of eco-friendly processes, packages, products, and distribution practices

Airless Packaging Market Worth $8.1 Billion By 2027

The global airless packaging market size is expected to reach USD 8.1 billion by 2027, according to a new report by Grand View Research, Inc., expanding a CAGR of 6.0% over the forecast period. Growing demand for premium cosmetics and increasing demand for airless packaging and industrial products are key factors augmenting the market growth. Premium cosmetic products contain active ingredients in their formulations and often get contaminated when exposed to oxygen; thus, to protect the integrity of the packed products, cosmetic manufacturers mainly opt for airless packaging solutions.

Furthermore, as premium cosmetic products are considerably expensive, consumers prefer using completely natural products. Thus, to enable easy, hassle-free, and complete product evacuation, cosmetic manufacturers opt for airless tubes, bottles, jars as they ensure nearly 95% product evacuation from airless containers. Most of the dermal drugs are offered in semisolid formulations, such as lotions, creams, ointments, gels, pastes, or foams, and plastic and metal tubes are often preferred for their packaging owing to their low cost and compact size.

However, non-airless packaging provides limited protection against air and light resulting in evaporation and degradation of the packed product. Therefore, dermal drug manufacturers are increasingly opting for airless packaging, which restricts the contamination of dermal formulation from environmental exposure. Declining demand for luxurious products due to changing income patterns is expected to negatively impact the market growth in 2020 since the packaging mostly utilized for premium cosmetics.

Furthermore, to curb the price of the product, personal care manufacturers are expected to opt for low-cost packaging in place of airless packaging over a shorter term, which, in turn, is likely to have a negative impact on the market. The plastic was the leading material type and accounted for over 63.26% of the total market revenue in 2019. Various types of plastic resins, including PE, PET, ABS, PMMA, and SAN, are widely utilized for manufacturing plastic-based airless bottles, jars, and tubes.

The demand for plastic is high as these materials are lightweight, easy to mold, and cost-effective compared to other materials. The market players are also increasing focus on sustainable production owing to the increasing demand for sustainable packaging solutions in recent years. This demand is also fueled by the increasing implementation of regulations regarding the processing & recycling of raw materials, particularly plastic.

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https://www.grandviewresearch.com/industry-analysis/airless-packaging-market

Further key findings from the report suggest:

The plastic segment accounted for the largest market share of 63.26%, in terms of revenue, in 2019, owing to high demand as these materials are lightweight, easy to mold, and cost-effective
The bags & pouches product type is anticipated to register the fastest CAGR of 6.6% from 2020 to 2027. Increasing demand for flexible, portable, and pocket-friendly products is the key factor contributing to the segment growth
The pharmaceutical application segment is expected to witness substantial growth from 2020 to 2027. The growth can be attributed to growing awareness about skin diseases and rapid development and approval of dermal drugs by regulatory bodies, such as the FDA
Europe emerged as the leading regional market and accounted for over 34% of the total revenue share in 2019
The growth is attributed to the presence of key global cosmetics and dermatological drugs manufacturers, such as L’Oréal, Beiersdorf, Chanel, Unilever, and LVMH, in the region
The market is moderately fragmented with the presence of key players and a smaller number of medium-scale companies
The market players adopt various competitive strategies, such as regional expansion, mergers & acquisitions, and emphasis on research & development activities

Chillers Market Size Worth $13.9 Billion By 2027

The global chillers market size is expected to reach USD 13.99 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.3% over the forecast period. Rising demand for efficient HVAC and refrigeration systems in newly constructed structures to maintain the increasing internal temperature is expected to drive the market over the forecast period.

Chillers are used in various industries, including plastics, food & beverage, printing, medical, electronics, petrochemical, pharmaceutical, and power plants to provide cooling. Increasing adoption of chillers in manufacturing facilities, residential structures, hospitals, restaurants, and sporting arenas, among others is expected to positively impact the product demand.

The demand for HVAC systems for cooling and dehumidifying the buildings is witnessing significant growth over the past few years on account of the rising atmospheric temperatures, attributed to global warming. Furthermore, the ability of the chillers to efficiently transfer heat from the internal environment to the external atmosphere is expected to support market growth.

