What is the future of Missile Composites Market? Know Covid Impact on Size, Share & Forecasts
June 24, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Missile Composites Market.
It was estimated prior to this unanticipated outbreak that the Missile Composites Market will reach US$ 141.8 million in 2022. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. High usage of composites in missiles, 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.
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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This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- 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, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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