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Aerospace And Defense Components Market Forecast 2025-2034: Comprehensive Analysis And Growth Opportunities
Aerospace And Defense Components
What Is the Projected Growth of the Aerospace And Defense Components Market?
The market size for aerospace and defense components has seen substantial growth in recent years. Its value is forecasted to rise from $65.1 billion in 2024 to $72.4 billion in 2025, reflecting a compound annual growth rate (CAGR) of 11.2%. Factors such as increased global military expenditure, expansion in commercial aviation, geopolitical issues, efforts towards space exploration, modernization and upgrades, and concerns about cybersecurity have been responsible for this historic growth.
Anticipated robust expansion is seen in the aerospace and defense components market, with the projected market size expected to reach $105.41 billion in 2029, growing at a compound annual growth rate (CAGR) of 9.8%. The anticipated growth during the forecast period is attributable to factors such as escalating global threats, the commercialization of space, the adoption of renewable energy in aviation, advancements in additive manufacturing and electronics miniaturization, as well as an upsurge in global air traffic. The forecast period also reveals significant trends such as the amplification of additive manufacturing and 3d printing, the rise of electric and hybrid propulsion systems, the enhancement of connectivity and IoT integration, projected increase in autonomous and unmanned systems, and the resilience and digital evolution of the supply chain.
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What Are the Different Aerospace And Defense Components Market Segments?
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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What Are the Primary Drivers Shaping the Aerospace And Defense Components Market?
The increase in air travel users promotes the expansion of the aerospace and defense components industry. People who travel via air, either locally or internationally, are contributing to this growth. The demand for air commuting necessitates the need for effective, lightweight, and high-performance elements that align with the requirements of contemporary aircraft. For instance, the International Air Transport Association (IATA), an association of the planet's airlines, declared a notable surge in air travel demand for March 2023. The total global air traffic for March 2023, calculated in revenue passenger kilometers (RPKs), showed a growth of 52.4% compared to the same month in the previous year. Hence, the escalating number of individuals utilizing air travel is propelling the expansion of the aerospace and defense components industry.
Which Companies Are Leading 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 Major Trends Shaping the Aerospace And Defense Components Market?
Technological innovation is an emerging trend observed in aerospace and defense component markets. Companies that exist within the aerospace and defense parts market are keen on creating resin technology solutions to solidify their stance. Toray Advanced Composites, a US-based company known for producing sophisticated composite materials, set a precedence in September 2024, by unveiling the Toray Cetex TC1130 PESU thermoplastic composite material. This product offers substantial weight reduction compared to conventional materials, positioning it as an ideal choice for airplane interiors. It's characterized by constant fiber reinforcement to boost its robustness and effectiveness in high-demand applications. Moreover, TC1130 PESU is developed with a view to enabling homogeneous sandwich structures to be completely recyclable, thereby supporting sustainability initiatives in the aerospace sector.
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What Are the Top Revenue-Generating Geographies in 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Aerospace And Defense Components Market?
2. What is the CAGR expected in the Aerospace And Defense Components Market?
3. What Are the Key Innovations Transforming the Aerospace And Defense Components Industry?
4. Which Region Is Leading the Aerospace And Defense Components Market?
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