Lockdown imposed to curb the spread of COVID-19 coupled with low GDP growth in various economies has resulted in dampening the construction activities globally. Furthermore, the closure of end-user facilities, including various production facilities and commercial buildings, has hampered the demand for repair & maintenance and aftermarket sales of the product.

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https://www.grandviewresearch.com/industry-analysis/chillers-market

Further key findings from the report suggest:

The air-cooled segment is expected to witness the fastest CAGR of 4.8% from 2020 to 2027, in terms of revenue, on account of low initial and maintenance costs of these systems due to the simple construction and design
The centrifugal chillers segment is estimated to witness a CAGR of 4.0%, in terms of revenue, from 2020 to 2027, due to increasing adoption of these systems in commercial and industrial buildings for cooling medium to large loads
The medical & pharmaceutical sector accounted for a major share of the global industrial application segment in 2019, due to high product usage in CT scanners, MRI systems, blood cooling systems, electron & laser microscope, and precision laboratory applications
The product demand in Italy is estimated to reach USD 728.1 million by 2027 owing to the positive growth of retail, tourism, and manufacturing industries coupled with increasing investments in the construction industry in the country
Major industry participants are focusing on licensing agreements, new product launches, and mergers & acquisitions to obtain a competitive edge and strengthen the market position

Honey Market Size Worth $14.4 Billion By 2025

The global honey market size is expected to reach USD 14.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.0% over the forecast period. Rising awareness among health conscious consumers regarding the health benefits associated with honey as it acts as a rich source of antioxidants is expected to be key factor boosting the market growth over the forecast period. Moreover, it is the best alternative for sugar as well as artificial sweeteners and is widely used for producing organic and low calorie food and beverage goods.

Food and beverages held the largest share of 71.4% in 2018 in terms of revenue as a result of rising concerns over harmful effects associated with artificial sweeteners and sugar. Moreover, the product is gaining popularity in the food and beverage industry on account of its nutritional benefits as well as its flavor.

Major manufacturers are adopting marketing strategies including new product launches, expansion of the distribution channel, and mergers and acquisitions in order to gain a competitive edge in the market. For instance, in April 2019, Wales Hilltop launched three exclusive range of products in the U.K. retail market namely Organic Fairtrade Honey, Manuka Honey, and core honey. These new product launches are expected to increase the product visibility and will encourage the people to adopt all-natural and organic products rather than harmful sugar.

Asia Pacific is expected to be the fastest growing market, expanding at a revenue-based CAGR of 8.5% from 2019 to 2025. Over the past few years, the major manufacturers have been increasingly investing in product development and adopting technologies in apiculture. For instance, in January 2018, Tureky-based Altıparmak got a funding of USD 4.98 million from the European Bank for Reconstruction and Development (EBRD) for the enhancement of innovations in apitherapy, honey production, and value chain improvement.

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https://www.grandviewresearch.com/industry-analysis/honey-market

Further key findings from the report suggest:

Demand for the online distribution channel was pegged at 410.2 kilo tons in 2018
By application, the personal care and cosmetics segment is expected to expand at the fastest CAGR of 8.3% in terms of revenue from 2019 to 2025
Demand in Europe is expected to reach 1.1 million tons by the end of 2025
Honey market key players include Beeyond the Hive; Dabur India Ltd.; Patanjali Ayurved; Capilano Barkman; Oha Honey LP; Bee Maid Honey Ltd.; Streamland Biological Technology Limited; and Dutch Gold.

Men’s Wear Market Size Worth $741.2 Billion By 2025

The global men’s wear market size is expected to reach USD 741.2 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.3% over the forecast period. Growing importance of personal grooming among adults on account of increased number of campaigns for maintaining formal as well as casual styles on social media websites including Instagram and Pinterest is expected to have a strong impact. Furthermore, these products have been gaining increasing traction among the consumers on account of their frequent purchases through e-commerce portals including Amazon and eBay as a selling medium.

