Aerospace Parts Manufacturing Market Summary
As per MRFR Analysis, the Aerospace Parts Manufacturing Market was valued at 82.9 USD Billion in 2023 and is projected to grow to 120.5 USD Billion by 2035, reflecting a CAGR of 3.17% from 2025 to 2035. The market is driven by increasing demand for fuel-efficient aircraft, technological advancements in manufacturing processes, and rising military aerospace investments.
Key Market Trends & Highlights
Key trends shaping the Aerospace Parts Manufacturing Market include technological innovations and sustainability efforts.
- The market is expected to grow from 85.52 USD Billion in 2024 to 120.5 USD Billion by 2035.
- Commercial Aviation segment projected to rise from 34.25 USD Billion in 2024 to 49.41 USD Billion by 2035.
- Military Aviation market value expected to increase from 20.12 USD Billion in 2024 to 28.66 USD Billion by 2035.
- 3D Printing technology could reduce part manufacturing time by 70%, significantly lowering production costs.
Market Size & Forecast
2023 Market Size: USD 82.9 Billion
2024 Market Size: USD 85.52 Billion
2035 Market Size: USD 120.5 Billion
CAGR (2025-2035): 3.17%
Largest Regional Market Share in 2024: North America.
Major Players
Lockheed Martin, General Electric, Bombardier, Airbus, Leonardo, General Dynamics, Thales, Northrop Grumman, Raytheon Technologies, Honeywell, Brazilian Aircraft, Rockwell Collins, Boeing, MTU Aero Engines, Safran.
Key Aerospace Parts Manufacturing Market Trends Highlighted
A number of significant trends are now being seen in the Aerospace Parts Manufacturing Market. These trends are being driven by technical improvements, an increased demand for air travel, and an emphasis on sustainability.
There has been a substantial change in the market toward digitalization and automation in manufacturing processes, which has enabled firms to improve their efficiency and cut their production costs.
The production of parts is also being revolutionized by technologies such as additive manufacturing and 3D printing, which are enabling more intricate designs while simultaneously reducing the amount of material that is wasted.
The preference for lightweight materials, such as composites, which contribute to improvements in fuel efficiency and overall aircraft performance is another significant trend that has emerged in recent years. Growth in the worldwide population and an increase in disposable income are two factors that are driving the market, which is leading to an increase in the demand for commercial air travel.
Additionally, the aircraft sector is reaping the benefits of government programs that are targeted at enhancing infrastructure and increasing airport capabilities all around the world. As governments seek to upgrade their fleets, the need for aerospace components is being further fueled by the increasing funds that are being invested in the military and security sectors.
The Aerospace Parts Manufacturing Market has a number of opportunities, one of which is the possibility of conventional manufacturers and technology businesses working together to develop new manufacturing methods and enhance existing ones.
Additionally, as the sector shifts its focus toward sustainability, there is a chance to create environmentally friendly materials and production processes that lower the carbon footprint of the aerospace manufacturing business.
Recent developments also indicate that there is a greater emphasis being placed on the robustness of supply chains, which is driving manufacturers to diversify their suppliers and take a more localized approach to the process of procuring parts. This increased operational flexibility has the potential to open up new doors for expansion within the global market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Aerospace Parts Manufacturing Market Drivers
Increasing Demand for Fuel-Efficient Aircraft
The Aerospace Parts Manufacturing Market is witnessing a significant surge in demand for fuel-efficient aircraft driven primarily by the escalating costs of fuel and environmental regulations. Reports from the International Air Transport Association indicate that global air traffic is expected to double by 2037, leading to an equivalent increase in aircraft production rates.
As a result, manufacturers such as Boeing and Airbus are investing heavily in Advanced Composite Materials and more efficient engine technologies to meet this rising demand. These advancements will likely increase the production of aerospace parts tailored for newer aircraft designs, enhancing fuel efficiency and reducing carbon emissions.
Additionally, the European Union has set stringent emissions targets, pushing manufacturers toward innovative solutions that will propel the Aerospace Parts Manufacturing Market further. With this influential backdrop, it is anticipated that over the next decade, the market will fortify its position as companies adapt to changing consumer expectations for sustainable travel.
Technological Advancements in Manufacturing Processes
The Aerospace Parts Manufacturing Market is benefitting from rapid technological advancements that are streamlining manufacturing processes. Innovations such as 3D Printing, also known as additive manufacturing, have revolutionized the production of aerospace components.
According to a report by the Aerospace Industries Association, the adoption of 3D Printing could reduce part manufacturing time by 70%, translating to a significant decrease in overall production costs.
Companies like Lockheed Martin are leading the charge by incorporating advanced manufacturing technologies, thus producing lightweight, complex components that enhance operational efficiencies. As these technologies become more mainstream, it is projected that the overall efficiency in the Aerospace Parts Manufacturing Market will increase, further validating its future growth potential.
