Aerospace Parts Manufacturing Market

According to a new report published by Introspective Market Research, titled, “Aerospace Parts Manufacturing Market by Aircraft Type, Component, Material, End-User: Global Opportunity Analysis and Industry Forecast, 2024–2032,” 

the global Aerospace Parts Manufacturing market size was valued at USD 951.48 Billion in 2023, and is projected to reach USD 1322.33 Billion by 2032, registering a CAGR of 4.20% from 2024 to 2032.

The aerospace parts manufacturing sector primarily focuses on the production of components for aircraft and space shuttles, encompassing engines, fuselage, wings, landing gears, and avionics equipment. This market is primarily propelled by the imperative need to acquire new planes and replace worn-out parts, thereby ensuring safety and maintaining quality standards. It operates within the larger aerospace market as a specialized sub-market dedicated to producing components for aircraft, spacecraft, and related systems. Key drivers stimulating growth in this sector include the expanding global commercial aircraft market, ongoing innovation in aerospace materials and manufacturing techniques, and the ongoing trend toward developing lightweight and fuel-efficient aircraft, all of which contribute significantly to market expansion.  

According to the Aerospace Parts Manufacturing Market is segmented into Aircrafts Type (Commercial Aircraft, Military Aircraft, Business & General Aviation, Helicopters), By Component (Engine Components, Aircraft Body, Avionics Systems, Interiors, Landing Gear, Other Components), By Material (Aluminum Alloys, Titanium Alloys, Super Alloys, Steel Alloys, Composite Materials) End-User (Original Equipment Manufacturers (OEMs), Maintenance, Repair, and Overhaul (MRO) Companies). By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

The aerospace parts manufacturing sector is experiencing growth due to expanding commercial aircraft and defense sectors, and the rise of additive manufacturing technologies. This growth is driving demand for fuel-efficient aircraft and improving component performance. However, challenges like stringent regulatory standards and certifications are affecting manufacturing costs and timelines. Automation and digitalization are addressing these issues, providing efficiency gains and cost savings.  

The aerospace parts manufacturing market is expanding due to the growing demand for lightweight, technologically superior aircraft parts, especially in the Asia-Pacific and Middle East regions. This trend is driven by the need for efficient energy-consuming aircraft. Firms can capitalize on this by investing in research and development to create more efficient and cost-effective aerospace parts. The market is also shifting towards additive manufacturing, offering short lead times, low costs, and lightweight parts, providing opportunities for companies to integrate these technologies.

Global Aerospace Parts Manufacturing Market, Segmentation

The Aerospace Parts Manufacturing market is segmented based on Aircraft Type, Component, Material, End-User, and Region.

Aircraft Type:

The aerospace parts manufacturing market is segmented based on aircraft types, encompassing commercial, military, business & general aviation, and helicopters. The rising demand for air transport is driving the need for enhanced and novel parts across these segments. Military aircraft necessitate specialized parts to ensure optimal performance and reliability, while business and general aviation sectors seek top-notch, distinctive components. Helicopters present avenues for specialized parts due to their intricate systems and durable yet lightweight components. This sector of aerospace parts manufacturing plays a pivotal role in supporting the global aviation industry.

Application:

The aerospace parts manufacturing market is categorized into aluminum alloys, titanium alloys, super alloys, steel alloys, and composite materials. Aluminum alloys are used for low density and strength in aircraft construction, while titanium alloys offer excellent strength-to-weight ratio and corrosion resistance. Superalloys are used in turbine engines and high-temperature parts. Steel alloys provide high strength and wear resistance in landing gear manufacturing. Carbon fiber-reinforced polymers are crucial for structural components.

Region:

The aerospace parts manufacturing sector in North America is highly competitive and dynamic, featuring prominent players such as Boeing, Lockheed Martin, and Northrop Grumman operating within the region. This market is significantly impacted by technological progress, rising demand for commercial aircraft, and ongoing military modernization initiatives. The presence of strategic aerospace clusters like Aerospace Alley and Aerospace Corridor plays a vital role in fostering its expansion. Despite facing challenges related to regulations, supply chain management, and geopolitical factors, the aerospace manufacturing industry in the region continues to flourish.

Some of The Leading/Active Market Players Are-

• JAMCO Corporation (Japan)
• Intrex Aerospace (United States)
• Rolls Royce plc (United Kingdom)
• CAMAR Aircraft Parts Company (Canada)
• Safran Group (France)
• Woodward, Inc. (United States)
• Engineered Propulsion System (United States)
• Eaton Corporation plc (Ireland)
• Aequs (India)
• Aero Engineering & Manufacturing Co. (United States), and Other Active Players

Key Industry Developments

• In June 2023, Airbus Helicopters awarded a contract to Elbit Systems Ltd. for the provision of Airborne Electronic Warfare (EW) self-protection systems for the CH-53 GS/GE transport helicopters. This contract is part of the platform upgrade program led by Airbus Helicopters for the Federal Office for Bundeswehr Equipment, Information Technology, and In-Service Support.

Key Findings of the Study 

• The global Aerospace Parts Manufacturing market is on a growth trajectory, with a projected CAGR of 4.20% from 2024 to 2032, driven by the need for new aircraft and replacement parts to maintain safety and quality standards.
• The global commercial aircraft market is expanding, with ongoing innovation in aerospace materials and manufacturing techniques driving market expansion.
• The sector is divided into various aircraft types, including commercial, military, business, general aviation, and helicopters, each requiring specialized components for their specific performance needs.
• The market comprises aluminum alloys, titanium alloys, super alloys, steel alloys, and composite materials, each playing a crucial role in aircraft construction and component performance.