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Aerospace And Defense Components Market Poised to Hit $105.4 Billion by 2029 with Accelerating Growth Trends
Aerospace And Defense Components
Aerospace And Defense Components Market Size Growth Forecast: What to Expect by 2025?
In recent times, the aerospace and defense components market has seen a swift expansion. The market that is projected to rise from $65.1 billion in 2024 to a significant $72.4 billion in 2025, experiences a compound annual growth rate (CAGR) of 11.2%. The growth observed in the historic period is influenced by factors such as increased worldwide military expenditure, the rise in commercial aviation, geopolitical upheavals, exploration efforts in space, upgrades and modernization drives, as well as issues related to cybersecurity.
How Will the Aerospace And Defense Components Market Size Evolve and Grow by 2029?
Over the coming years, a substantial expansion is anticipated in the aerospace and defense components market. A rise to $105.41 billion by 2029 is expected, with a compound annual growth rate (CAGR) of 9.8%. This growth in the projection period is due to factors such as escalating global threats, commercialization of space, adoption of renewable energy in aviation, additive manufacturing, electronics miniaturization, and growing global air traffic. The forecast period will likely see trends like additive manufacturing and 3D printing, electric and hybrid propulsion systems, enhanced connectivity and integration of IoT, autonomous and unmanned systems, as well as resilience in the supply chain and digitization.
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What Drivers Are Propelling the Growth of Aerospace And Defense Components Market Forward?
The growth of the aerospace and defense components market will be spurred by the escalating count of air travelers. These are individuals who prefer airplanes for domestic or international commute. The burgeoning demands for air travel necessitate the proliferation of efficient, lightweight, and high-performance components that satiate the requirements of contemporary aircraft. For instance, robust growth in air travel demand for March 2023 was reported by the International Air Transport Association (IATA), the global trade association of airlines. The total global air traffic for March 2023, as quantified in Revenue Passenger Kilometers (RPKs), marked a 52.4% increment from March 2022. Consequently, the upsurge in the count of air travelers will bolster the growth of the aerospace and defense components market.
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Which Emerging Trends Are Transforming the Aerospace And Defense Components Market in 2025?
The rise of technology is a notable trend surging in the markets of aerospace and defense components. The pivotal firms in this sector are concentrating on the production of resin-technology solutions to augment their standing. As an example, a leading manufacturer of superior composite materials based in the US, Toray Advanced Composites, launched Toray Cetex TC1130 PESU thermoplastic composite material in September 2024. This product, engineered for extensive weight reduction compared to conventional materials, is especially applicable for aircraft interiors. The product utilises continuous fiber reinforcement, which improves its structural robustness and performance in rigorous applications. The TC1130 PESU is configured to facilitate fully recyclable homogeneous sandwich structures, thereby supporting sustainability initiatives within the realm of the aerospace industry.
What Are the Key Segments in the Aerospace And Defense Components Market?
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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Who Are the Key Players Shaping the Aerospace And Defense Components Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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
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