Growing Military Aerospace Investments
The Aerospace Parts Manufacturing Market is experiencing robust growth fueled by increased military spending across various regions. Countries like the United States and members of NATO are committing substantial budgets to upgrade their defense capabilities.
According to the Stockholm International Peace Research Institute, global military spending reached trillions, with an expected increase of 3.1% annually. This rise in defense budgets significantly correlates with an upsurge in demand for advanced military aircraft and their associated components, driving growth in aerospace parts manufacturing.
Leading defense contractors such as Northrop Grumman and Raytheon are ramping up production to fulfill these lucrative contracts, which is expected to enhance the overall market growth in the foreseeable future.
Rising Commercial Aviation Fleet Size
The Aerospace Parts Manufacturing Market is also buoyed by the rising size of commercial aviation fleets globally. The International Civil Aviation Organization reports that the global fleet size is expected to increase by 45% over the next two decades. This growth is driven in part by rising disposable incomes and a growing middle class in emerging markets, leading to increased air travel demand.
Additionally, major airline companies such as Delta and United Airlines are expanding their operations, requiring more aircraft and consequently more parts for upkeep and service. This uptrend in aviation fleet expansion directly drives the demand for aerospace parts, positioning the Aerospace Parts Manufacturing Market for sustained growth in the years to come.
Aerospace Parts Manufacturing Market Segment Insights
Aerospace Parts Manufacturing Market Application Insights
The Aerospace Parts Manufacturing Market focused significantly on the Application segment, which encompassed various crucial areas including Commercial Aviation, Military Aviation, Space Exploration, and Unmanned Aerial Vehicles.
In 2024, the market valuation for Commercial Aviation stood at 34.25 USD Billion and is projected to increase to 49.41 USD Billion by 2035, showcasing its critical role as it captured the majority holding of the overall market. Commercial Aviation was paramount, given the consistent increase in air travel demand, which drives the need for advanced aircraft parts and components.
Military Aviation also contributed significantly, with a market value of 20.12 USD Billion in 2024, expected to rise to 28.66 USD Billion in 2035. This segment underscored the importance of national defense and security, with ongoing investments in military aircraft modernization and the development of advanced defense technologies.
Space Exploration, valued at 15.08 USD Billion in 2024 and forecasted to grow to 21.04 USD Billion by 2035, highlighted the growing importance of commercial space ventures and missions. The rise in public-private partnerships in space and the increasing number of missions signal the necessity for specialized aerospace parts to support these ambitious objectives.
Unmanned Aerial Vehicles, with a valuation of 16.07 USD Billion in 2024 and an expected rise to 21.39 USD Billion by 2035, signified a rapidly expanding niche, driven by advancements in drone technology and their applications across various industries including logistics, surveillance, and agriculture, reflecting significant market growth opportunities.
The growth of the Aerospace Parts Manufacturing Market across these Application segments is influenced by several factors, including advancements in technology, the increasing demand for fuel-efficient aircraft, and a rising focus on sustainability in aviation. Also, government investments in aerospace infrastructure contribute to the growth of these sectors.
However, challenges such as regulatory compliance, market volatility, and the need for continuous innovation remain prevalent in an ever-evolving industry. As a result, opportunities in the market are extensive, especially in developing cutting-edge technologies to enhance aircraft performance and efficiency.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Aerospace Parts Manufacturing Market Type of Parts Insights
The market comprises various types of parts, including Structural Components, Engine Components, Electrical Components, and Interior Components. Structural Components often contribute significantly to aircraft performance and safety, making them crucial for manufacturers.
Engine Components are vital for enhancing the efficiency and reliability of engine systems, while Electrical Components are becoming increasingly important due to advancements in avionics and aerospace systems. Interior Components play a key role in passenger comfort and airline branding, thereby enhancing the overall travel experience.
The segmentation of the Aerospace Parts Manufacturing Market allows for detailed insights into specific growth drivers and competitive trends within this dynamic industry, showcasing the evolving nature of aerospace manufacturing and the opportunities it presents on a global scale.
With strong demand patterns and technological advancements, the market shows promising growth potential across all parts categories, aligning well with the industry’s progressive trajectory.
Aerospace Parts Manufacturing Market Material Insights
The Aerospace Parts Manufacturing Market, particularly focusing on the Material segment, is characterized by a significant valuation. Key insights reveal that aluminum plays a vital role due to its lightweight and corrosion-resistant properties, making it a preferred choice for various components.
Titanium, known for its strength and durability, is increasingly being utilized in critical aircraft structures, reflecting its dominating presence in the market. Composite materials are gaining traction owing to their excellent strength-to-weight ratio, contributing to fuel efficiency and overall performance enhancements in aircraft.
