Press release
Global Aerospace And Defense Components Market Comprehensive Study: Forecasted Market Size And Growth Rate | Arconic Inc., AMI Metal Inc., Constellium SE, Cytec Solvay SA, DowDuPont Inc., Hexcel Corporation
Aerospace And Defense Components Market Characteristics
The Business Research Company offers in-depth market insights through Aerospace And Defense Components Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The aerospace and defense components market size has grown rapidly in recent years. It will grow from $59.59 billion in 2023 to $66.42 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to global military spending, commercial aviation growth, geopolitical tensions, space exploration initiatives, upgrades and modernization, cybersecurity concerns..
The aerospace and defense components market size is expected to see rapid growth in the next few years. It will grow to $98.92 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to increasing global threats, space commercialization, renewable energy in aviation, additive manufacturing, electronics miniaturization, global air traffic growth.. Major trends in the forecast period include additive manufacturing and 3d printing, electric and hybrid propulsion systems, increased connectivity and iot integration, autonomous and unmanned systems, supply chain resilience and digitalization..
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Market Segmentation:
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
Major Driver - Increase In Number Of Air Travelers Drive The Aerospace And Defense Components Market
The rising number of air travelers will support the growth of the aerospace and defense components market. Air travelers are individuals who use airplanes as a mode of transportation for domestic or international travel. The demand for air travel drives the need for efficient, lightweight and high-performance components to meet the demands of modern aircraft. For example, the International Air Transport Association (IATA), a trade association of the world's airlines, announced strong demand growth in air travel for March 2023. Total global air traffic in March 2023 (measured in revenue passenger kilometers or RPKs) rose 52.4% compared to March 2022 . Therefore, the rising number of air travelers will drive the growth of the aerospace and defense components market.
Competitive Landscape:
Major companies operating in the aerospace and defense components market report are 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 .
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Top Trend - Technological Advancement Transforms The Aerospace And Defense Components Market
Technological advancement is a key trend gaining popularity in the aerospace and defense component markets. Major companies operating in the aerospace and defense components market are focused on developing resin technology solutions to strengthen their position. For instance, in July 2021, Toray Composite Materials America, Inc., a US-based leading producer of high-quality advanced composite materials, launched the flexible and highly adaptive prepreg system, Toray 2700. It is uniquely designed to be highly adaptable for automation and high-rate production processes. The aerospace industry can produce high-quality, high-volume, cost-effective composite parts with the help of a patented high-performance resin technology. For high-volume tiny parts like aircraft clips, molded brackets, and wing ribs, they are employed in compression molding. Flexible cure temperatures and less moisture absorption are expected to be supported.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Aerospace And Defense Components Market Characteristics
3. Aerospace And Defense Components Market Trends And Strategies
4. Aerospace And Defense Components Market - Macro Economic Scenario
5. Aerospace And Defense Components Market Size And Growth
…..
27. Aerospace And Defense Components Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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