The global freighter aircraft market is projected to expand from USD 8.92 billion in 2025 to USD 9.40 billion in 2026 and USD 12.11 billion by 2031, representing a 5.20% compound annual growth rate from 2026 to 2031. ResearchAndMarkets.com attributes the outlook to rising e-commerce volumes, express parcel networks, environmental requirements and demand for dedicated cargo capacity. Passenger-to-freighter conversions (turning passenger aircraft into cargo planes) are forecast to grow at a 5.95% CAGR through 2031, while factory-built aircraft held 51.25% of the market in 2025. North America was the largest regional market in 2026 at USD 4.4 billion, or 46.81% of global revenue, while the Middle East is expected to grow fastest at 6.23% annually. Fleet modernization is being driven by the International Civil Aviation Organization's carbon dioxide design standard, scheduled to apply from 2027, and existing Chapter 14 noise restrictions. The report also identifies fuel and carbon-price volatility, limited conversion feedstock, airport congestion and environmental compliance costs as constraints. Overall, it projects steady expansion through 2031 as constrained passenger belly capacity, changing trade routes and replacement needs support both new freighters and conversions.