PUBLISHER: The Business Research Company | PRODUCT CODE: 1435634
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435634
Aerospace parts manufacturing involves the production of various components essential for aircraft, including aircraft engines, propulsion systems, auxiliary equipment, and their respective parts. Companies engaged in aerospace parts manufacturing are involved in various activities such as manufacturing, development, sale, testing, and maintenance of airplanes. Their primary focus is on creating the necessary aerospace components required for the construction and assembly of aircraft. This industry plays a critical role in the aviation sector by ensuring the production and supply of high-quality parts that contribute to the overall performance, safety, and functionality of aircraft.
Aerospace parts manufacturing encompasses the production of key products, including engines, aerostructures, cabin interiors, equipment, systems and support, avionics, and insulation components. Engines serve as devices that convert fuel energy into mechanical energy, powering the motion of aircraft. The major applications of these aerospace components include interior and propulsion systems, catering to diverse end-users such as commercial aircraft, business aircraft, military aircraft, and other sectors. This industry plays a crucial role in providing essential components that contribute to the functionality and performance of various types of aircraft, meeting the needs of a wide range of end-users in the aviation sector.
The aerospace parts manufacturing market research report is one of a series of new reports from The Business Research Company that provides aerospace parts manufacturing market statistics, including aerospace parts manufacturing industry global market size, regional shares, competitors with a aerospace parts manufacturing market share, detailed aerospace parts manufacturing market segments, market trends and opportunities and any further data you may need to thrive in the aerospace parts manufacturing industry. This aerospace parts manufacturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The aerospace parts manufacturing market size has grown strongly in recent years. It will grow from $953.43 billion in 2023 to $1002.29 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth observed in the historical period can be attributed to factors such as defense spending, demand in the commercial aviation sector, global economic conditions, outsourcing trends, and adherence to regulatory compliance.
The aerospace parts manufacturing market size is expected to see strong growth in the next few years. It will grow to $1240.24 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The anticipated growth in the forecast period can be attributed to factors such as renewal and modernization efforts, the expanding space industry, increasing demand from emerging markets, a focus on supply chain resilience, and growing concerns for environmental sustainability. Key trends expected in the forecast period include the integration of automation and robotics, the adoption of electrification and hybrid propulsion systems, the implementation of augmented reality (AR) and virtual reality (VR), global collaboration and outsourcing practices, and heightened cybersecurity measures.
Anticipated growth in passenger traffic is expected to drive the aerospace parts manufacturing market in the coming years. Passenger traffic refers to the total number of passengers using airports, including those boarding and disembarking aircraft, calculated as the number of passenger miles traveled divided by the total distance covered during a specific period. The annual increase in passenger traffic necessitates the production of more aircraft, thereby driving the demand for aerospace parts manufacturing. As an example, in August 2022, the International Air Transport Association (IATA), a Canada-based trade association representing global airlines, reported a substantial 229.5% increase in international air traffic in 2022 compared to 2021, and a total air traffic increase of 76.2% in the same period. This surge in passenger traffic is a key factor propelling growth in the aerospace parts manufacturing market.
The increasing demand for commercial aircraft is anticipated to drive the growth of the aerospace parts manufacturing market in the foreseeable future. Commercial aircraft, designed for the profitable transportation of passengers or cargo, rely significantly on aerospace parts manufacturing for the production of high-quality and durable components. These components are crucial for achieving an optimized strength-to-weight ratio, contributing to the reduction of aircraft weight and fuel costs. As highlighted by Airbus SE, a France-based provider of aeronautics, defense, and space-related services, commercial aircraft sales reached 202,184 clients in 2022, reflecting an 8% increase from 2021, with 661 deliveries. The substantial backlog of 7,239 aircraft and 1,078 gross commercial orders (820 net) further underscores the robust demand for commercial aircraft, serving as a key driver for the growth of the aerospace parts manufacturing market.
The aerospace parts manufacturing sector is witnessing a surge in the adoption of technological advancements, marking a prominent trend. Key players in this market are strategically concentrating on innovating new technological solutions to fortify their market positions. A notable instance of this drive is seen in January 2023, when Plataine Ltd., an Israeli AI-driven manufacturing optimization solutions provider, introduced the 'FabricOptimizer.' This novel AI-powered solution incorporates a nesting around defect feature, uniquely engineered to empower manufacturers in automatically selecting optimal options and material quantities. This enables the creation of highly optimized cut plans tailored for specific kits, thereby addressing supply chain and labor force challenges through comprehensive process automation. The 'FabricOptimizer' plays a pivotal role in aerospace manufacturing by significantly minimizing errors, rework, and material wastage, thereby contributing to a continuous enhancement of the overall production process.
Key players in the aerospace parts manufacturing sector are embracing a strategic partnership approach to deliver vital communication services to individuals, businesses, and governments. This strategic collaboration involves leveraging each other's strengths and resources for mutual benefits and shared success. An illustrative example is the partnership forged in May 2021 between Kencoa Aerospace, a US-based aerospace and defense entity, and SyncFab. Their collaboration revolves around leveraging MFG blockchain technology to digitally streamline and fortify the manufacturing supply chain. This concerted effort aims at significantly improving the efficiency and security of the manufacturing process, presenting a Tier-1 solution that addresses industry needs. SyncFab, a US-based platform, acts as the bridge connecting aerospace, space, and defense buyers.
In August 2022, Trelleborg Group, a renowned Sweden-based provider of engineered polymer solutions for aerospace, successfully acquired MG Silikon GmbH for an undisclosed sum. This strategic acquisition is anticipated to bolster Trelleborg's standing within the aerospace sector by combining resources with MG Silikon, particularly amplifying the production capacity for airframe seals. Moreover, this move is poised to empower Trelleborg in broadening its range of silicone-based sealing solutions for cabin interiors. MG Silikon GmbH, headquartered in Germany, specializes in manufacturing aviation components and sealing solutions tailored for both aviation and industrial applications.
Major companies operating in the aerospace parts manufacturing market report are RTX Corporation, General Electric Company, Airbus SAS, Honeywell International Inc., Mitsubishi Heavy Industries Ltd., BAE Systems PLC, Safran S.A., Eaton Corporation PLC, Freudenberg & Co. KG, Rolls Royce PLC, Bombardier Inc., Dassault Systems SE, MTU Aero Engines AG, Spirit AeroSystems Holdings Inc., Embraer S.A., GKN Aerospace Ltd., Woodward Inc., Hexcel Corporation, Triumph Group, Panasonic Avionics Corporation, Jamco Corporation, Kellstrom Defense Aerospace Inc., Intrex Aerospace, Aequs Private Limited, CAMAR Aircraft Parts Company, Lycoming Engines, Aero Engineering & Manufacturing Co., Engineered Propulsion System Inc., Superior Air Parts Inc., Aviant Aerospace Inc.
North America was the largest region in the aerospace parts manufacturing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global aerospace parts manufacturing market report during the forecast period. The regions covered in the aerospace parts manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the aerospace parts manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The aerospace parts manufacturing market includes revenues earned by rubber pad forming and hydroforming. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Aerospace Parts Manufacturing Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on aerospace parts manufacturing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for aerospace parts manufacturing ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The aerospace parts manufacturing market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.