by The aerospace parts manufacturing industry involves the production of components and parts that go into aircraft, gliders, spacecraft, missiles, and related equipment. Some key products include airframes, hydraulic and pneumatic systems, landing gear, aircraft electrical systems, aircraft engines and engine parts, aircraft seating and galleys, and auxiliary power units. The aerospace parts manufacturing industry plays a critical role in supporting global flight and space travel.
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: Key players operating in the aerospace parts manufacturing 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.
Growing demand: Growth in global air passenger traffic coupled with aircraft renewal programs are major factors driving demand for aerospace parts. Increasing orders for new aircraft from developing countries are also fueling market growth.
Global expansion: Leading manufacturers are expanding globally through mergers and acquisitions to establish facilities near major aircraft OEMs and leverage lower costs. The aerospace parts market is also witnessing growth in Asia Pacific and Middle East regions supported by rising aircraft fleet and local production.
Market Key Trends
One key trend in the Aerospace Parts Manufacturing Market is the increasing focus on additive manufacturing. 3D printing technologies allow complex parts to be produced using fewer raw materials and less time than traditional methods. This helps lower costs and lead times. Major manufacturers are investing in 3D printing for low-volume specialty parts and critical aircraft components. The technology also enables easier production of parts with intricate designs not possible through conventional techniques. This is expected to drive innovations and modernization in the aerospace parts manufacturing Market size and trends
over the coming years.
Porter’s Analysis
Threat of new entrants: High capital requirements to enter the market limits new competition. Bargaining power of buyers: Buyers have high bargaining power due to the large number of suppliers in the market. Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiation of parts and components. Threat of new substitutes: Low threat as aerospace parts have no close substitutes. Competitive rivalry: Intense as major players compete on technology, quality, delivery timelines and pricing.
Geographical regions
North America holds the largest share of the market currently, valued at USD 350 billion in 2024. This can be attributed to the strong presence of airplane manufacturers and parts suppliers in the US.
Asia Pacific is expected to be the fastest growing regional market, expanding at a CAGR of 9% during the forecast period. Increased airline traffic and rising passenger counts from expanding low-cost carriers especially in China and India are driving the demand for new aircraft and associated components in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
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. LinkedIn Profile
