Aerospace Parts Manufacturing Market Expected to Reach $1.94 Trillion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Aerospace Parts Manufacturing Market," The aerospace parts manufacturing market was valued at $0.85 trillion in 2021, and is estimated to reach $1.94 Trillion by 2031, growing at a CAGR of 9.2% from 2022 to 2031.

North America dominates the market, in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. In addition, Europe is expected to grow at the highest growth rate over the forecast period, owing to the rise in sales of aerospace products.

The aerospace industry has always been at the forefront of technological advancements, constantly pushing the limits of what is possible in terms of performance and efficiency. One of the latest trends in the industry is the rise in adoption of composite components, which offer a wide range of benefits over traditional materials such as metal. Composite materials are made up of two or more varied materials that are combined to create a material with properties that are superior to those of the individual materials. In the aerospace industry, composites are typically made up of a resin matrix and reinforcing fibers such as carbon, glass, or aramid.

Composite materials have excellent strength and stiffness-to-weight ratios, making them ideal for applications where high strength and stiffness are required. This allows for the creation of structures that are both strong and light. These materials are widely used in the construction of aircraft structures, including wings, fuselages, and tail sections. The light weight and high strength-to-weight ratio of such materials make them ideal for these applications.

Composite materials are also used in the construction of aircraft engine components such as fan blades, shrouds, and casings. The excellent fatigue resistance and high temperature tolerance of composite materials make them ideal for these applications. The use of composite materials has also had an impact on the supply chain, creating new opportunities for suppliers and manufacturers. The increased demand for composite materials has led to the development of new manufacturing techniques and materials, which has led to the creation of new jobs and the expansion of existing companies. Such huge adoption of composite component in aerospace industry to increase the sales for aerospace parts manufacturing market.

The aerospace industry is one of the most technologically advanced and demanding sectors, where the design and manufacture of aerospace parts require the highest levels of precision and quality. However, one of the major challenges facing this industry is the high cost of manufacturing aerospace parts. The materials used in the aerospace industry are high-performance and must meet specific requirements for strength, durability, and weight. The cost of these materials is often several times higher than traditional materials used in other industries.

The manufacturing process of aerospace parts is complex and time-consuming, requiring high levels of precision and quality control. The equipment and machinery used in the aerospace industry are often specialized and expensive, adding to the overall cost of manufacturing. Moreover, these parts must undergo extensive testing and certification processes to ensure their safety and reliability. These processes may be time-consuming and costly, as they require specialized facilities and personnel. Such a high cost of manufacturing aerospace parts comes with several implications for the industry. Companies that operate in any particular regions with high manufacturing costs may struggle to compete with companies that operate in the same regions with lower costs. This high cost of manufacturing aerospace parts can also lead to higher ticket prices for passengers, which may limit the number of people who can afford to travel by air. Such high cost in aerospace industry to restrain the sales for aerospace parts manufacturing.

COVID-19 Impact Analysis:

The COVID-19 pandemic has had a significant impact on the aerospace industry, including the aerospace parts manufacturing market. The pandemic has led to a decrease in air travel demand, resulting in a decline in new aircraft orders and a reduction in maintenance, repair, and overhaul (MRO) activities. This has caused disruptions in the aerospace parts supply chain, leading to changes in the market landscape.

This pandemic has caused a sharp decline in air travel demand, as governments across the world have implemented measures such as lockdowns, travel restrictions, and quarantines to limit the spread of the virus. According to the International Air Transport Association (IATA), global passenger traffic in 2020 declined by 65.9% compared to 2019. This has led to a decrease in demand for new aircraft, as airlines have deferred or cancelled orders due to the uncertainty surrounding the pandemic.

This reduction in air travel demand has also affected the MRO industry, as airlines have grounded aircraft and reduced their maintenance activities. This has led to a decrease in demand for replacement parts, as fewer parts need to be replaced or repaired. MRO providers have also faced challenges due to travel restrictions and safety measures, making it difficult to access aircraft for maintenance and repair.

KEY FINDINGS OF THE STUDY

• By product type, the equipment, system & support segment is projected to dominate the global aerospace parts manufacturing market in terms of growth rate.
• By end user, the business aircraft segment is projected to dominate the global aerospace parts manufacturing market in terms of growth rate.

The key players operating in the aerospace parts manufacturing market are Boeing Co, Dassault Aviation SA, GE Aviation, Honeywell International Inc., Lockheed Martin Corp, Lufthansa Technik AG, Parker Hannifin, Rolls-Royce plc, Safran S.A., and Thales Group.