by The aerospace parts manufacturing market involves the production of components and parts for aircraft, spacecraft, satellites, and missiles. Some of the major products manufactured include aircraft engine parts, aircraft hydraulic and pneumatic systems, aerostructure, avionics, aircraft seating, aircraft interiors, and other aircraft fabrications. The demand for light-weight, durable and high-strength materials to improve fuel efficiency and reduce emissions has been growing. Precision manufacturing and quality control are of high importance in this market due to critical safety requirements.
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 2024 To 2031.
Key Takeaways
Key players operating in the aerospace parts manufacturing 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. Major players are focusing on new product development and adopting advanced manufacturing technologies like 3D printing to reduce production costs and lead time.
Key opportunities in the market include increasing demand for modernization of existing aircraft fleet and engaging in long term contracts with OEMs for supplies. Emerging economies in Asia Pacific and Middle East regions are expected to drive future growth due to rising passenger traffic and investment in defense capabilities.
The global expansion of the Aerospace Parts Manufacturing Market will be largely influenced by increasing aircraft orders and delivery timelines of major players. Manufacturers are exploring opportunities through partnerships, joint-ventures and acquisitions for geographic expansion and technology enhancements.
Market Drivers
Rising aircraft production rates to meet demand from air passenger and air cargo industries is one of the key drivers for the aerospace parts manufacturing market. Airlines across the world have projected huge aircraft procurement plans over the next two decades that will need associated parts and components from OEMs and tier players. This substantial order backlog ensures workload for years and drives market revenue potentials.
PEST Analysis
Political: The aerospace parts manufacturing industry is highly regulated by agencies such as the Federal Aviation Administration (FAA) and European Union Aviation Safety Agency (EASA) which ensure strict adherence to safety and quality standards by manufacturers.
Economic: Economic factors such as GDP growth, defense budget, industry investment influence demand for new aircraft and replacement of existing fleet which in turn impacts demand for aerospace parts.
Social: With rising living standards and income levels, demand for air travel has increased globally driving the need for more aircraft and replacements influencing growth of the aerospace parts sector.
Technological: Continuous advancements in materials, automation and digitization enable development of more fuel efficient, lightweight and durable aircraft components enhancing performance and reducing maintenance costs. Adoption of additive manufacturing and 3D printing help accelerate prototyping and production of complex parts.
Geographical concentration in terms of value
The North American region accounts for the largest share in value terms for the aerospace parts manufacturing market owing to the presence of major aircraft OEMs and tier 1 suppliers such as Boeing, Lockheed Martin, Honeywell in the United States. This is followed by the European region led by countries including France, United Kingdom and Germany which are home to leading companies such as Airbus, Safran, Rolls Royce.
Fastest growing region
The Asia Pacific Aerospace Parts Manufacturing Market Regional Analysis is projected to be the fastest growing market for aerospace parts during the forecast period driven by rising aircraft demand from emerging economies like China and India. Manufacturers are expanding or setting up new facilities in countries such as Indonesia, Malaysia and Vietnam to capitalize on lower costs and proximity to growing Asian aircraft fleet.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
