According to Stratistics MRC, the “Global Aerospace Parts Manufacturing Market” is accounted for $855.04 billion in 2018 and is expected to reach $1, 456.89 billion by 2027 growing at a CAGR of 6.1% during the forecast period. Rise in passenger & freight traffic, and increase in the rate of aircraft fleet replacement are the major factors propelling the market growth. However, factor such as fluctuation in the raw material prices is hampering the market growth.
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An aerospace parts manufacturer is a company or individual involved in the various aspects of designing, building, testing, selling, and maintaining aircraft parts. Aerospace is a high technology industry. Most production is done pursuant to type certificates and defense standards issued by a government body. The aircraft parts manufacturing industry is the industry supporting aviation by manufacturing aircraft parts for their maintenance. This includes aircraft parts used for civil aviation and military aviation. This term has been largely subsumed by the more encompassing term aerospace industry. A majority of the aircraft manufacturing companies are integrated across the value chain and are highly active in the parts manufacturing process. These companies have in-house production facilities as well as supplier contracts for the procurement of these parts. The manufacturers are also involved in raw material procurement and designing and quality control of the parts offered by third party suppliers.
Opportunity: Increasing inclination towards lightweight materials would provide ample opportunities for the market growth.
Increasing emphasis to reduce total aircraft weight by using lightweight parts attempting to improve its energy efficiency is likely to have a positive impact on market growth and creates ample opportunities. The market has witnessed an inclination toward the incorporation of lightweight materials for aerospace parts manufacturing, on account of improvement in terms of performance and cost-efficiency of the end-use structure. The market participants are exhibiting a preference for lightweight aluminum alloys owing to its superior corrosion resistance and ability to retain strength at high temperatures.
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Driver: Growing demand for commercial aircrafts is driving the market growth.
As significant changes are being incorporated in the aircraft structure to reduce the carbon emissions by replacing existing parts with lightweight materials, the demand for commercial aircrafts is increased drastically. Replacement of in-service aging aircraft with fuel-efficient aircraft is impelled by rising energy costs, which accounts for a significant share in the operation of commercial airlines. The aerospace parts for commercial aircrafts are estimated the highest demand owing to the rise in passenger and freight traffic. Increasing demand for cargo services, with improved trade relations across the globe is also anticipated to drive the growth of the market.
North America region is anticipated to hold considerable market share during the forecast period:
By geography, the North America region is anticipated to hold considerable market share during the forecast period. North America maintains hold on the global aerospace parts manufacturing market with more than half of the total revenue share. Ascending demand for new-generation aircraft is expected to boost the regional growth over the forecast period. Early adopters in this region are continuously upgrading their aircraft technologies which demand manufacturing of new parts. The region is expected to maintain a majority market share. The aerospace parts manufacturing market in U.S. is characterized by the ascending demand for landing gear and other support components, on account of the upward trend of replacing old landing gear with advanced systems. In addition, the rising demand for fixed-wing aircraft in U.S. is anticipated to drive demand.Some of the key players profiled in the Aerospace Parts Manufacturing Market include Bridgestone Corporation, Dassault Systems, Eaton Corporation plc, Intrex Aerospace, JAMCO , Corporation, Lycoming Engines, Premium Aerotech, Rolls Royce Plc, Safran Group, Sumitomo Precision Products Co. Ltd, Triumph Group, Woodward Inc, and Zodiac Aerospace.
Eaton Corporation plc: In July 2019, Eaton has acquired Souriau-Sunbank connection technologies. The reason behind the acquisition is to provide energy efficient solutions that help the customers effectively manage electrical, hydraulic and mechanical power more efficiently, safely and sustainably. Eaton is dedicated to improving the quality of life and the environment through the use of power management technologies and services.
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Rolls Royce Plc: In October 2019, Rolls-Royce has completed the acquisition of the electric and hybrid-electric aerospace propulsion activities of Siemens, following a period of employee consultation. The technology portfolio and skills that have acquired complement the existing developments in electrification, which include micro-grids and hybrid electric trains as well as aerospace applications.
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