Missile Composites Market size to reach US$ 141.8 million in 2022
February 03, 2020
The Missile Composites Market is likely to exhibit attractive growth opportunities in the entire ecosystem with an expected market size of US$ 141.8 million in 2022. High usage of composites in missiles, increasing procurement for missiles propelled by rising defense budget of the developing economies, and an upgrade of missiles with the adoption of new technologies are some of the key factors proliferating the demand for composites in missiles.
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Missile Composites Market Segment Insights:
By Missile Type:
Ballistic missile currently accounted for a larger share in the global missile composites market and is projected to maintain its dominance during the forecast period. Increasing procurement of ballistic missiles owing to their precision-striking and long-distance coverage capabilities coupled with the high usage of composite parts is driving the growth of the segment.
By Component Type:
Rocket motor case is projected to remain the most dominant component in the global missile composites market during the forecast period. There are a wide array of factors bolstering the demand for composites in the rocket motor case including their design abilities to withstand high pressure and thermal loads for effective flight and propulsion system of missiles. Composite has been a perennial choice of material in rocket motor case for increasing the range and payload weight capacity.
By Material Type:
Carbon fiber composite is projected to remain the most preferred material type in the global missile composites market during the forecast period. The material type is also likely to witness the highest growth during the same period. Carbon fiber offers many advantages over glass fiber including excellent temperature resistance, high strength-to-weight ratio, and low weight. All the major composite applications of missiles are mainly fabricated using carbon fiber composites.
By Region:
North America is expected to remain the largest market for missile composites during 2017-222. This high dominance of North America is primarily due to the high procurement of defense equipment including missiles and presence of a large number of manufacturers in the region. Asia-Pacific is likely to witness the highest growth rate during the same period (2017-2022), owing to rising defense budgets. China, India, and South Korea are likely to be the major growth engines of the missile composites market in Asia.
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