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The Missile Composites Market is likely to witness an impressive CAGR of 6.7% during the forecast period. The prime factor that is contributing to the demand for Missile Composites is the increasing demand for Missile Composites in various industries.
This report on the Missile Composites Market has been put together covering various companies of the industry from different geographies. The study is a perfect blend of qualitative and quantitative research highlighting vital market developments, challenges and competition that the industry might face, along with opportunities and trends available in the Missile Composites Market. The report intends to present a thorough analysis of the Missile Composites Market and provide cutting-edge market intelligence to help decision makers undertake a sound investment evaluation. Besides, the report also classifies and analyses the emerging trends along with major growth drivers.
Missile Composites Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges act as extrinsic factors affecting the market. The report aims at answering several key questions concerning the overall profitability in the market.
Few key players operating in the Missile Composites Market are-
Raytheon
Northrop Grumman
Lockheed Martin.
Growth drivers and Market Value:
This report, from Stratview Research, studies the Missile Composites Market value and growth drivers over the trend period of 2017-22. According to the report -
The global 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.
Segment Analysis:
Based on Missile Type:
The global missile composites market is segmented based on missile type as Ballistic Missile and Cruise Missile. 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.
Based on Region:
Among regions, North America is expected to remain the largest market for missile composites during 2017-2022. 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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