The most recent updates to The Business Research Company’s global market reports have incorporated the latest market sizing data for the year 2023, extending the projections up to 2032.

According to The Business Research Company’s Aerospace And Defense Components Global Market Report 2023, the aerospace and defense components market is poised for significant growth in the projected period.

Key insights from the aerospace and defense components market forecast include:

1. Market Size:

The projected global aerospace and defense components market size is set to increase from $53.41 billion in 2022 to $59.83 billion in 2023, exhibiting a compound annual growth rate (CAGR) of 12.0%. The disruption caused by the Russia-Ukraine war has impacted the global economic recovery from the COVID-19 pandemic. The growth trajectory is expected to continue, with the global aerospace and defense components market reaching $80.83 billion in 2027, sustaining a CAGR of 9.9%.

2. Major Driver:

The proliferation of regional aircraft is expected to drive the aerospace and defense component market’s growth. For instance, The Clean Sky Joint Undertaking, a Europe-based public-private partnership focused on aeronautics, predicts that post-COVID-19, global regional air traffic will annually increase by 4.5% over the next two decades. This surge will drive a demand for more than 8200 new regional aircraft, amounting to a market value of €390 billion ($420.9 billion). Consequently, the rise in regional aircraft is propelling the aerospace and defense component market.

View More On The Aerospace And Defense Components Market Report 2023 – https://www.thebusinessresearchcompany.com/report/aerospace-and-defense-components-global-market-report

3. Key Trend

Technological advancements stand out as a prominent trend gaining traction in the aerospace and defense component market. Leading companies in this sector are concentrating on the development of resin technology solutions to bolster their market position. An illustrative example is Toray Composite Materials America, Inc., which launched the flexible and adaptable prepreg system, Toray 2700, in July 2021. This system, designed for high-rate production processes, offers unique adaptability for automation. The patented high-performance resin technology enables the aerospace industry to manufacture high-quality composite parts cost-effectively, especially for high-volume small components like aircraft clips, brackets, and wing ribs. This technology supports flexible cure temperatures and reduces moisture absorption.

4. Major Players

Prominent players in the aerospace and defense components market include Arconic Inc., Toray Composites America Inc., Huntsman International LLC, Hexcel Corporation, Saudi Basic Industries Corporation, Kobe Steel Ltd., Cytec Solvay Group, Constellium SE, DowDuPont Inc., Materion Corp., AMI Metal Inc., TATA Advanced Materials Limited, Koninklijke Ten Cate B.V., Sofitec Aero S.L., and Teijin Ltd.

5. Top Market Segments

The global aerospace and defense components market 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

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The Aerospace And Defense Components Global Market Report 2023  provides a comprehensive analysis of the aerospace and defense components market, covering aspects such as size, trends, drivers, opportunities, strategies, and company analysis. The report encompasses countries such as Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, while the major regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Aerospace 3D Printing Global Market Report 2023

Aerospace Composites Global Market Report 2023

Aerospace Fasteners Global Market Report 2023

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