Aerospace Parts Manufacturing Market Size & Share, By Product (Engines, Aircraft Manufacturing, Cabin Interiors, Equipment, System, & Support, Avionics), Aircraft Type, Regional Forecast, Industry Players, Growth Statistics Report 2023-2030

Market Outlook:

Aerospace Parts Manufacturing Market size surpassed USD 854.51 Billion in 2022 and is poised to reach USD 1356.57 Billion, growing at over 4.6% CAGR between 2023 and 2030. As the demand for aircraft and related components continues to rise, the market valuation is projected to reach new heights. Increasing air travel, the expansion of the aerospace industry, and advancements in technology are some of the key factors driving the growth of this market.

• Base Year Value (2022 ): USD 854.51 Billion
• CAGR (2023-2030): 4.6%
• Forecast Year Value (2030): USD 1356.57 Billion
• Historical Data Period: 2018-2021
• Largest Region: North America
• Forecast Period: 2023-2030

Market Dynamics:

Growth Drivers & Opportunities:

1. Expanding Aerospace Industry: The aerospace industry has been experiencing significant growth due to increasing defense budgets, rising air passenger traffic, and the demand for next-generation aircraft. With the expansion of the aerospace sector, there is a substantial need for aerospace parts manufacturing, providing growth opportunities for market players.

2. Technological Advancements: Continuous advancements in technologies, such as additive manufacturing (3D printing), lightweight materials, and digitalization, have revolutionized aerospace parts manufacturing. These technological developments have enhanced manufacturing processes, reduced costs, increased efficiency, and improved overall product quality.

3. Increasing Air Travel: The rising affordability and accessibility of air travel have led to a surge in passenger demand for flights. This growing demand for air travel has resulted in a higher production rate for aircraft, consequently driving the aerospace parts manufacturing market. Airlines and aircraft manufacturers are expanding their fleets to cater to this demand, stimulating the need for aerospace parts.

4. Growth in Defense Expenditure: Governments around the world are allocating substantial budgets to enhance their defense capabilities. This has resulted in increased investments in military aircraft manufacturing, leading to a surge in demand for aerospace parts. The modernization and upgradation of existing military aircraft also contribute to the market growth.

Report Scope

Report Coverage	Details
Segments Covered	Product, aircraft type, region
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	JAMCO Corporation, Intrex Aerospace, Rolls Royce plc, CAMAR Aircraft Parts Company, Safran Group, Woodward, Inc., Engineered Propulsion System, Eaton Corporation plc, Aequs, Aero Engineering & Manufacturing Co., GE Aviation, Lycoming Engines, Pratt & Whitney, Superior Air Parts Inc., MTU Aero Engines AG, Honeywell International, Inc., Collins Aerospace, Composite Technology Research Malaysia Sdn. Bhd., Mitsubishi Heavy Industries Ltd., Kawasaki Heavy Industries Ltd., Subaru Corporation, IHI Corporation, Lufthansa Technik AG, Diel Aviation Holding GmbH, Elektro-Metall Export GmbH, Liebherr International AG, Hexcel Corporation, DuCommun Incorporated, Rockwell Collins, Spirit Aerosystems, Inc., Panasonic Avionics Corporation, Zodiac Aerospace, Thales S.A., Dassault Systems SE, Parker-Hannifin Corporation, Chemetall GmbH, Premium AEROTECH GmbH, Daher Group, FACC AG, Triumph Group, Curtiss-Wright Corporation, Stelia Aerospace, Magellan Aerospace, Bridgestone Corporation

 

Industry Restraints & Challenges:

1. Supply Chain Complexity: Aerospace parts manufacturing often involves complex supply chains, with multiple tiers of suppliers and long lead times. This complexity can create challenges in ensuring timely production and delivery, affecting the overall manufacturing process and causing potential delays.

