Pune, India, Jan. 21, 2022 (GLOBE NEWSWIRE) -- The global aerospace parts market is expected to value USD 915.94 Billionin 2021 and is expected to grow at a CAGR of 2.9% during the forecast period, according to a recent market study by Quince Market Insights.
Aerospace parts are usually made from advanced materials such as nickel-based superalloys, titanium alloys, ultrahigh-temperature ceramics or special sheets which are costly, difficult and time-consuming to manufacture. Increasing demands for new-generation, lightweight, and fuel-efficient aircraft across the world with emphasis on reducing greenhouse emission are driving the global aerospace parts market.
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However, the high costs involved in manufacturing the aerospace parts and high quality of technology are factors restraining the overall market growth for aerospace parts. Also, increasing rate of merger and acquisitions in aerospace parts industries with technological advancements are creating various new opportunities for the market players.
The manufacturing of aerospace parts requires a lot of time and efforts which sometimes fails to distribute their products on required time due to high-demand. This is expected to pose a challenge to the aerospace parts market.
Impact of COVID-19 on Global Aerospace Parts Market
With the emergence of COVID-19 continues to rise across the world, many global aerospace parts manufacturing industries are suffering disruption in production and slow demand due to restrictions on travelling and return of workers to their homes.
Also, due to low production level, the overall revenue also reduced during the pandemic. However, with the ease in government restrictions across the world, the business functions are returning to normal. Hence, the aerospace parts market is expected to gear up with their production capacity with the ease of restrictions and opening of business organizations due to decrease in the COVID-19 cases around the countries during the forecast period.
Global Aerospace Parts Market, by Product Outlook
Based on product outlook, the market is segmented into aircraft manufacturing, engines, avionics, equipment, system, and support, and insulation components. Insulation components segment is the fastest growing market and is expected to remain fastest during the forecast period.
The segment growth can be attributed to expansion of aircraft fleet and timely replacement of aerospace parts, which are driving the market. Insulation components segment is expected to witness significant growth during the forecast period. insulation components reduce emissions of pollutants as well as provides protection and safety of personnel. Hence, these factors are expected to drive the market growth of insulation components segment.
Global Aerospace Parts Market, by End Use
Based on end use, the market is segmented into business aircraft, commercial aircraft, military aircraft, and others. Commercial aircraft segment is dominating the market in 2021 and is expected to remain dominant during the forecast period. The segment growth can be because commercial aircrafts generate economic growth, creates job as well as facilitates international trade and tourism are overall driving the aerospace parts market.
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Global Aerospace Parts Market, by Region
Based on region, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. North holds the largest market share in 2021 and is expected to remain largest during the forecast period.
The presence leading manufacturers in this region such as Intex Aerospace, Woodward, Inc., GE Aviation, and many others are contributing their revenue of aerospace parts in this region. Additionally, increasing demands for new-generation aircraft as well as surging demands for fixed-owing aircraft in U.S. market is expected to boost regional growth for aerospace parts market during the forecast period.
Recent Developments in the Global Aerospace Parts Market
- September 2021 – FDH Aero acquired Madison Aerospace. FDH Aero is an aerospace defense products distributor serving aftermarket supply chains and aircraft production. The acquisition expands FDH’s reach with additional product offerings in the OEM segment by serving a diversified customer base.
- August 2021 – Platinum Equity announced the completion of its acquisition with Unical Aviation Inc., global aerospace supply chain services provider. The acquisition includes Unical MRO, Unical Aero, Unical Aviation and Unical 145.
- August 2021 – Latécoère, a number one partner of major international aircraft manufacturers announced the acquisition of Belgium-based Technical Airborne Components (TAC). Latécoère is delivering its external growth strategy during this acquisition.
Some Key Findings of the Global Aerospace Parts Market Report Include:
- The analysis includes a global aerospace parts market study, expansions, and forecasts, along with a country-specific analysis
- An in-depth analysis of the global aerospace parts market comprises segment by product outlook, end use, and regions with an analysis of trend-based insights and factors
- Product offering details on competitive benchmarking and evolution approach adopted by the industry players, along with their investments in the last five years in the global market have been provided in the report
- The market research includes a study of the provinces, boundaries, drivers, prospects, guidelines, challenges, and procedures that are propelling the global aerospace parts market
- The study also offers complex measures of potential market effect during the forecast period and an in-depth overview of the leading companies operating in the global market
- External as well as internal variables that are expected to have a positive or negative effect on companies have been evaluated, which will offer the decision-makers a strong futuristic view of the industry
- The research also helps understand the dynamics of the aerospace parts market structure by analyzing market segments and by projecting the size of the market
- The report helps to understand the effects of COVID-19 pandemic on aerospace parts market.
- Some major industry players functional in the global aerospace parts market are: Intrex Aerospace, Safran Group, JAMCO Corporation, Rolls Royce PLC, GE Aviation, Aero Engineering & Manufacturing Co., Woodward, Inc., CAMAR Aircraft Parts Company, Aequs, Eaton Corporation PLC, and Lycoming Engines.
For more information on this topic please visit our website report titled, “Aerospace Parts Market, by Product Outlook (Aircraft Manufacturing, Engines, Avionics, Equipment, System, and Support, Insulation Components), End Use (Business Aircraft, Commercial Aircraft, Military Aircraft, Others), and Region (North America, Europe, Asia Pacific, Middle East and Africa, South America)” —in-depth analysis along with the table of contents (ToC).
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