Aerospace Parts Manufacturing Market Size, Share & Industry Analysis, By Type (Engine, Aerostructures, Cabin Interiors, Avionics, Insulation Components, Equipment, Support & systems), By Aircraft (Commercial, Military, Others) and Regional Forecast, 2024-2032

The global Aerospace Parts Manufacturing Market is undergoing notable growth, with a substantial CAGR expected during the forecast period leading up to 2032. Aerospace parts manufacturing is a multi-billion dollar industry and requires a high level of skill and technological expertise. Numerous parts and systems are manufactured for the aerospace industry which includes, cabin interiors, engine, equipment, aerostructures and various others. The aerospace industry is one of the highly regulated industries in the world and so is aerospace parts manufacturing. Stringent and high demanding aspects & standards have to be achieved for the parts to be used in the aerospace industry. This requires high amount of time as a number of trial cycles for parts inspection is carried out for their approval in the industry.   

The aerospace industry is steadily increasing its presence around the globe especially in developing countries. Major manufacturers such as Boeing and Airbus have more than 1600 commercial airplanes in their books to be delivered in the upcoming years. Continuous and precise manufacturing is the only way to deliver the aircraft to the client in the given deadline. This drives the market for aerospace parts manufacturing. 

Key Market Driver -

Increasing Air-Fleet around the globe

Key Market Restraint -

High technology excellence and high cost of manufacturing

However, being a highly regulated industry, the manufactured parts and equipment need to meet high standards prescribed by aviation regulatory authority as life of millions of passengers is at stake. This requires superior expertise and it comes with huge cost. Thus, the players in the market require large amount of capital along with technological and human expertise, which confines the market growth and entry of new players.

Market Segmentation:

Based on type, the market for aerospace parts manufacturing is segmented into engines, aerostructures, cabin interiors, avionics, insulation components and equipment, support & systems. On the basis of aircraft, the market is classified into commercial, military and others.

From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Players Covered:

• Rolls Royce plc


• Intrex Aerospace


• GE Aviation


• Pratt & Whitney


• Honeywell International, Inc


• UTC Aerospace Systems


• Superior Air Parts, Inc


• Safran Group


• Jamco Corporation


• Eaton Corporation plc


• Kellstrom Defense Aerospace, Inc


• Others

Key Insights

• New Advancements in Production Technologies


• Key Trends in the Aerospace Parts Manufacturing Market


• New Product Launches, Expansions, Key Players


• Ranking of Key Players in the Market

Regional Analysis:

The aerospace parts manufacturing market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. A developed region such as Europe and North America dominate the aerospace parts manufacturing market on the back of technological advancement and the number of aircraft manufacturers. The regions are anticipated to witness healthy growth over the forecast period.

Key Market Driver -

Increasing Air-Fleet around the globe

Key Market Restraint -

High technology excellence and high cost of manufacturing

Asia-Pacific is poised to expand rapidly over the foreseeable period on the back of rapid developments in the emerging economies and the increasing aviation industry in the region. The rise of the middle class and increasing incomes are the major growth factors for the aerospace parts manufacturing industry in the region. Middle East & Africa is expected to witness slow growth as the region lacks in technological advancement. Moreover social and economic instability in the region restricts the market growth in the region. Similarly, Latin America also suffers from political turmoil and economic instability which hampers market growth.

Segmentation

 Aerospace Parts Manufacturing Market Industry Developments

• In July 2019, Kellstrom Defence Aerospace, Inc., a US-based company that distributes a variety of aerospace parts, successfully acquired Williams Aerospace & Manufacturing, Inc., a defense aircraft spare parts and other equipment.


• In June 2019, The Boeing Company, a key player in the aerospace manufacturing business, signed an agreement to acquire Encore Aerospace LLC, which produces cabin interior and other composites for the aerospace industry.