Aerospace And Defense Components Market Size Forecast: $103.51 Billion by 2029 | Global Outlook

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What Is the Projected Market Size Valuation of the Aerospace And Defense Components Market by 2025?
The market size for aerospace and defense components has seen a swift increase in past years. The market will expand from $65.1 billion in 2024 to $71.97 billion in 2025, with a compound annual growth rate (CAGR) of 10.6%. The rise in the historical phase can be credited to factors such as global military budgets, expansion in commercial aviation, geopolitical strains, improvement and modernization measures, concerns over cybersecurity, and initiatives in space exploration.

What Is the Estimated Market Growth Value for the Aerospace And Defense Components Industry in 2029?
In the coming years, the market size for aerospace and defense components is predicted to enjoy robust growth. By 2029, it is anticipated to reach a value of $103.51 billion, expanding at a compound annual growth rate (CAGR) of 9.5%. This projected growth during the forecast period is primarily driven by factors such as escalating global threats, the commercialization of space, the use of renewable energy in aviation, advancements in additive manufacturing, air traffic growth worldwide, and the miniaturization of electronics. Noteworthy trends anticipated during the given forecast period include the rise of additive manufacturing and 3D printing, the development of electric and hybrid propulsion systems, enhanced connectivity coupled with the integration of Internet of Things (IoT), autonomous and unmanned systems, and the digitalization and resilience of the supply chain.

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What Are the Growth Drivers and Opportunities in the Aerospace And Defense Components Market?
The growth of the aerospace and defense components market is being boosted by the increasing count of air travelers. Air travelers, who are individuals choosing airplanes for domestic or international transportation, are creating a demand for lightweight, efficient, and high-performance parts to cater to the requirements of modern planes. The International Air Transport Association (IATA), an organization representing global airlines, has reported significant growth in air travel demand for March 2023. Data from March 2023 suggests that there was a 52.4% increase in total global air traffic (calculated in revenue passenger kilometers or RPKs) compared to March 2022. This escalation in air travelers will subsequently bolster the expansion of the aerospace and defense components market.

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What Are the Primary Segments Covered in the Global Aerospace And Defense Components Market Report?
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

What Are the Top Growth Trends in the Aerospace And Defense Components Market?
The progress in technology is becoming increasingly significant in the aerospace and defense components sector. Dominant companies in this field are concentrating their efforts on pioneering resin tech solutions to solidify their market standing. For example, in September 2024, Toray Advanced Composites, a top-tier US producer of superior advanced composite components, introduced the Toray Cetex TC1130 PESU thermoplastic composite substance. This substance, developed for substantial weight reduction compared to conventional materials, is ideal for aircraft interiors. The TC1130 PESU's design incorporates continuous fiber fortification, boosting its structural strength and proficiency in rigorous applications. Additionally, its design promotes fully recyclable sandwich structures, adding to the industry's sustainability endeavors.

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Which Companies Are Shaping the Future of 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

Which Region Holds the Largest Market Share in the Aerospace And Defense Components Industry?
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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