Steel, while heavier, is essential for specific parts that require high strength and resilience. The overall market growth is driven by the increasing demand for fuel-efficient aircraft and advancements in material technologies.
Additionally, challenges include fluctuating raw material prices and stringent regulatory frameworks, while opportunities arise from the rising trend towards lightweight materials and sustainable manufacturing processes. The Aerospace Parts Manufacturing Market revenue showcases a diverse and evolving landscape, supported by innovations in material science and engineering.
Aerospace Parts Manufacturing Market End-use Insights
The Aerospace Parts Manufacturing Market is a vital segment within the larger aerospace industry. This market is thoroughly segmented by End-use, primarily focusing on Original Equipment Manufacturer and Aftermarket applications.
The Original Equipment Manufacturer segment plays a pivotal role in driving market growth by providing essential parts and components for new aircraft, catering to the ongoing demand for advanced technology and fuel-efficient designs.
In contrast, the Aftermarket segment is equally significant, as it ensures the maintenance and servicing of existing aircraft, leveraging robust demand from airlines looking to extend the lifespan and performance of their fleets.
According to various industry statistics, the Aerospace Parts Manufacturing Market is expected to experience steady growth due to increasing air travel, regulatory requirements, and the need for innovative materials and manufacturing techniques.
Additionally, challenges such as supply chain vulnerabilities and fluctuating raw material prices may impact both segments, yet the opportunities for growth remain profound, particularly in emerging markets where aviation infrastructure is rapidly expanding.
Aerospace Parts Manufacturing Market Regional Insights
The Aerospace Parts Manufacturing Market was a dynamic sector, with significant contributions from various regions. In 2024, the North America region held a dominant position with a valuation of 35.0 USD Billion, expected to grow to 50.0 USD Billion by 2035, showcasing its majority holding in the market.
Europe followed, with a valuation of 25.0 USD Billion in 2024, rising to 35.0 USD Billion, reflecting its importance in aerospace innovation and manufacturing capabilities. The Asia Pacific region, valued at 15.0 USD Billion in 2024 and projected to reach 20.0 USD Billion by 2035, presents substantial growth opportunities driven by increasing air travel demand and investments in aircraft manufacturing.
Meanwhile, South America, with 5.0 USD Billion in 2024, and Middle East and Africa combined at 5.52 USD Billion, represented smaller yet essential segments with emerging markets attracting investments.
The Aerospace Parts Manufacturing Market statistics highlighted these regional dynamics, showcasing varying growth rates, with North America and Europe leading due to advanced technological infrastructure and strong market presence.
The overall market exhibited trends such as increased demand for lightweight materials and environmentally friendly solutions, shaping its future trajectory globally.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Aerospace Parts Manufacturing Market Key Players and Competitive Insights
The competitive landscape of the Aerospace Parts Manufacturing Market is characterized by a dynamic interplay of various factors, including technological advancements, regulatory compliance, and shifting consumer demands. As the aerospace industry experiences significant growth driven by the increasing global air travel, the demand for aviation parts and components continues to escalate.
This has resulted in a market that is not only competitive but also rapidly evolving, with key players leveraging innovation as a cornerstone of their strategies. Collaboration and strategic partnerships have become integral, allowing manufacturers to enhance their product offerings and streamline operations while adapting to changing market conditions.
The landscape features both established enterprises with strong brand equity and emerging contenders aiming to carve out their niche in this lucrative market. Analyzing the competitive insights offers a glimpse into how different players are positioning themselves to capitalize on current trends and meet the global demands effectively.
Lockheed Martin holds a prominent position in the Aerospace Parts Manufacturing Market, showcasing a solid presence characterized by technological expertise and innovation. The company's strengths lie in its extensive capabilities in defense and aerospace, which position it favorably in an increasingly competitive environment.
Lockheed Martin's well-established reputation for reliability and cutting-edge technology fosters trust among clients and enhances its competitive edge. The company actively invests in research and development, enabling it to stay ahead by optimizing product designs and manufacturing techniques.
This focus on innovation and superior engineering not only heightens its product offerings but also solidifies its place as a leader in the aerospace sector. Lockheed Martin's strategic partnerships and collaborations further bolster its market stance, allowing it to navigate the complexities of the Aerospace Parts Manufacturing Market with both agility and foresight.
General Electric is a significant player in the Aerospace Parts Manufacturing Market, known for its diverse portfolio and innovative solutions tailored to the aviation industry. The company offers a broad range of products, including jet engines, avionics, and other advanced aerospace components, positioning itself as a key contributor to global aviation.
