The aerospace parts manufacturing market involves the production of aircraft components and parts including engines, aircraft frames, avionics, and landing gear among others. These parts are essential to the operation of aircraft and play a vital role in flight control, avionics, aerostructures, cabin interiors, and other subsystems. Surging air passenger traffic and an increase in commercial aircraft orders are fueling demand for new aircraft. Subsequently, this is anticipated to propel the requirement for aircraft parts during the forecast period.

The Global aerospace parts manufacturing market is estimated to be valued at US$ 918.7 Bn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the aerospace parts manufacturing market are Airbus Group, Alcoa Corporation, Arconic Corporation, Boeing, Bombardier Inc., Collins Aerospace, Elbit Systems Ltd, Teijin, Lockheed Martin Corporation, Triumph Group, Inc, Safran , JAMCO Corporation, Rolls-Royce plc. These players are focusing on new product development and strategic collaborations to gain a competitive advantage in the market.

The aerospace parts manufacturing market offers significant opportunities owing to rising MRO activities and demand for lightweight and fuel-efficient aircraft parts. Emerging economies in Asia Pacific and Middle East regions are witnessing substantial growth in air passenger traffic which is attracting large investments by aircraft OEMs and parts suppliers in these markets.

Key players are expanding their footprint in high growth regions to capitalize on opportunities. For instance, Collins Aerospace Parts Manufacturing Market inaugurated a new manufacturing facility in Kansas to produce components for various Boeing and Airbus aircraft programs. Rolls-Royce also plans to establish an R&D center and manufacturing facility in Hyderabad, India to support growth in the country's aerospace market.

Market Drivers and Restrain

The primary driver boosting demand in the aerospace parts manufacturing market is the increasing aircraft orders and deliveries from commercial aircraft OEMs like Boeing, Airbus, and Embraer. As per Airbus, the aircraft manufacturer delivered 611 commercial jets in 2021 representing an increase of 8% compared to 2020. This rising production trend is anticipated to fuel requirements for aircraft components.

Stringent regulatory standards and quality certifications increase production costs for aerospace parts manufacturers. Aircraft parts must undergo extensive testing and receive several regulatory approvals which makes the certification process complex and time-consuming. The high compliance requirements associated with aerospace components pose a challenge for market players and limit commercialization of new products.

Segment Analysis

The aerospace parts manufacturing market is dominated by aircraft manufacturing sub segment. Aircraft manufacturing accounts for over 60% of the total aerospace parts manufacturing market as it requires manufacturing of thousands of parts and components to build a commercial or military aircraft. The increasing aircraft deliveries for commercial applications such as airplanes and helicopters has been a major factor for growth of aircraft manufacturing sub segment.

Global Analysis

North America has been the largest as well as the fastest growing Aerospace Parts Manufacturing Market Regional Analysis market for aerospace parts manufacturing. The presence of major OEMs such as Boeing, Lockheed Martin, Collins Aerospace, Triumph Group etc along with strong aerospace ecosystem and large defense budgets has supported the growth of aerospace parts market in North America. Europe is another major market led by countries such as UK, France and Germany. However, Asia Pacific region is emerging as the fastest growing market with China and India expected to witness high growth in coming years due to rising aircraft demand, low cost manufacturing and government support for aerospace sector.

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About Authors

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. (https://www.linkedin.com/in/ravina-pandya-1a3984191)