Global Aerospace Parts Manufacturing Market Overview
Aerospace Parts Manufacturing Market Size was valued at USD 6.45 billion in 2022. The Aerospace Parts Manufacturing market is projected to grow from USD6.71445 billion in 2023 to USD 8.5450 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.10% during the forecast period (2023 - 2030). Rise in air passenger traffic, increase in import-export of goods, and Increase in the rate of aircraft fleet replacement are the key market drivers enhancing the market growth.
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Aerospace Parts Manufacturing Market Trends
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Advancement of aviation goods is driving the market growth.
The manufacturing industry benefited from increased collaboration for advancing aviation goods amongst leading competitors. For Instance, Kencoa Aerospace Corporation has teamed with SyncFab, the initial Manufacturing Blockchain and Supply Chain Blockchain platform between components manufacturers and purchasers, to provide digitalization ease and efficiency to customers in the aviation, aircraft, and military sectors to boost the market CAGR.
Additionally, leading manufacturers are moving their production activities to emerging nations to satisfy rising demand from MRO solution suppliers, influencing the aviation components factory industry. Moreover, airplanes' longer in-service duration gives industry participants lucrative prospects over the anticipated period. However, on the contrary, excessive capital expenditure and fluctuating raw material costs are projected to increase the Aerospace Parts Manufacturing market revenue. Also, advanced technological capabilities and airworthiness for producing superior-quality products, including critical aircraft parts, such as wings and fuselage, are expected to boost industry growth.
 Tier 1 suppliers, which comprise systems and major structure manufacturers engaged in manufacturing aero engines, turbines, jets, and engine propulsion systems, experience severe pressure from OEMs. As a result, the industry demonstrates increasing consolidation through tier 1 of the supply chain, owing to rising mergers & acquisitions to reduce the supply chain complexity. The industry players face competition in terms of product quality and design. The industry players target customers with customized requests to sustain themselves in the market. Companies are also likely to adopt emerging technologies, such as additive manufacturing, to replace the traditional manufacturing process of smaller aircraft components with complex structures.
Aerospace Parts Manufacturing Market Segment Insights
Aerospace Parts Manufacturing Product Insights
Based on product, the Aerospace Parts Manufacturing market segmentation includes Engines, Aircraft Manufacturing, Cabin Interiors, Avionics, Insulation Components, Equipment, Systems, and Support. The insulation Components segment is expected to witness the fastest market share because of the rapid replacement rate of the products. This category is expected to grow at the fastest rate until 2030. The insulation components are required for the chamber where heat from the aircraft's moving parts cannot enter. The aircraft manufacturing industries constantly need essential parts and components to manufacture full-fledged aircraft with cutting-edge technology. To make this happen, key parts and components must be used in the aircraft continues to ensure every aircraft component's smooth and effective operation. This is why aerospace parts manufacturers see the aircraft manufacturing industry as one of the key segments to generate massive revenue figures.
Aerospace Parts Manufacturing Application Insights
The Aerospace Parts Manufacturing market segmentation, based on application, includes commercial aircraft, business aircraft, military aircraft, and others. Commercial Aircraft accounts for the largest market share. The segment anticipated the highest demand due to increased passenger and freight traffic. With improved trade relations, there is an increase in demand for cargo services, which is expected to drive industry growth. Product demand for business aircraft is expected to rise due to low prices and increased aircraft size. Business aircraft are expected to increase productivity because they take less time to travel than other modes of transportation. This will drive demand for business aircraft over the forecast period, benefiting industry growth. The military aircraft segment is expected to grow considerably over the forecast period due to increasing demand for fighter aircraft due to a surge in security concerns and rising government initiatives to strengthen their military base.
Figure 1: Â Aerospace Parts Manufacturing Market, by Application, 2022 & 2030 (USD billion)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Aerospace Parts Manufacturing Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American aerospace parts manufacturing marketwill dominate this market due to rising requirements for innovative airplanes and increasing demand for fixed-wing aircraftwill boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Â AEROSPACE PARTS MANUFACTURING MARKET SHARE BY REGION 2022 (%)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Aerospace Parts Manufacturing market accounts for the second-largest market share due to theRise in Air Passenger Traffic and Increase in the Import-Export of goods. Further, the German Aerospace Parts Manufacturing industry held the largest market share, and the UK Aerospace Parts Manufacturing market was the fastest-growing market in the European Region.