Increasing number of fashion shows across the globe including Paris, New York, London, Los Angeles, Rom, Milan, Barcelona, and Berlin has made sure to garnish men’s fashion with apt attention and publicity. Furthermore, some of the magazines including ZQ, Men’s Vogue, Fantastic Man, and Nylon Guys are playing a crucial role in increasing awareness among buyers.

Clothing or apparel held the largest men’s wear market share in 2018 and is expected to remain a dominant segment over the next few years. Product innovation by key manufacturing firms aimed at targeting the consumers with their traditional values is expected to remain a favorable factor for the industry growth. In January 2018, Raymond Group launched Khadi products under the brand names, Ethnix and Next Look. These brands will offer products such as shirts, trousers, long kurtas, short kurtas, and bandh galas, which are available in a price range of INR 3,000 – 14,000.

Asia Pacific is expected to register the fastest CAGR of 6.6% from 2019 to 2025. High concentration of middle-class population in the countries including China, India, Pakistan, and Bangladesh is expected to remain a key driving factor. Furthermore, the number of working class male adults using smartphones for purchasing their daily consumables is increasing. This, in turn, expected to force the industry participants to increase spending on the development of their e-commerce portals in order to ensure the continuous revenue flow in the near future.

Some of the key players operating in the global men’s wear market are Adidas Group; Raymond Group; Calvin Klein; Gianni Versace S.r.l.; Guccio Gucci S.p.A.; HUGO BOSS; LACOSTE; LEVI STRAUSS & CO.; Nike, Inc.; RALPH LAUREN MEDIA LLC; and Tommy Hilfiger, LLC. Product innovation is expected to remain a key strategy among the industry participants in the near future.

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https://www.grandviewresearch.com/industry-analysis/mens-wear-market

Further key findings from the report suggest:

By product, the footwear segment is expected to generate a revenue of more than USD 280 billion by the end of 2025
Online channel is expected to expand at the fastest CAGR of 11.4% from 2019 to 2025
North America generated a revenue of USD 148.5 billion in 2018.

Dehydrated Garlic Market Size Worth $2.9 Billion By 2025

The global dehydrated garlic market size is expected to reach USD 2.9 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.3% over the forecast period. Dehydrated garlic has been gaining an increasing traction among the consumers on account of medicinal benefits including improvement in cholesterol levels, which lowers the risk of cardiovascular diseases. Furthermore, growing popularity of garlic products in soups and broth in food restaurants as it enhances the iron intake in human body and promotes kidney function is projected to have a strong impact in the near future. These products are available in the variants of raw solids to powder formats.

The granular and powder product type is expected to register the fastest CAGR of 3.2% from 2019 to 2025 in terms of volume. The coarse texture of these products is expected to promote the application in formulation of various cuisines including seafood, sauces, salad dressings, and Italian as well as Chinese dishes. Furthermore, growing popularity of barbeque dishes in developing economies including China and India is expected to expand the utility of granulated dehydrated garlic as a seasoning during dish serving in the near future.

Demand for chopped and minced products is expected to exceed 650 kilo tons by the end of 2025. Excellent freshness, strong flavoring characteristics, and long shelf life of minced product types as compared to other garlic counterparts are expected to expand the former’s utility in the preparation of various dishes including marinades and stews over the next few years.

Some of the key players operating in the global dehydrated garlic market are Apple Food Industries, AsianFood Export, Ganesh Dehy Foods, Garlico Industries Ltd., Harsh Impex, Jiyan Food Ingredients, KOHINOOR FOOD INDUSTRIES, Natural Agro Food, Nature Exports Co., and SHANDONG YUMMY Food Ingredients CO., LTD. Establishment of strategic partnerships with the food service companies in developing economies including China and India as a result of increasing spending by the working class population on dine-out is projected to remain a critical success factor in the near future.

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https://www.grandviewresearch.com/industry-analysis/dehydrated-garlic-market

Further key findings from the report suggest:

By product, flakes and cloves are expected to generate a revenue of USD 1.4 billion by 2025
By application, the B2B sector accounted for more than 50.0% share of the global revenue in 2018
The online distribution channel is projected to account for 20.2% share of the global revenue by the end of 2025
Asia Pacific accounted for a volume share of more than 35.0% for the year 2018.

