12:58 PM EDT, 09/11/2024 (MT Newswires) -- Honeywell International ( HON ) Chief Executive Vimal Kapur said Wednesday that its aerospace unit's ability to supply parts to Airbus and Boeing ( BA ) will determine its growth in 2025, rather than on market demand.

"I mean, it continues to be a supply-constrained market. That fact hasn't changed. We had forecasted that will change by Q4 this year. That didn't occur. I think it slipped on to 2025 now. So I would say that the commercial aerospace, the demand of Airbus Boeing would not really determine our growth rate next year. It will be our ability to supply them," he said at a conference.

Kapur added that defense is now the fastest-growing part of Honeywell's ( HON ) business, making up about 35% of it. This growth is expected to accelerate even more next year.

The company's modeling suggests that how this market is shaping up between the demand for business jets, commercial aerospace, and defense, this is going to be a long-term growth market, he said.

"So therefore, when you add it all together, defense being a new growth vector, urban

mobility, the continued growth in commercial and business yet, it's a long-term growth trend for a while," Kapur said.

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