The global aerospace parts manufacturing market size is projected to value at USD 1.25 trillion by 2027, with a CAGR of 4.1% from 2020 to 2027. Rising freight traffic and passengers in developing countries are accelerating the demand for advanced aircraft, which is predicted to drive market growth.
Most of the aerospace manufacturing units are connected through the value chain and are active in the manufacturing process. The companies have supplier contracts for the supply of these parts along with in-house production services. The companies are further engaged in the procurement of raw material and quality control and designing of the parts provided by other suppliers.
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This industry is predominantly focused in Europe and North America due to the large-scale existence of eminent aircraft companies. India and China are anticipated to emerge as potential markets in the upcoming years due to the widespread growth of export and aircraft part manufacturing activities. The world trade in sub-assemblies and components has gone up by around 25% in the last ten years. However, the industry is still concentrated with the top 3 economies such as U.S., France, and Germany with a share of above 60% of the overall aircraft manufacturing.
The aerospace parts manufacturing market has witnessed a rising trend of integration of eminent players engaging in joint ventures. The strategy is expected to provide sustainability to companies and combat higher competition based on technological advancements, reduced failure-risk, and geographical expansion. It further supports the company’s easy market access for acquiring long-term contracts.
Further key findings from the report suggest:
• Aerostructure held the largest market with a share of 52.2% based on global revenue due to higher rates of replacement of aluminum with airframe structures and composites.
• The commercial aircraft is expected to register a CAGR of 4.6% from 2020 to 2027 due to changes mandated in the aircraft structure to lower the carbon effluents through its replacement with lightweight materials.
• Asia Pacific was worth USD 149.6 billion in 2019. The region is predicted to account for the highest CAGR due to the booming aviation industry in the region, accelerating the demand for MRO services, thus, creating a positive impact on the aerospace parts manufacturing industry.
• The aerospace parts manufacturing market has firm manufacturing criteria, certification, and safety regulations that control the entry of new players.
• The growing manufacturers in Asia providing low-cost advanced solutions to the users are anticipated to give a tough competition to the eminent players in Europe and North America resulting in competition disruption in the industry.
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