The Asia-Pacific Aerospace Parts Manufacturing Market is expected to grow at the fastest CAGR from 2023 to 2030. This is due to increasing maintenance, repair, and overhaul (MRO) operations in the Region's emerging economies. Moreover, China’s Aerospace Parts Manufacturing industry held the largest market share, and the Indian Aerospace Parts Manufacturing industry was the fastest-growing market in the Asia-Pacific region.
Aerospace Parts Manufacturing Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Aerospace Parts Manufacturingmarket grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Aerospace parts manufacturing industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Aerospace Parts Manufacturing industry to benefit clients and increase the market sector. In recent years, the Aerospace Parts Manufacturing industry has offered the military some of the most significant advantages. Major Aerospace Parts Manufacturing market players, including JAMCO Corporation, Intrex Aerospace, Rolls Royce PLC,CAMAR Aircraft Parts Company,Safran Group, and others, are attempting to increase market demand by investing in research and development operations.
Kencoa supplies special materials used in. space and aircraft, manufacturing aerostructure including the engine and. space launch system-related parts, MRO including defense MRO and. passenger to freighter conversion, and Advanced air mobilities. SPACE. Korea is a premier Tier-1 Space, Defense, Aerospace, UAM supplier of multi-axis precision machined and sheet metal fabricated aerostructures, jet engine components, and major assemblies for space, commercial, military, and business/regional jets worldwide. Kencoa's capabilities and state-of-the-art technologies provide customers with high-quality, high-value, cost-competitive products, and services. Kencoa Aerospace Corporation, aerospace and defense manufacturing and materials company, has partnered with SyncFab, the first Manufacturing Blockchain and Supply Chain Blockchain solution for parts suppliers and buyers, to deliver digital transformation convenience and efficiencies to shared industry-leading clients in space, aerospace, and defense industries.
Kymera International has a long history of producing specialty alloy powders, pastes, and granules for over 100 years for the aerospace, automotive, electronics, medical and industrial markets. The Group has manufacturing plants in seven countries. It produces a wide array of materials, including aluminum and aluminum alloys, copper and copper alloys, copper oxide, titanium, vanadium, niobium, and molybdenum master alloys, plain bearing alloys, silver coated, tin, zinc, coatings, and various specialty alloys in a wide range of shapes and particle sizes from coarse to ultrafine (<1um). Products include powders, pastes, nuggets, and granules. Kymera International has completed its transaction with Ametek, Inc., based in Pennsylvania in the United States. It has announced the acquisition of 100% shares of the Reading Alloys business, which includes the development and production of master alloys, thermal barrier coatings, and titanium powders that are used in the aircraft industry, which in turn expanded the company’s business and its product portfolio.
Key Companies in the aerospace parts manufacturing market include.
- JAMCO Corporation
- Intrex Aerospace
- Rolls Royce PLC
- CAMARA Aircraft Parts Company
- Safran Group
- Brunswick Corporation
Aerospace Parts Manufacturing Industry Developments
For Instance May 2021 Kencoa Aerospace Corporation, aerospace and defense manufacturing and materials company, has partnered with SyncFab, the first Manufacturing Blockchain and Supply Chain Blockchain solution for parts suppliers and buyers, to deliver digital transformation convenience and efficiencies to shared industry-leading clients in space, aerospace and defense industries.
For Instance March 2020 Kymera International has completed its transaction with Ametek, Inc., based in Pennsylvania in the United States. It has announced the acquisition of 100% shares of the Reading Alloys business, which includes the development and production of master alloys, thermal barrier coatings, and titanium powders that are used in the aircraft industry, which in turn expanded the company’s business and its product portfolio.
For Instance July 2019 Kordsa Teknik Tekstil A.S. announced the acquisition of Axiom Materials. This aerospace composite manufacturer enhances its business in the advanced composite materials industry and strengthens its product portfolio.
Aerospace Parts Manufacturing Market Segmentation
Aerospace Parts Manufacturing Product Outlook
- Engines
- Aircraft Manufacturing
- Cabin Interiors
- Avionics
- Insulation Components and Equipment
- System and Support
Aerospace Parts Manufacturing Application Outlook
- Commercial Aircraft
- Business Aircraft
- Military Aircraft
- others
Aerospace Parts Manufacturing Regional Outlook
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North America
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Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Rest of the World
- Middle East
- Africa
- Latin America
