PUBLISHER: The Business Research Company | PRODUCT CODE: 1274438
PUBLISHER: The Business Research Company | PRODUCT CODE: 1274438
“Aerospace And Defense Components Global Market Report 2023 ” 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.
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.
Major players in the aerospace and defense components market are 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., Teijin Ltd.
The global aerospace and defense components market is expected to grow from $53.41 billion in 2022 to $59.83 billion in 2023 at a compound annual growth rate (CAGR) of 12.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The aerospace and defense components market is expected to grow to $80.83 billion in 2027 at a CAGR of 9.9%.
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.
Aerospace and defense components refer to parts that are produced to be involved in the manufacture and service of commercial aircraft, military defense, and space. These components are produced with the exact tolerances for their missions. They are used for the production of commercial and military aircraft, and even satellites.
North America was the largest region in the aerospace and defense components market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product of aerospace and defense components are aluminum, titanium, composites, superalloys, steel, plastics, and other products. Aluminum refers to a silvery-white metallic chemical whose atomic number is 13, and it has good thermal and electrical conductivity. These components are used for engines, aerostructure, interiors, equipment, system and support, and avionics by commercial, business, and general aviation, military, and other users.
An increase in regional aircraft is expected to propel the aerospace and defense component market going forward. Regional aircraft refers to a small aircraft that provides passenger air service and tends to fly shorter routes with smaller aircraft that have a seating capacity of fewer than 100 seats. They are used on short- to medium-haul routes. Aerospace and defense components are used in the assembly of parts or a completed unit of any aircraft, so an increase in regional aircraft will propel the market's growth. For instance, in 2020, according to The Clean Sky Joint Undertaking, a Europe-based joint undertaking is a public-private partnership between the European Commission and the European aeronautics, over the next 20 years once the COVID-19 pandemic is over, the global regional air traffic is expected to be increasing at a rate of 4.5% yearly and furthermore, it will generate a market demand for over 8200 new regional aircraft with a market value of €390 billion ($420.9 Billion). Therefore, the increase in regional aircraft is driving the aerospace and defense component market.
Technological advancement is a key trend gaining popularity in the aerospace and defense component markets. Major companies operating in the aerospace and defense components market are focused on developing resin technology solutions to strengthen their position. For instance, in July 2021, Toray Composite Materials America, Inc., a US-based leading producer of high-quality advanced composite materials, launched the flexible and highly adaptive prepreg system, Toray 2700. It is uniquely designed to be highly adaptable for automation and high-rate production processes. The aerospace industry can produce high-quality, high-volume, cost-effective composite parts with the help of a patented high-performance resin technology. For high-volume tiny parts like aircraft clips, molded brackets, and wing ribs, they are employed in compression molding. Flexible cure temperatures and less moisture absorption are expected to be supported.
In April 2020, Novelis Inc., a US-based leading global provider of aluminum rolling and recycling to the aerospace, automotive, and specialty industries, acquired Aleris Corporation for an undisclosed amount. Through this acquisition, combined resources are expected to allow Novelis to expand and enhance its product portfolio and its strategic position in Asia. With the acquisition, Novelis can diversify its portfolio into other premium market segments and expand its aluminum portfolio. Aleris Corporation is a US-based company that specialised in the production and sale of aluminum rolled and extruded products, recycled aluminum, and alloy requirements for a variety of aircraft.
The countries covered in the aerospace and defense components market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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.
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.