The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Rapid Growth Trajectory: Past, Present, and Future

• The aerospace and defense components market has witnessed significant growth, expanding from $59.59 billion in 2023 to $66.42 billion in 2024 at a CAGR of 11.4%.
• Factors driving historic growth include global military spending, commercial aviation expansion, geopolitical tensions, space exploration endeavors, upgrades, modernization, and cybersecurity concerns.
• The market is projected to soar to $98.92 billion by 2028, with a CAGR of 10.5%, propelled by escalating global threats, space commercialization, renewable energy adoption in aviation, additive manufacturing, electronics miniaturization, and air traffic growth.

Increasing Air Travelers Fuel Market Growth

• The surge in air travelers serves as a catalyst for the aerospace and defense components market, necessitating efficient, lightweight, and high-performance components to meet modern aircraft demands.
• Strong demand growth in air travel, as evidenced by a 52.4% rise in global air traffic in March 2023 compared to March 2022, underscores this trend.
• Major companies driving market growth include Arconic Inc., Airbus SE, Boeing Company, Raytheon Technologies Corporation, Lockheed Martin Corporation, and many others.

Technological Advancements Revolutionize Market Dynamics

• Technological advancements, notably in resin technology, are reshaping the aerospace and defense components landscape.
• For instance, Toray Composite Materials America, Inc. introduced the Toray 2700 prepreg system in July 2021, facilitating automation and high-rate production processes.
• Barnes Group Inc.’s acquisition of MB Aerospace in June 2023 underscores the industry’s focus on value-add solutions across the aero-engine value chain and deepening customer relationships.

Market Segmentation and Regional Outlook

• The aerospace and defense components market is segmented by product (aluminum, titanium, composites, superalloys, steel, plastics, among others), application (engine, aerostructure, interiors, equipment, system and support, avionics), and end-user (commercial, business and general aviation, military, and others).
• North America dominated the market in 2023, while Asia-Pacific is poised to exhibit the fastest growth during the forecast period.

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The Aerospace And Defense Components Global Market Report 2024  provides an overview of the aerospace and defense components market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The aerospace and defense components market forecast analyzes aerospace and defense components market size, aerospace and defense components market share, leading competitor and their market positions.

The Table Of Content For The Aerospace And Defense Components Market Include:
1. Aerospace And Defense Components Market Executive Summary
2. Aerospace And Defense Components Market Segments
3. Aerospace And Defense Components Market Size And Aerospace And Defense Components Market Growth Rate
4. Key Aerospace And Defense Components Market Trends
5. Major Aerospace And Defense Components Market Drivers
……
25. Key Mergers And Acquisitions In The Aerospace And Defense Components Market
26. Top Aerospace And Defense Components Companies
27. Aerospace And Defense Components Market Opportunities And Strategies
28. Aerospace And Defense Components Market, Conclusions And Recommendations
29. Appendix

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