Exhibiting a healthy CAGR, the revenue of the aerospace parts manufacturing market will expand nearly 1.5X during the forecast period, 2019-2029. A substantial increase in the demand for commercial and defense aircraft and concerns over fuel efficiency would be the key growth drivers. In addition, regulations against harmful emissions are increasing investments towards innovation in aerospace parts across the globe.

“The industry will witness a hike in demand for energy-efficient components. Market players will also witness a rise in demand for parts of old-aircraft models along with new lightweight counterparts. Technology and material science innovations will play a key role in shaping up the market,” opines Fact.MR in its new research study.