News - Full StoryAerospace Parts Manufacturing Market Worth $1,233.2 Billion By 2030: Grand View Research, Inc.
SAN FRANCISCO, Nov. 24, 2022 /PRNewswire/ -- The global aerospace parts manufacturing market size is anticipated to reach USD 1,233.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to garner a CAGR of 4.0% from 2022 to 2030, The increasing influx of passengers and freight in developing economies is fueling the production of advanced aircraft, which is projected to augment the growth of the market.
Numerous aircraft manufacturers are streamlined in the overall value chain, being primarily involved in the process of parts manufacturing. These companies own in-house facilities for production and supplier contracts to procure the parts. Manufacturers also focus on the designing, procurement of raw materials, and quality control of third-party supplier parts.
Key Industry Insights & Findings from the report:
Based on product, the aerostructure dominated the market, accounting for a revenue share of over 52.2% in 2019. The robust replacement rate of aluminum with expensive composites in airframe structures and fuselage significantly drives the product demand.
Based on end-use, commercial aircraft is forecasted to expand at the fastest CAGR of 4.6% from 2022 to 2030. A few noteworthy changes are being implemented into the structure of aircraft for limiting carbon emissions by substituting the existing parts with lightweight materials. Such innovations are opportunistic for the growth of the market.
The Asia Pacific market accrued revenue of USD 149.6 billion in 2019 and is projected to expand at the fastest growth rate, owing to the rapid developments in the aviation industry, thereby boosting the growth of MRO services and the aerospace parts manufacturing industry.
The global market is regulated by stringent norms for manufacturing, safety standards, and certifications, restricting the entry of new entrants into the market.
The emerging players in the Asia Pacific region that offer innovative low-cost solutions to the end-users are likely to challenge the recognized players in North America and Europe, thereby leading to the disruption of competitive rivalry in the market.
Aerospace Parts Manufacturing Market Growth & Trends
The aerospace parts manufacturing market is predominantly concentrated in the North American and European regions, owing to the presence of significant aircraft manufacturers. Countries including China and India are projected to emerge as the key markets in the upcoming years. This is attributable to the rapid growth in manufacturing and export activities. The trade of components and sub-assemblies across the world has surged by over 25% in the past decade. Nonetheless, the sector remains consolidated with the 3 leading countries including the U.S., France, and Germany, accounting for approximately 60% of the total aircraft manufacturing.
The market has witnessed an uptrend of collaboration and joint venture strategies among key vendors. This supports companies to sustain themselves in a highly competitive market in terms of technological advancements and geographical expansion and limits the risks involved. Additionally, the companies can also easily access the market and achieve long-term contracts.
Aerospace Parts Manufacturing Market Segmentation
Grand View Research has segmented the global aerospace parts manufacturing market based on product, end-use, and region
Aerospace Parts Manufacturing Market - Product Outlook (Revenue, USD Billion, 2017 - 2030)
Equipment, System, and Support
Aerospace Parts Manufacturing Market - End-use Outlook (Revenue, USD Billion, 2017 - 2030)
Aerospace Parts Manufacturing Market - Regional Outlook (Revenue, USD Billion, 2017 - 2030)
Central & South America
Middle East & Africa
List of Key Players in Aerospace Parts Manufacturing Market
Rolls Royce plc
CAMAR Aircraft Parts Company
Engineered Propulsion System
Eaton Corporation plc
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.
Lufthansa Technik AG
Spirit AeroSystems, Inc.
Liebherr International AG
Elektro-Metall Export GmbH
Panasonic Avionics Corp.
Parker Hannifin Corp.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.