Healthy Biscuits Market Size Worth $3.0 Billion By 2025

The global healthy biscuits market size is expected to reach USD 3.0 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.0% over the forecast period. Rising demand for healthy snacks, coupled with high per capita food consumption, especially in developing countries such as India and China, is contributing to the growth of the global market. Rising awareness about health and fitness and growing preference for healthy snack products, especially among the working professionals and millennials, is a key driving factor.

Manufacturers are actively indulging in the production of healthy biscuits in different flavors to enhance the taste. For instance, Parle offers digestive biscuits infused with the flavor of honey and oats, along with an aroma of cinnamon. This scenario has led to a strong competition in the global market due to the presence of a large number of international and local manufacturers. Owing to rising health awareness and growing food safety concerns, consumers are shifting to natural food products. Moreover, improved lifestyle and introduction of advanced purchase methods such as online grocery shopping have been fueling the market growth.

Online distribution is gaining an increasing traction among the consumers of such products. This category is anticipated to expand at a CAGR of 5.2% from 2019 to 2025. The online distribution channel is penetrating the market with e-commerce platforms and growing usage of smartphone in daily life. Companies like bigbasket.com and groffers.com are coming up with door-to-door delivery of products, along with online display of a wide range of products. Moreover, coupon offers provided by the online platforms are influencing the buying behavior of the customers.

Functional and digestive biscuits are expected to expand at the fastest CAGR of 5.5% from 2019 to 2025. The segment growth is primarily attributed to high demand for healthy snack items having a high source of dietary fibers. These biscuits are made of different nutrition rich ingredients such as oats, wheat, and multi grains. India is anticipated to witness significant growth in this category. The digestive biscuits market in India is majorly dominated by Britannia Nutrichoice range. Some of the other prominent players operating in this category include Parle NutiCrunch, McVities, and Tiffany.

Asia Pacific is expected to expand at the fastest CAGR of 5.6% over the forecast period. Spurring demand for convenient and healthy snack products is likely to be a major factor driving the market in the region. The market in India is marked by the presence of major players such as Britannia, Parle, and ITC, wherein Nutrichoice by Britannia occupies about 70% in the premium health biscuit category, followed by Sunfeast’s Farmlite range.

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https://www.grandviewresearch.com/industry-analysis/healthy-biscuits-market

Further key findings from the report suggest:

The global healthy biscuits market is expected to expand at a CAGR of 5.0% from 2019 to 2025 and reach USD 3.0 billion by 2025
Asia Pacific is estimated to be the fastest growing market, expanding at a CAGR of 5.6% over the forecast period
By distribution channel, supermarkets/hypermarket generated a revenue of USD 1.2 billion in 2018
Key market players include Mondelēz International, Inc.; Pladis (United Biscuits); Britannia; Parle Products Pvt. Ltd.; ITC Limited (Sunfeast); IFFCO (Tiffany); and UNIBIC Foods India Pvt. Ltd.

Pharmaceutical Glass Packaging Market Worth $22.05 Billion By 2025

The global pharmaceutical glass packaging market size is projected to reach USD 22.05 billion by 2025, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.4% during the forecast period. Governments in developing regions are expanding their public or private healthcare coverage which is expected to drive the demand for this packaging.

Pharmaceutical glass packaging plays a major role in increasing shelf life of the drugs. Growing requirement for brand enhancement and differentiation in an increasingly competitive environment, R&D activities, awareness regarding environmental issues, and adoption of new regulatory requirements for recycling of packaging products are some of the key market drivers.

The market size as well as penetration of glass vials is anticipated to remain high over the forecast period owing to the high inertness of these products to majority of chemicals. Moreover, the vials prevent atmospheric gases such as oxygen as well as carbon dioxide from entering the container, which is anticipated to surge the product demand in the forthcoming years.

