Aerospace Parts Manufacturing Industry Overview
The global aerospace parts manufacturing market size was estimated at USD 851.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.0% from 2022 to 2030.
The rising demand for lightweight, new-generation and fuel-efficient aircraftowing to the emphasis on reducing Greenhouse Gas (GHG) emissions is predicted to boost market growth over the forecast period.The aerospace industry was severely impacted due to the COVID-19pandemic as manufacturers were unable to export the product owing to the trade limitations placed by the various governments. In addition, the majority of the manufacturers suspended operations across all the major economies to comply with the norms for lockdown, which impacted market growth.
Gather more insights about the market drivers, restrains and growth of the Global Aerospace Parts Manufacturing Market
The market for aerospace parts manufacturing is expected to witness a supply-demand gap, leading to a rise in the order backlog of aircraft deliveries. This is expected to encourage the OEMs (aircraft manufacturers) to temporarily increase their production levels to match the order backlog over the forecast period. The manufacturers are expected to witness a significant increase in revenue across the supply chain, owing to the market. The U.S. exhibits the largest market for aircraft parts manufacturing, owing to the presence of established aircraft manufacturing base, coupled with huge potential for aerospace MRO activities. Also, advanced technological capabilities, coupled with airworthiness for the production of superior-quality products, including critical aircraft parts, such as wings and fuselage, are expected to boost industry growth.
Tier 1 suppliers, which comprise systems and major structure manufacturers are engaged in the manufacturing of aero engines, turbines, jets, and engine propulsion systems, experience severe pressure from OEMs. As a result, the industry demonstrates increasing consolidation through tier 1 of the supply chain, owing to rising mergers & acquisitions to reduce the supply chain complexity. The industry players face competition in terms of product quality and design. The industry players are targeting the customers with customized requests to sustain in the market. Companies are also likely to adopt emerging technologies, such as additive manufacturing, to replace the traditional manufacturing process of smaller aircraft components with complex structures.
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- Metal Stamping Market – The global metal stamping market size was valued at USD 206.01 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2030. The growing consumer electronics industry is likely to remain a key driving factor on account of the application of metal frames in mobile phones, headphones, speakers, and gamepads & controllers.
- Automotive Metal Stamping Market – Automotive metal stamping market size was USD 70.42 billion in 2015. Automotive metal stamping is a process of converting sheet metal into shapes & sizes based on the end-user requirements. The industry is highly influenced by metal consumption patterns in all applications segments. Automotive industry has traditionally been reliant on metals such as steel, cast iron, aluminum and titanium for manufacturing & assembling various machinery, equipment and tools.
Aerospace Parts Manufacturing Market Segmentation
Grand View Research has segmented the global aerospace parts manufacturing market report on the basis of product, end use, and region:
- Aerospace Parts Manufacturing Product Outlook (Revenue, USD Billion, 2017 – 2030)
- Cabin Interiors
- Equipment, System, and Support
- Insulation Components
- Aerospace Parts Manufacturing End-use Outlook (Revenue, USD Billion, 2017 – 2030)
- Commercial Aircraft
- Business Aircraft
- Military Aircraft
- Other Aircraft
- Aerospace Parts Manufacturing Regional Outlook (Revenue, USD Billion, 2017 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- July 2019: Kellstrom Defence Aerospace, Inc., a US-based organization that disperses an assortment of aerospace parts, effectively gained Williams Aerospace & Manufacturing, Inc., a guard airplane spare parts and other gear.
Key Companies profiled:
Some of the prominent players in the aerospace parts manufacturing market include:
- JAMCO Corp.
- Intrex Aerospace
- Rolls Royce plc
- CAMAR Aircraft Parts Company
- Safran Group
- Woodward Hexcel
- Engineered Propulsion System
- Eaton Corporation plc
- GE Aviation
- Textron, Inc.
- Raytheon Technologies Corp.
- MTU Aero Engines AG
- Superior Aviation Beijing
- Honeywell International, Inc.
- Mitsubishi Heavy Industries, Ltd.
- Composite Technology Research Malaysia Sdn. Bhd. (CTRM)
- Kawasaki Heavy Industries Ltd.
- IHI Corp.
- Subaru Corp.
- Lufthansa Technik AG
- Spirit AeroSystems, Inc.
- Ducommun, Inc.
- Liebherr International AG
- Elektro-Metall Export GmbH
- Diehl Aviation
- Panasonic Avionics Corp.
- Thales Group
- Dassault Group
- Parker Hannifin Corp.
- Chemetall GmbH
- Daher Group
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