The decoy flares market is expected to grow from US$ 1,172.84 million in 2019 to US$ 3,547.07 million by 2027; it is estimated to grow at a CAGR of 14.4% from 2020 to 2027.

The upgrading of existing fighter jets is among the major factors fueling the adoption of the decoy flares market globally. In a recent Royal Thai Air Force white paper, the organization mentioned plans of upgrading of the Saab Early Warning System; replacement of F-16 fighter jets and L-39s trainers; and procurement of various transport, helicopters, spy satellites, and unmanned aircraft. Similarly, the Defense Acquisition Council (DAC) approved defense deals worth Rs 38,900 crore in July 2020, including the purchase of 21 MiG-29 Indian Air Force (IAF) fighter jets, upgrading of 59 existing MiG-29 jets from the IAF inventory, and purchase from Russia of 12 Su-30MKI aircraft. Such plans fighter jet upgrading plans by key market players are fueling the market growth at high pace.

The highly flammable payloads contain red phosphorus mixed with organic binders and provide brushable pastes coated on thin polyimide plates. The combustion of those platelets generates a temperature-dependent signature. The combustion temperature may also be reduced by endergonic additives such as highly dispersed silica or alkaline halides. Increasing number of market players offering highly flammable payloads for military applications is one of the major factors driving the growth of the market for this segment. For example, Kilgore produces air and naval decoy flares for the military applications, including infrared ones that help aircraft and ships counter the threat of guided missiles. Components used in manufacturing are extremely flammable.

The COVID-19 pandemic has significantly affected the world, and it continues to shatter several countries. Until the outbreak, the aerospace industry was experiencing substantial growth in terms of production and services, despite huge backlogs from the aircraft manufacturers. However, the emergence of the COVID-19 pandemic resulted in the reduction in the manufacturing volumes of aircraft per model, along with the receding of the production of various defense equipment, weaponry, and countermeasure products. The decline in production volumes is majorly attributed to human movement restrictions, which led the aircraft and other defense product manufacturers to operate with a limited workforce. This has further slightly diminished the growth rate of the decoy flares market during Q1 and Q2 of 2020. However, most of the defense contracts are of a longer period, which has helped the contractors maintain their operational efficiency. Since the defense aircraft manufacturers continued their production with an aim to deliver the products to respective customers on-time, the demand for decoy flares continued to flow at a slower rate. However, disruptions in supply chain have also led to the decoy flare market revenue drop

The overall decoy flares market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the decoy flares market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the decoy flares market. Chemring Group PLC, Armtec Defense Technologies, Mil-Spec Industries Corporation, LACROIX, Mechanical and Chemical Industry Corporation, Owen International, Premier Explosives Limited, Rheinmetall AG, Rosoboronexport, Elbit Systems Ltd., TARA Aerospace AD, Ordtech, MBDA, and TransDigm Group Incorporated are among the players operating in the decoy flares market.