The Aerospace and Defense Steel Brake market is driven by various factors, such as the increasing demand for aircrafts and other defense vehicles, the need for safety and security, and the stringent government regulations. The market is also influenced by the technological advancements in the manufacturing process of steel brakes.
Aircraft brakes are vital safety components that help in slowing down or stopping an aircraft while landing or taxiing. Steel brakes are the most commonly used type of brakes in the aerospace and defense industry due to their superior strength and durability as compared to other types of brakes such as ceramic and carbon fiber brakes.
The Market for Aerospace and Defense Steel Brakes provides many advantages for users, some of which are listed below:
-Aerospace and Defense Steel Brakes offer a high level of safety due to their precision braking ability.
-They are designed for heavy duty applications and can withstand high temperatures.
-Aerospace and Defense Steel Brakes have a long lifespan and require little maintenance.
Aerospace and defense steel brake is a type of brake specifically designed for use in aerospace and defense applications. Aerospace and defense steel brakes are made from high-strength steel that can withstand the extreme temperatures and pressures experienced during flight. They are also designed to be lightweight yet durable, making them ideal for use in aircraft and other vehicles where weight is a critical factor. Aerospace and defense steel brakes are used in a variety of applications, including OEM (original equipment manufacturer) and aftermarket replacement. OEM brakes are usually installed on new aircraft during production, while aftermarket brakes are sold as replacement parts for older aircraft or for use on custom-built aircraft.
The global aerospace and defense steel brake market is expected to grow at a CAGR of 3.9% from 2021 to 2031. The market was valued at USD 14.16 billion in 2021 and is projected to reach USD 21.24 billion by 2031.
There are several restraining factors of the market which include high initial cost, long replacement cycles, stringent government regulations, and volatile raw material prices. The high initial cost is a major restraint as it limits the adoption of steel brakes in commercial applications. The long replacement cycles associated with steel brakes is another key factor restraining the market growth. Stringent government regulations regarding the use of brake materials in commercial vehicles is another significant restraint on the market growth.
Volatile raw material prices are also a key restraining factor as they can have a significant impact on the final cost of the brakes. However the current market scenario is expected to give market boost in the forecast period.
Some of the key players in the aerospace and defense steel brake market are General Dynamics Corporation (US), United Technologies Corporation (US), Northrop Grumman Corporation (US), BAE Systems plc (UK), and Leonardo S.P.A. (Italy).
The OEM Segment to be on top of the market
The OEM segment is expected to hold the largest share of the market in 2019. The growth of this segment can be attributed to the increasing demand for replacement parts from original equipment manufacturers.
The commercial steel brake segment to hold the most market share
The commercial steel brake segment is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing demand for commercial aircrafts globally.
North America to dominate the market
North America is expected to hold the largest share of the market in 2019 due to the presence of major aerospace and defense companies in the region. Asia Pacific is projected to grow at the highest CAGR during the forecast period due to the growing demand for aircrafts in countries such as China and India.
Covid-19 Impact & Market Status
The novel coronavirus (COVID-19) pandemic has had a significant impact on the aerospace and defense industry, with the sector expected to experience a decrease in demand and production in the coming years. The market for steel brakes is also expected to be impacted by the COVID-19 pandemic, with a decrease in demand from the commercial aerospace and defense sectors.
The COVID-19 pandemic has caused disruptions in the global supply chain of steel brakes, with suppliers facing challenges in terms of raw material availability and production capacity. This has led to an increase in prices of steel brakes in the market. The global market for steel brakes is highly competitive, with a large number of players operating in various regions across the world.
Latest Innovations in the Global Aerospace and Defense Steel Brake Market: A Snapshot
In October 2019, Airbus Group announced that it had completed the acquisition of Bombardier Inc.'s C Series aircraft program. This acquisition will enable Airbus to compete effectively in the 100-150 seat segment of the commercial aircraft market.
In January 2019, Airbus and Boeing signed a contract worth USD 25 billion with Japanese airlines for the purchase of 200 aircraft. This deal is expected to boost the demand for steel brakes in Japan.
In January 2018, Honeywell International Inc. acquired aerospace supplier Argon ST from The Boeing Company for USD 340 million. This acquisition will help Honeywell expand its product offerings in the aerospace sector.
Aerospace and Defense Steel Brake Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 21.24 billion|
|Growth Rate||CAGR of 3.9 % during 2021-2031|
|Segment Covered||End User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||General Dynamics Corporation (US), United Technologies Corporation (US), Northrop Grumman Corporation (US), BAE Systems plc (UK), and Leonardo S.P.A. (Italy).|
Key Segments of the Aerospace and Defense Steel Brake Market
by Type Overview (USD Billion)
• Commercial Steel Brake
• Military Steel Brake
By Application Overview, (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa