SAN FRANCISCO, January 26, 2022 /PRNewswire/ — The World aerospace parts manufacturing market size is expected to reach $1,233.2 billion by 2030 at a CAGR of 4.0%, according to a new report from Grand View Research, Inc.. Rising passenger and cargo traffic in emerging economies is driving the demand for next-generation aircraft, which in turn is expected to drive the market growth.
Main information and conclusions of the report:
- In 2019, aerostructure led the product segment, with 52.2% revenue share due to the high rate of replacement of aluminum with high-cost composites in fuselage and airframe structures
- The commercial aircraft segment is estimated to grow at the fastest CAGR of 4.6% during the forecast period as significant changes are incorporated into the structure of the aircraft to reduce carbon emissions by replacing the existing parts with lightweight materials.
- The market in the Asia Pacific was rated at $149.6 billion in 2019 and is expected to expand at the highest CAGR due to the rapid growth of the aerospace industry, increasing the growth of MRO services, thereby impacting the aerospace parts manufacturing industry on a positive note
- The aerospace parts manufacturing market has stringent manufacturing standards, safety regulations, and certifications, which limits the entry of new entrants
- The emerging actors of Asia offering innovative low-cost solutions to end-users is expected to challenge established players in North America and Europe, leading to a disturbance of competition in the market
Read the 311-page Market Research Report, “Aerospace Parts Manufacturing Market Size, Share and Trend Analysis Report by Product, (Insulation Components, Aerostructure), By End Use (Commercial Aircraft, Business Aircraft), by Region and Segment Forecast, 2022-2030”, published by Grand View Research.
The majority of aircraft manufacturers are integrated throughout the value chain and are very active in the parts manufacturing process. These companies have in-house production facilities as well as supplier contracts for the supply of these parts. Manufacturers are also involved in the sourcing of raw materials and the design and quality control of parts offered by third-party suppliers.
The aerospace parts manufacturing market is mainly concentrated in North America and Europe, due to the presence of major aircraft manufacturers. China and India are expected to emerge as the major markets in the coming years, due to the rapid growth of aircraft parts manufacturing and export business. Global trade in components and sub-assemblies has increased by around 25% over the past decade. However, the sector still remains consolidated with the first 3 countries including the United States, Germany, and France, accounting for more than 60% of total aircraft manufacturing.
The market has observed a trend of collaboration of large companies entering into a joint venture. This helps companies to stay in the highly competitive market in terms of geographical expansion, technological advancements and reduced risk of failure. It also helps companies easily access the market to secure long-term contracts.
Grand View Research has segmented the global aerospace parts manufacturing market based on product, end-use, and region:
- Aerospace Parts Manufacturing Product Outlook (Revenue, USD Billion, 2017 – 2030)
- Cabin interiors
- Equipment, system and support
- Insulation components
- Aerospace Parts Manufacturing End-Use Outlook (Revenue, USD Billion, 2017 – 2030)
- Commercial aircraft
- Business aircraft
- military aircraft
- Other aircraft
- Aerospace Parts Manufacturing Regional Outlook (Revenue, USD Billion, 2017 – 2030)
- North America
- The Netherlands
- Asia Pacific
- Central & South America
- Middle East & Africa
List of Major Aerospace Parts Manufacturing Market Players
- Jamco Corp.
- Intrex Aerospace
- Rolls Royce plc
- CAMAR aircraft parts company
- Safran Group
- Woodward Hexcel
- Engineering propulsion system
- Eaton Corporation plc
- GE Aviation
- Textron, Inc.
- Raytheon Technologies Corp.
- MTU Aero Engines AG
- Superior Aviation Beijing
- Honeywell International, Inc.
- Mitsubishi Heavy Industries, Ltd.
- Composite Technology Research Malaysia Sdn. Bhd. (CTRM)
- Kawasaki Heavy Industries Ltd.
- IHI Corp.
- Subaru Corp.
- Lufthansa Technik AG
- Spirit AeroSystems, Inc.
- Ducommun, Inc.
- Liebherr International AG
- Electro-Metall Export GmbH
- Diehl Aviation
- Panasonic Avionics Corp.
- Thales Group
- Dassault Group
- Parker Hannifin Corp.
- Chemetall GmbH
- Daher Group
Check out more studies related to aerospace parts and materials, published by Grand View Research:
- Aerospace & Defense Class C Parts Market – The global Aerospace & Defense Class C parts market size has been estimated at $15.21 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.5% from 2020 to 2027. The high potential for product adoption in aerospace applications to improve the strength and durability of aircraft parts is expected to drive the growth of the market.
- Aerospace and Defense Materials Market – The global aerospace and defense materials market size has been estimated at $20.74 billion in 2019 and is expected to register a CAGR of 4.0% over the forecast period. The increase in the replacement of aging aircraft has led to an increase in the manufacturing of new aircraft, which in turn is expected to drive the growth of the market.
- Aerospace Composites Market – The global aerospace composites market is expected to witness significant growth owing to the increase in aircraft production owing to the booming aviation industry. The aerospace sector contributes a large share of the composites market owing to the increased use of lightweight materials for interior and exterior parts.
Browse Grand View Research coverage on the Global advanced interior materials industry.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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