Aerospace And Defense Components Global Market Report 2024

“Aerospace And Defense Components Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on aerospace and defense components market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for aerospace and defense components? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The aerospace and defense components market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 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
• Companies Mentioned: Arconic Inc.; AMI Metal Inc.; Constellium SE; Cytec Solvay SA; DowDuPont Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Aerospace and defense components are specialized parts designed for use in the manufacturing and servicing of commercial aircraft, military defense systems, and space-related applications. These components are engineered to precise tolerances to meet the specific requirements of their intended missions, contributing to the production of commercial and military aircraft, as well as satellites.

The main materials used for aerospace and defense components include aluminum, titanium, composites, superalloys, steel, plastics, and other products. Aluminum is a silvery-white metallic chemical element with the atomic number 13, known for its excellent thermal and electrical conductivity. These components find applications in various aspects of aircraft, including engines, aerostructures, interiors, equipment, systems and support, as well as avionics. They are utilized by commercial, business, and general aviation, military, and other users in the aerospace and defense sectors.

The aerospace and defense components market research report is one of a series of new reports from The Business Research Company that provides aerospace and defense components market statistics, including aerospace and defense components industry global market size, regional shares, competitors with an aerospace and defense components market share, detailed aerospace and defense components market segments, market trends, and opportunities, and any further data you may need to thrive in the aerospace and defense components industry. This aerospace and defense components market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The aerospace and defense components market size has grown rapidly in recent years. It will grow from $59.59 billion in 2023 to $66.42 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth observed during the historical period in the aerospace and defense components industry can be attributed to several factors. These include the trends in global military spending, growth in commercial aviation, geopolitical tensions leading to increased defense expenditures, initiatives in space exploration, efforts towards upgrades and modernization of existing aerospace systems, and growing concerns about cybersecurity within the defense sector.

The aerospace and defense components market size is expected to see rapid growth in the next few years. It will grow to $98.92 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The anticipated growth in the forecast period for the aerospace and defense components industry can be attributed to various key factors. These include the increasing global threats necessitating advancements in defense capabilities, the commercialization of space leading to new opportunities, efforts towards integrating renewable energy in aviation, the adoption of additive manufacturing and 3D printing technologies for component production, the ongoing trend of electronics miniaturization, and the growth in global air traffic. Major trends expected in the forecast period include the increased use of additive manufacturing and 3D printing, the development of electric and hybrid propulsion systems, greater connectivity and Internet of Things (IoT) integration in aerospace systems, the rise of autonomous and unmanned systems, and a focus on supply chain resilience and digitalization within the industry.

The escalating number of air travelers is anticipated to be a driving force supporting the growth trajectory of the aerospace and defense components market. Air travelers, constituting individuals utilizing airplanes for domestic or international travel, contribute to the burgeoning demand for modern aircraft that necessitate efficient, lightweight, and high-performance components. Notably, the International Air Transport Association (IATA) reported robust demand growth in air travel for March 2023, with a staggering 52.4% increase in global air traffic measured in revenue passenger kilometers (RPKs) compared to March 2022. This surge in air travel substantiates the pivotal role of rising air traveler numbers in driving the growth of the aerospace and defense components market.

The surge in commercial aircraft deliveries stands poised to propel the growth trajectory of the aerospace and defense components market. Commercial aircraft represent a cornerstone of contemporary transportation systems, facilitating swift and efficient travel for passengers and cargo across the world. These aircraft rely extensively on aerospace and defense components to ensure optimal performance, safety, fuel efficiency, and passenger comfort. For instance, in 2022, Airbus SE, a leading aircraft manufacturer based in France, achieved the delivery of 661 commercial aircraft to 84 customers, with 1,078 gross new orders marking an 8% increase from the preceding year. This upsurge in commercial aircraft deliveries substantiates the pivotal role played by this sector in bolstering the growth of the aerospace and defense components market.

Technological advancement emerges as a pivotal trend gaining momentum within the aerospace and defense component markets. Leading companies operating in this sphere are concentrating efforts on developing resin technology solutions to fortify their market position. A notable instance occurred in July 2021 when Toray Composite Materials America, Inc., a prominent US-based producer of advanced composite materials, introduced the Toray 2700-a highly adaptable prepreg system uniquely designed for automation and high-rate production processes. This innovative resin technology enables the aerospace industry to produce high-quality composite parts in high volumes cost-effectively. Employed in compression molding for small high-volume parts such as aircraft clips, molded brackets, and wing ribs, the technology offers flexible cure temperatures and reduced moisture absorption, thereby promising enhanced support for aerospace manufacturing processes.

Major players in the aerospace and defense component sector are prioritizing increased investments to broaden their product portfolios. These investments in production capacities represent significant financial commitments aimed at expanding and enhancing manufacturing capabilities, with a focus on augmenting output to meet escalating demand. An illustrative case is Collins Aerospace, a prominent US-based aerospace technology company, which unveiled plans in December 2022 to inject over $200 million into engineering and production capabilities. Additionally, the company aims to recruit an additional 2,000 highly skilled professionals in the Indian aerospace and defense sectors. This strategic investment is slated to bolster the Collins India Operations Center situated in Bengaluru, focusing on advancing its engineering, digital technology, and manufacturing operations within the country.

In June 2023, Barnes Group Inc., a US-based industrial and aerospace manufacturer and service provider, entered into a definitive agreement to acquire MB Aerospace, with the financial details remaining undisclosed. This strategic acquisition by Barnes Group Inc. is geared towards delivering value-added solutions across the aero-engine value chain. The acquisition aims to deepen and broaden customer relationships, enhance exposure in the defense industry, and achieve a balanced presence across diverse aerospace end markets. MB Aerospace, a US-based precision aero-engine component manufacturing and repair services provider, caters to major aerospace and defense engine OEMs (original equipment manufacturers), Tier 1 suppliers, and MRO (maintenance, repair, and operations) providers. This acquisition signifies Barnes Group Inc.'s strategic move to strengthen its foothold and capabilities in the aerospace and defense components sector, catering to a wider spectrum of industry needs.

Major companies operating in the aerospace and defense components market report are 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 .

North America was the largest region in the aerospace and defense components market in 2023. 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

The countries covered in the aerospace and defense components market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The aerospace and defense components market consist of sales of flat spiral, torque coil, and clutch, and snap rings. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.