Aerospace Parts Manufacturing Market Expected to Reach US ~$1,211.27 Billion and CAGR 4.1% by 2030 – Polaris Market Research
Aerospace is known as the human effort that deals with designing and building machines that fly in the earth’s atmosphere and the surrounding area. An aerospace manufacturer develops parts such as aero engines, fan blades, turbines, jets, aircraft braking system components, hydraulic fittings, and engine propulsion systems. Such parts are made from advanced materials, like titanium alloys, nickel-based superalloys, special steels, or ultrahigh-temperature ceramics. Most aircraft manufacturers carry internal manufacturing facilities and make agreements with suppliers for the procurement of these parts.
“The global aerospace parts manufacturing market was valued at USD 851.17 billion in 2021 and is expected to reach USD 1,211.27 Billion By 2030, to grow at a CAGR of 4.1% during the forecast period.”
The growing demand for lighter, innovative, as well as fuel-efficient airplanes in order to minimize carbon emissions is expected to boost the market demand over the forecast period. aircraft and its parts are majorly used across the civil and military aviation aircraft industry. Most production is completed in accordance with type certificates and Defense Standards approved by a government body.
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Aerospace Parts Manufacturing Market: Growth Drivers
The rising collaboration for the advancement of aviation goods amongst leading competitors in the manufacturing industry is driving the growth of the global aerospace parts manufacturing market. Factors such as the rising adoption of advanced technological capabilities for the development of aerospace components, such as additive manufacturing, IoT, and blockchain along with airworthiness for the manufacturing of superior-quality products, including critical aircraft parts, such as wings and fuselage are anticipated to accelerate the market growth. Also, the surging requirement for aircraft across the civil and military aviation aircraft industry is projected to boost the growth of the worldwide market over the forecast period. Growing government initiatives for space exploration are further expected to fuel the marketplace for aerospace parts manufacturing.
Top Market Players Profiles Covered in This Report:
- CAMAR Aircraft Parts Company
- Composite Technology Research Malaysia Sdn. Bhd. (CTRM)
- Ducommun Inc.
- Eaton Corporation plc
- Elektro-Metall Export GmbH
- Engineered Propulsion System
- GE Aviation
- Honeywell International Inc.
- IHI Corp.
- Intrex Aerospace
- JAMCO Corp.
- Kawasaki Heavy Industries Ltd.
- Liebherr International AG
- Lufthansa Technik AG
- Mitsubishi Heavy Industries Ltd.
- MTU Aero Engines AG
- Raytheon Technologies Corp.
- Rolls Royce plc
- Safran Group
- Spirit AeroSystems Inc.
- Subaru Corp.
- Superior Aviation Beijing
- Textron Inc.
- Woodward Hexcel.
Aerospace Parts Manufacturing Market: Segmentation
Insight by Product
Based on product, the aerostructure parts segment is expected to lead the market with the major share in the aerospace parts manufacturing market during the forecast period. This growth can be attributed to the growing use of composite materials in the manufacturing of fuselages to reduce endurance maintenance in high-stress-loaded environments. In addition, the development of innovative lighter aircraft constructions that improve efficiency is fueling the segment growth.
The insulation component segment is anticipated to grow significantly during the forecast period owing to the rising airplane fleet and regular maintenance and replacement of aerospace parts. However, the avionics segment is expected to show considerable growth during the projected period. The factors such as technological advancements planned maintenance activities, and increasing demand for fuel-saving technologies are boosting the segment growth.
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Insight by End-Use
Based on end-use, the commercial aircraft segment is anticipated to account for the largest market share in the global aerospace parts manufacturing market during the foreseen period due to growing air traffic in emerging nations such as India and China. Moreover, rapid urbanization coupled with business & tourism travel is likely to drive the segment demand. The military aircraft segment is expected to experience considerable growth during the study period.
Geographic Overview: Aerospace Parts Manufacturing Market
Based on geography, the North American market accounted for the largest market share in 2021 and is anticipated to continue its dominance over the estimated period owing to the presence of major manufacturers, growing need for innovative airplanes, as well as new-generation aircraft. Also, the rising demand for fixed-wing aircraft in the U.S. is expected to boost market growth.
Asia Pacific is projected to show considerable growth over the forecast period because of growing maintenance, repair, and overhaul (MRO) operations in the region’s emerging nations. In addition, the growing population and the rising disposable income of consumers are anticipated to boost the demand for an airplane which will accelerate the market growth in the region.
In May 2021 Kencoa Aerospace Corporation, global aerospace and defense manufacturing, and materials company as teamed with SyncFab, the initial Manufacturing Blockchain as well as Supply Chain Blockchain solution for parts suppliers and buyers, to provide digitalization ease and efficiency to industry-leading clients in the aviation, aircraft, and military sectors.
In June 2019, the Boeing Company, a significant stakeholder in the aircraft manufacturing sector, reached a deal to buy Encore Aerospace LLC, an aircraft interiors manufacturer.
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Aerospace Parts Manufacturing Market: By Product Outlook
- Cabin Interiors
- Equipment, System, and Support
- Insulation Components
Aerospace Parts Manufacturing Market: By End-Use Outlook
- Business Aircraft
- Commercial Aircraft
- Military Aircraft
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