2. Stringent Regulatory Standards: The aerospace industry is subject to stringent safety and quality regulations enforced by aviation authorities. Complying with these regulations requires aerospace parts manufacturers to adhere to strict standards and certifications. Meeting these regulatory requirements can be challenging, adding complexity and costs to the manufacturing process.

3. High Manufacturing Costs: Aerospace parts manufacturing involves the use of specialized machinery, materials, and skilled labor, resulting in high production costs. Additionally, ensuring quality control, conducting extensive testing, and meeting industry standards further contribute to the overall manufacturing expenses, posing a challenge to market players.

4. Supply-Demand Imbalance: The aerospace parts manufacturing industry operates on a cyclical demand pattern, with fluctuations in aircraft orders and deliveries. Market players need to anticipate this demand variability accurately to avoid overcapacity or underutilization of manufacturing facilities, which can impact profitability.

Despite these challenges, the aerospace parts manufacturing market is poised for significant growth due to the robust expansion of the aerospace industry, technological advancements, and rising air travel demand. Players in the market must adapt to these dynamics, embrace innovation, and emphasize efficient supply chain management to capitalize on the opportunities presented by this thriving market.

Regional Forecast:

North America:

The aerospace parts manufacturing market in North America is expected to witness significant growth due to the presence of major aircraft manufacturers and a robust aerospace industry. The region boasts leading market players, advanced technological capabilities, and strong research and development activities, contributing to the growth of aerospace parts manufacturing.

Asia Pacific:

The Asia Pacific region is projected to experience substantial growth in the aerospace parts manufacturing market. Factors such as increasing air passenger traffic, rising disposable incomes, and expanding commercial airlines fleet are driving the demand for new aircraft. This surge in demand is anticipated to fuel the growth of the aerospace parts manufacturing market in Asia Pacific.

Europe:

Europe has a well-established aerospace industry, including major aircraft manufacturers and suppliers. The region's focus on innovation, technological advancements, and sustainable aviation contributes to the growth of the aerospace parts manufacturing market. With ongoing investments in aerospace research and development, Europe is expected to remain a key market for aerospace parts manufacturing.

Segmentation Analysis:

1. Component Type:

- Sub-Segment: Aerostructures

Aerostructures refer to the construction of aircraft structures, including wings, fuselage, and tail sections. This sub-segment involves the manufacturing of various components, such as wing skins, fuselage frames, and tail sections, which are vital for the overall structural integrity of an aircraft.

2. Material Type:

- Sub-Segment: Composites

Composites are materials made from a combination of different elements, including carbon fibers, resins, and metals. This sub-segment focuses on the manufacturing of aerospace components using composite materials, such as carbon fiber-reinforced polymers (CFRP), which offer enhanced strength, lightweight properties, and improved fuel efficiency.

3. Aircraft Type:

- Sub-Segment: Commercial Aircraft

Commercial aircraft are designed for transporting passengers and cargo, including narrow-body, wide-body, and regional jets. This sub-segment involves the production of various parts and components specific to commercial aircraft, such as landing gear systems, control surfaces, and cabin interiors.

4. Application:

- Sub-Segment: Engine Components

Engine components play a critical role in the functioning and performance of aerospace engines. This sub-segment focuses on the manufacturing of components like turbine blades, combustion chambers, and exhaust systems, which are essential for optimizing the engine's power output, efficiency, and reliability.

Competitive Landscape:

The aerospace parts manufacturing market comprises several prominent players, including:

1. Honeywell International Inc.

2. General Electric Company

3. Safran S.A.

4. United Technologies Corporation

5. Rolls-Royce Holdings plc

6. The Boeing Company

7. Airbus SE

8. Lockheed Martin Corporation

9. Northrop Grumman Corporation

10. BAE Systems plc

These market players operate in a highly competitive environment, focusing on research and development, strategic collaborations, and technological advancements to gain a competitive edge. The expansion of their product portfolios and the pursuit of innovative manufacturing techniques contribute to their growth in the aerospace parts manufacturing market.