April 24, 2024
Aerospace Parts Manufacturing Market

Aerospace Parts Manufacturing Market is Estimated to Witness High Growth Owing to Growth of the Commercial Aerospace Industry

The aerospace parts manufacturing market involves the production of aerospace components and parts used in aircraft equipment. Some of the major products include wings, fuselages, doors, engineered system components, and other aircraft structural parts. There is a growing demand for aircraft across regions for commercial applications which is driving the need for aerospace parts.

The global aerospace parts manufacturing market is estimated to be valued at US$ 918.7 Bn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the aerospace parts manufacturing market are Airbus Group, Alcoa Corporation, Arconic Corporation, Boeing, Bombardier Inc., Collins Aerospace, Elbit Systems Ltd, Teijin, Lockheed Martin Corporation, Triumph Group, Inc, Safran , JAMCO Corporation, Rolls-Royce plc.

The market provides huge opportunities for partnerships and collaborations between OEMs and parts manufacturers owing to growth in aircraft orders worldwide. Aerospace Parts Manufacturing Market are focusing on developing innovative and customized solutions through advanced engineering capabilities to fulfill customer requirements.
Technological advancements like 3D printing and use of advanced alloys are driving efficiency and reducing production costs in the aerospace parts manufacturing industry. 3D printing enables fabricating complex customized parts and structures with greater design flexibility.

Market drivers

Growing demand for commercial aircraft globally due to rising air passenger traffic and airline fleet modernization is a key driver. The increasing spending on aircraft refurbishment and maintenance programs by airline operators is also boosting demand for replacement parts. Government investment and funding in the aerospace and defense sector contribute to market growth.

Current Challenges in Aerospace Parts Manufacturing Market

The aerospace parts manufacturing market is facing several challenges currently. Strict safety regulations around the world have increased compliance requirements, raising production costs. Raw material prices are highly volatile owing to geopolitical issues and trade policies. Finding and retaining skilled labor is also a major problem due to aging workforce and lack of training programs. In addition, increasing customer demands for fuel efficiency, lightweighting and customized designs within compressed timelines have made it difficult for parts manufacturers to meet delivery schedules.

SWOT Analysis

Strength: Established supplier network and long term experience in manufacturing critical components.
Weakness: High R&D and capital investment requirements for new technologies like additive manufacturing.
Opportunity: Growth in MRO services and demand for customized lightweight parts from OEMs.
Threats: Internationalization of supply chain exposes local firms to global trade dynamics and disruptions.

Geographically, North America accounts for the largest share in terms of value currently since it is home to major manufacturers like Boeing and Lockheed Martin. Within North America, the United States dominates the market owing to significant defense spending and commercial aerospace production activity. Moving forward, Asia Pacific region is expected to witness the fastest growth during the forecast period driven by expanding manufacturing footprint of Boeing and Airbus as well as increasing indigenous aircraft development programs in China and India.

In terms of value, Western Europe is the second largest region globally supported by the presence of leading OEMs like Airbus and Rolls Royce along with tier 1 suppliers distributing work across countries like France, Germany, Italy and United Kingdom.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.