General Electric's market presence is strengthened by its commitment to research and innovation, continuously upgrading its offerings to enhance performance and efficiency. The company has engaged in strategic mergers and acquisitions that enrich its capabilities and expand its technological horizons, further consolidating its market share.
Through targeted investments in emerging technologies and sustainable practices, General Electric not only addresses current market demands but also anticipates future trends in the aerospace sector.
This proactive approach, alongside its established reputation for high-quality products, plays a vital role in General Electric's sustained success in the competitive landscape of the Aerospace Parts Manufacturing Market.
Key Companies in the Aerospace Parts Manufacturing Market Include
- Lockheed Martin
- General Electric
- Bombardier
- Airbus
- Leonardo
- General Dynamics
- Thales
- Northrop Grumman
- Raytheon Technologies
- Honeywell
- Brazilian Aircraft
- Rockwell Collins
- Boeing
- MTU Aero Engines
- Safran
Aerospace Parts Manufacturing Market Developments
The Aerospace Parts Manufacturing Market has seen several significant developments recently. Lockheed Martin and General Dynamics continue to expand their supply chains, while General Electric is focusing on enhancing its Aviation segment by investing in sustainable technology.
Airbus announced its partnership with Bombardier for advanced manufacturing techniques, reinforcing their competitive edge in the market. In October 2023, it was highlighted that Raytheon Technologies is actively pursuing innovations in aerospace materials, aiming to boost efficiency in production.
Recent months have also seen Thales and Northrop Grumman receiving government contracts worth billions to supply military aerospace components, reflecting a growing demand for defense-related parts. Furthermore, in September 2023, Honeywell announced the acquisition of an aeronautical parts manufacturer to strengthen its portfolio.
Safran and MTU Aero Engines are collaborating on engine components to meet the rising demand for fuel-efficient engines in both commercial and military aircraft.
The market continues to evolve, particularly with the rising interest in electric and hybrid aerospace solutions, indicating a shift towards more sustainable practices within the industry as companies increasingly focus on Research and Development to adapt to these changing demands.
Aerospace Parts Manufacturing Market Segmentation Insights
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Aerospace Parts Manufacturing Market Application Outlook
- Commercial Aviation
- Military Aviation
- Space Exploration
- Unmanned Aerial Vehicles
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Aerospace Parts Manufacturing Market Type of Parts Outlook
- Structural Components
- Engine Components
- Electrical Components
- Interior Components
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Aerospace Parts Manufacturing Market Material Outlook
- Aluminum
- Titanium
- Composite Materials
- Steel
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Aerospace Parts Manufacturing Market End-use Outlook
- Original Equipment Manufacturer
- Aftermarket
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Aerospace Parts Manufacturing Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
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Report Attribute/Metric
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Details
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Market Size 2023
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82.9(USD Billion)
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Market Size 2024
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85.52(USD Billion)
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Market Size 2035
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120.5(USD Billion)
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Compound Annual Growth Rate (CAGR)
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3.17% (2025 - 2035)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Base Year
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2024
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Market Forecast Period
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2025 - 2035
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Historical Data
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2019 - 2024
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Market Forecast Units
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USD Billion
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Key Companies Profiled
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Lockheed Martin, General Electric, Bombardier, Airbus, Leonardo, General Dynamics, Thales, Northrop Grumman, Raytheon Technologies, Honeywell, Brazilian Aircraft, Rockwell Collins, Boeing, MTU Aero Engines, Safran
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Segments Covered
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Application, Type of Parts, Material, End-use, Regional
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Key Market Opportunities
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Increased demand for lightweight materials, Growth in electric aircraft manufacturing, Advances in additive manufacturing technologies, Expansion of aftermarket services, Rising focus on automation and Industry 4.0.
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Key Market Dynamics
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Technological advancements, Growing demand for aircraft, Stringent regulatory compliance, Supply chain disruptions, Increasing focus on sustainability
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Countries Covered
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North America, Europe, APAC, South America, MEA
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Aerospace Parts Manufacturing Market Highlights:
Frequently Asked Questions (FAQ) :
The market was valued at 85.52 USD Billion in 2024.
By 2035, the market is projected to reach a valuation of 120.5 USD Billion.
The expected CAGR for the market during this period is 3.17 %.
North America held the largest market share with a valuation of 35.0 USD Billion in 2024.
The North American market is expected to reach a valuation of 50.0 USD Billion by 2035.
The Commercial Aviation segment was valued at 34.25 USD Billion in 2024.
The Military Aviation segment is expected to grow to 28.66 USD Billion by 2035.
Key players include Lockheed Martin, General Electric, Airbus, Boeing, and Honeywell among others.
The Space Exploration segment was valued at 15.08 USD Billion in 2024.
The Unmanned Aerial Vehicles segment is expected to grow to 21.39 USD Billion by 2035.
