Aerospace Parts Manufacturing Market Synopsis

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, Growing at a CAGR of 4.20% From 2024-2032.

The aerospace parts manufacturing market is about the creation of parts and components that are used in aircraft and space shuttles. This industry covers a broad spectrum of products such as aircraft engines, fuselage, wings, landing gears, and avionics equipment among others. It is therefore fuelled by the need to acquire new planes as well as the need to replace parts of planes that needs to be overhauled. Manufacturers of aerospace parts and components need to meet certain safety and quality requirements that would enable them to produce parts that can effectively perform in the harsh environment of an aircraft.

• The aerospace parts manufacturing market can be described as a sub-market of the larger aerospace market that is involved in the production of components and parts for aircrafts, space crafts and other systems. Some of the most important factors that are driving this market are: Firstly, the growth of the global commercial aircraft market due to the higher traffic intensity of passengers in the air is one of the key trends. This has seen the airline companies procuring more aircraft to meet this demand, hence raising the demand for aerospace parts.
• Secondly, there is an increased use of aerospace materials and manufacturing technologies due to innovation and growth in the industry. Technologies like the additive manufacturing (3D printing) are among the latest technologies that are changing the way aerospace parts are manufactured, and this has the advantages of; short lead times, low cost, and flexibility of design. Moreover, the shift towards lightweight and fuel-efficient aircraft is driving the adoption of high-performance materials and components, which in turn, is fueling market growth.

Aerospace Parts Manufacturing Market Trend Analysis

The Evolution of Aerospace Parts Manufacturing, Trends and Outlook

• The market for aerospace parts manufacturing is growing at a fast pace and the following factors can be attributed to the same. First, the growth in the commercial aircraft industry through rising demand for air passengers and the need to have fuel-efficient aircraft is driving the demand for aerospace parts. Also, the aerospace parts manufacturing market is benefited by the rise of the defense industry due to global conflicts and the demand for enhanced military aircraft. Furthermore, factors like the emergence of technologies like additive manufacturing and the use of superior materials in manufacturing aerospace parts are also contributing to the increased efficiency and better performance of aerospace parts and components, thus fueling the market’s growth.
• On the other hand, the aerospace parts manufacturing market has challenges like high regulatory standards and certifications that could affect the cost of manufacturing and time. However, it is also saturated and has many players that are fighting for their positions in the market. Nevertheless, the growing trend of automation and digitalization of production lines is assisting firms to overcome some of these challenges by offering efficiency and cost-effectiveness. In conclusion, the aerospace parts manufacturing market is anticipated to grow further due to the rising need for airplanes and other flying machines and the development of new technologies in the aerospace sector.

Crafting the Future of Flight, Trends in Aerospace Parts Manufacturing

• The aerospace parts manufacturing market is a large and growing market that is expected to grow with the growth in demand for commercial aircraft, military aircraft, and spacecraft. The aerospace industry is growing at a fast pace worldwide especially in Asia-Pacific and Middle East and this has led to the need for new, light weight, and technologically superior aircraft parts. This is further driven by the need for efficient energy consuming aircrafts which has led to the increase in the market for new aerospace parts and materials. Several firms in the market can leverage this trend to invest in research and development and come up with aerospace parts that are more efficient and cheaper to manufacture.
• Furthermore, the aerospace parts manufacturing market has been shifting towards Additive Manufacturing, also known as 3D Printing technology due to benefits such as short lead time, low cost for complex geometry designs and lightweight part. These benefits allow manufacturers to create complex aerospace parts that are not feasible using conventional manufacturing methods. The aerospace parts manufacturing market presents opportunities for companies that are able and willing to integrate the new technologies of additive manufacturing and build up their knowledge in the field.

Aerospace Parts Manufacturing Market Segment Analysis:

Aerospace Parts Manufacturing Market is segmented on the basis Aircraft Type, Component, Material, and End-User

By Aircraft Type, Business & General Aviation segment is expected to dominate the market during the forecast period

• The aerospace parts manufacturing market is further categorized by aircraft type, where it has commercial aircraft, military aircraft, business & general aviation, and helicopters. The market segment that has been boosted by the growing need for air transport is the commercial aircraft. The increase in the size of airline fleets, especially in the developing world, means that manufacturers of aerospace parts are likely to see demand for new and better parts for their aircraft.
• The second major category is military aircrafts, which need special parts that are designed to meet high performance and reliability. As defense budgets rise in certain areas of the globe, there is a rising need for military aircraft and the components that are related to it. Other segments that are considered to be a part of the aerospace parts manufacturing market include the business aviation and the general aviation that includes the private aircraft and the business aircraft. Such aircrafts are usually used to meet specific requirements of the operators and often call for high quality and unique parts.
• Another segment of the aerospace parts manufacturing market includes helicopters, which are used for transportation, medical purposes, and military needs. The sophistication of the helicopter systems and the specific requirements for light and robust components offer opportunities for the helicopter manufacturers to create a niche of parts for this category of helicopters.

By Material, Composite Materials segment held the largest share in 2023

• The aerospace parts manufacturing market is also categorized based on the type of material used during the production process such as aluminium alloys, titanium alloys, super alloys, steel alloys, and composite materials. Aluminum alloys are used in manufacturing aerospace products because they have low densities but are very strong. These are widely applied in the construction of aircraft including the body section or the fuselage and wings, and also in the parts of the engine.
• Titanium alloys are preferred because they possess a high strength-to-weight ratio and are also very resistant to corrosion, therefore they are used in aerospace parts that require high reliability. There are super alloys that are characterized by their ability to withstand forces and high temperatures and these are used in turbine engines and other components that are subjected to such conditions.
• Steel alloys, although they are heavier than aluminum and titanium, possess high strength and wear resistance that makes them ideal for some aerospace applications for instance in the construction of landing gears. Carbon fiber-reinforced polymers are composite materials that provide a high strength-to-weight ratio and are important in the construction of aircraft structures.
• All of these materials are vital to the production of aerospace parts, and the development of new materials and technologies remains a critical focus of the industry.

Aerospace Parts Manufacturing Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

• The North American aerospace parts manufacturing is one of the most vibrant and competitive segments of the aerospace industry. The leading aerospace manufacturers such as Boeing, Lockheed Martin, and Northrop Grumman are located in North America, which gives this region a solid base for aerospace production. The market is influenced by factors such as, advancement in technology, growing needs for commercial planes, and continual military modernization programs.
• The aerospace parts manufacturing market in North America is generally very competitive and has a strong focus on research and development. Some of the strategic aerospace clusters are the Aerospace Alley in Ohio and the Aerospace Corridor in Southern California that strengthen the competitive advantage of the region. Furthermore, the availability of strong supply chain and skilled manpower also plays a role in the development of aerospace manufacturing business in the region. However, the market is not without its weaknesses; some threats include regulation issues, supply chain issues and geopolitical issues that make it necessary for the players in the market to be on the lookout constantly and plan strategically.

Active Key Players in the Aerospace Parts Manufacturing Market

• 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)
• GE Aviation (United States)
• Lycoming Engines (United States)
• Pratt & Whitney (United States)
• Superior Air Parts Inc. (United States)
• MTU Aero Engines AG (Germany)
• Honeywell International, Inc. (United States)
• Collins Aerospace (United States)
• Composite Technology Research Malaysia Sdn. Bhd. (Malaysia)
• Mitsubishi Heavy Industries Ltd. (Japan)
• Kawasaki Heavy Industries Ltd. (Japan)
• Subaru Corporation (Japan)
• Others

Key Industry Developments in the Aerospace Parts Manufacturing Market

• 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.