The pharmaceutical glass packaging market is expected to face a stiff composition from other plastic substitutes such as Polyethylene Terephthalate (PET), High-density Polyethylene (HDPE), Low-density Polyethylene (LDPE), and Polystyrene (PS) not only for the development of non-parenteral containers but parenteral containers as well, which is expected to hinder the market growth in near future.

Asia Pacific is estimated to witness the fastest CAGR of over 9% during the forecast period on account of increasing production volumes in emerging economies including India and China. China is expected to emerge as one of the major consumers of pharmaceutical glass packaging.

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https://www.grandviewresearch.com/industry-analysis/pharmaceutical-glass-packaging-market

Further key findings from the report suggest:

In terms of revenue, pharmaceutical glass bottles is projected to ascend at a CAGR of 4.8% over the forecast period
Cartridges and syringes contributed approximately over 9.8% to the total market in 2018
Pharmaceutical glass packaging for generic drug types led the global market, constituting a revenue share of over 71.3% in 2018
In terms of product, vials emerged as the second largest segment in 2018, registering a revenue of USD 4.66 billion. The segment is expected to expand at a CAGR of 7.0% in the forthcoming years
Biologics accounted for 6 of the top 8 drugs, in terms of revenue, in 2018. Biologics are attractive for the global pharma industry as they provide benefits in the underserved therapeutic areas, which is anticipated to fuel the growth
North America pharmaceutical glass packaging market is anticipated to expand at a CAGR of 3.6% in the forthcoming years.Expiration of patents, rise in aging population, and various efforts from governments and health care service providers to increase consumer awareness are likely to propel the utilization of generic drugs in the region
SCHOTT AG; Gerresheimer AG; Nipro Pharmapackaging; Corning Incorporated; Şişecam Group; Stevanato Group; Arab Pharmaceutical Glass Co.; Beatson Clark; and Owens-Illinois, Inc. are some of the key manufacturers of pharmaceutical glass products such as ampoules, cartridges and syringes, vials, and bottles

Aerospace & Defense Materials Market Worth $28.37 Billion By 2027

The global aerospace and defense materials market size is expected to reach USD 28.37 billion by 2027, registering a revenue-based CAGR of 4.0% during the forecast period, according to a new report published by Grand View Research, Inc. Increasing investment in modernization along with expansion of combat aircraft fleet in countries, such as India and China is expected to drive the growth.

The market is expected to benefit from the strong demand for aircraft in the foreseeable future. The number of commercial and cargo fleets around the world is expected to double over the forecast period. The huge surge in passenger and freight traffic is also anticipated to contribute significantly to the increase in aircraft production and demand for aerospace & defense materials.

The aerospace & defense industry has been a long-term promoting factor for the development and application of advanced materials. Leading manufacturers are increasingly adopting a variety of advance materials such as carbon fiber composites and titanium alloys. These materials play an important role in reducing the overall weight and increasing fuel efficiency of an aircraft.

The market players often enter into long-term supply contracts with aircraft manufacturers. The material manufacturers provide highly customized solutions to the component and aircraft manufacturer. Aircraft manufacturers are often involved in monitoring the materials throughout the value chain from design to component manufacturing to ensure the quality.

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https://www.grandviewresearch.com/industry-analysis/aerospace-defense-materials-market

Further key findings from the report suggest:

Composites is expected to register the highest CAGR of 3.8% in terms of revenue, from 2020 to 2027, owing to the lightweight, high strength, and impact resistance characteristics of the product
Aerostructure is estimated to be the largest application segment. It accounted for a revenue of USD 10.37 billion in 2019. However, the segment is expected witness a decline in volume due to increased substitution of metals with composites
Commercial aircraft is estimated to witness substantial growth in terms of revenue at a CAGR of 4.1% from 2020 to 2027, owing to increasing demand from developing economies
North America held the largest revenue share of the aerospace and defense materials market with 1.8% in 2019, owing to the presence of huge aircraft parts manufacturing industry in the region
Major market players focus on mergers and acquisitions to expand their business and technological capabilities. They prioritize R&D of low cost materials that provide high strength