How Has the Aerospace And Defense Components Market Evolved Historically and What is its Current Size?
The aerospace and defense components market has seen considerable growth due to a variety of factors.
• In the past few years, there has been a rapid increase in the size of the aerospace and defense components market. It is projected to expand from $65.1 billion in 2024 to $72.4 billion in 2025, with a compound annual growth rate (CAGR) of 11.2%. The considerable growth during the historic period can be credited to factors such as global military expenditure, expansion of commercial aviation, geopolitical conflicts, space exploration programs, update and modernization efforts, and worries about cybersecurity.
What Is The Projected Growth Of The Aerospace And Defense Components Market Size?
The Aerospace And Defense Components market is expected to maintain its strong growth trajectory in upcoming years.
• There is anticipated to be a substantial upsurge in the aerospace and defense components market size in the coming years. The market is predicted to reach $105.41 billion by 2029, expanding at a compound annual growth rate (CAGR) of 9.8%.
Rising global threats, advancements in space commercialization, use of renewable energy in aviation, development in additive manufacturing, miniaturization of electronics and the global growth of air traffic are all factors contributing to the growth during the forecast period. Additive manufacturing and 3D printing, electric and hybrid propulsion systems, enhanced connectivity and integration of IoT, autonomous and unmanned systems, resilience of the supply chain, and digitalization are the major emerging trends expected during the forecast period.
What Are The Key Drivers Fueling Growth In The Aerospace And Defense Components Market?
The increase in air travel passengers will boost the expansion of the aerospace and defense components industry. These passengers use planes for either local or global journeys. Aerospace and defense components need to be high-performing, lightweight, and efficient to meet the requirements of advanced aircraft, spurred by the demand of air travel. For instance, in March 2023, there was a significant surge in the demand for air travel as revealed by the International Air Transport Association (IATA) - a trade union for global airlines. The overall global air movement, as measured in revenue passenger kilometers (RPKs), showed a significant increase of 52.4% in March 2023 compared to March 2022. Thus, the escalating count of air travelers is expected to fuel the development of the aerospace and defense components industry.
What Are The Principal Market Segments In The Global Aerospace And Defense Components Industry?
The aerospace and defense components market covered in this report is segmented –
1) By Product: Aluminum, Titanium, Composites, Superalloys, Steel, Plastics, Other Products
2) By Application: Engine, Aerostructure, Interiors, Equipment, System And Support, Avionics
3) By End User: Commercial, Business And General Aviation, Military, Other Users
Subsegments:
1) By Aluminum: Aluminum Alloys, Aluminum Extrusions, Aluminum Sheets And Plates
2) By Titanium: Titanium Alloys, Titanium Sheets And Forgings, Titanium Tubing
3) By Composites: Carbon Fiber Reinforced Polymers (CFRP), Glass Fiber Reinforced Polymers (GFRP), Aramid Fiber Composites
4) By Superalloys: Nickel-Based Superalloys, Cobalt-Based Superalloys, Iron-Based Superalloys
5) By Steel: Alloy Steel, Stainless Steel, Tool Steel
6) By Plastics: Thermoplastics, Thermosetting Plastics, Composite Plastic Materials
7) By Other Products: Specialty Materials, Hybrid Materials, Other Advanced Engineering Materials
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Which Emerging Market Trends Are Altering The Aerospace And Defense Components Industry?
Progress in technology is a growing trend witnessing increased acceptance in the aerospace and defense component sectors. Major firms in this market are enhancing their solutions using resin technology to reinforce their market position. In an illustration of this, Toray Advanced Composites, an American manufacturer of high-grade advanced composite materials, introduced Toray Cetex TC1130 PESU thermoplastic composite material in September 2024. This product is tailored to offer considerable weight reduction compared to conventional materials, making it exceptionally appropriate for aircraft interiors. It combines continuous fiber reinforcement, thus improving its structural robustness and its effectiveness in challenging applications. The TC1130 PESU has been designed to support completely recyclable homogeneous sandwich structures, thus aiding sustainability initiatives within the aerospace industry.
Who Are the Key Players In The Aerospace And Defense Components Market?
Major companies operating in the aerospace and defense components market include:
• Arconic Inc.
• AMI Metal Inc.
• Constellium SE
• Cytec Solvay SA
• DowDuPont Inc.
• Hexcel Corporation
• Huntsman International LLC
• Kobe Steel Ltd.
• Koninklijke Ten Cate B.V.
• Materion Corporation
• Saudi Basic Industries Corporation
• Sofitec Aero S.L.
• TATA Advanced Materials Limited
• Teijin Ltd.
• Toray Composites America Inc.
• The Boeing Company
• Airbus SE
• Raytheon Technologies Corporation
• Northrop Grumman Corporation
• General Dynamics Corporation
• Lockheed Martin Corporation
• BAE Systems plc
• Safran S.A.
• Rolls-Royce Holdings plc
• Honeywell International Inc.
• United Technologies Corporation
• L3Harris Technologies Inc.
• Textron Inc.
• Bombardier Inc.
• Spirit AeroSystems Inc.
• Mitsubishi Heavy Industries Ltd.
• General Electric Aviation
• Eaton Corporation plc
• Woodward Inc.
• JAMCO Corporation
What Are The Regional Insights Into The Aerospace And Defense Components Market?
North America was the largest region in the aerospace and defense components market in 2024. Asia-Pacific is expected to be the fastest-growing region in the aerospace and defense components market report during the forecast period. The regions covered in the aerospace and defense components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
