The Aircraft Turned Parts Market is expected to reach $1.9 Billion by 2025, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Aircraft Turned Parts Market
However, the strong fundamentals of the market, such as market entry of new aircraft programs: A321XLR, B777X, C919, and MC-21 coupled with a huge pile of order backlogs of Boeing and Airbus (12,816 commercial aircraft backlogs translating 7+ years at continuous production rates), and accelerated demand for replacing iconic aircraft such as A380 and B747 with A321, A350XWB, and B787, may provide some relief to the entire aerospace community including aircraft turned parts manufacturers in the near future. It is estimated that the Aircraft Turned Parts Market is set to rebound from 2021 onwards after a nose-dive in 2020, the biggest collapse in the past two decades. It is estimated that the aircraft turned parts market will reach US$ 1.9 billion in 2025.
In terms of region, North America is projected to remain the largest market for aircraft turned parts during the forecast period. The USA is the leading market for turned parts in North America as well as in the global marketplace, owing to the presence of several aircraft OEMs such as Boeing, Airbus, Lockheed Martin, Gulfstream, and Cessna, the major sources of demand for turned parts. The outbreak of the pandemic has ruthlessly impacted the country’s market with the temporary shutdown of Boeing’s B787 plant in South Carolina and Airbus’ A220 and A380 production facility in Alabama, sagging the capability of the OEMs to work on full capacities.
Asia-Pacific is expected to be the fastest-growing region in the years to come, driven by high long-term growth potentials of the region. Commercial aircraft to gain the biggest momentum in the region in the long run with the expected growth in the air passenger traffic and upcoming indigenous aircraft program (COMAC C919). Military aircraft is also subjected to register a noticeable gain in the coming years, primarily burgeoned by increasing defense budget of key economies, such as China, India, and South Korea, with the implementation of offset policies in some Asian countries as well as the high focus on the development of indigenous military aircraft such as Tejas and J20.
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Market Scope & Segmentation
Share by Aircraft Type: Commercial aircraft is the largest & the fastest-growing segment.
On the basis of aircraft type, the market is segmented as commercial aircraft, regional aircraft, helicopter, military aircraft, and general aviation. Commercial aircraft is likely to remain dominant as well as the fastest-growing aircraft type, in the long run, mainly driven by an expected increase in commercial aircraft deliveries during the forecast period.
The short-term outlook of commercial aircraft market seems negative on account of prolonged grounding of B737 Max, temporary curtailed production rates of key aircraft programs such as A320, A330, B787, and A350 XWB programs, and continued delays in the entries of upcoming aircraft programs such as B777X and C919. However, a quick rebound in the demand for turned parts is anticipated, especially in the narrow-body segment, posting a recovery cycle of about 3 years, quickest among all the aircraft segments.
Share by Application Type: Landing gear is the largest application.
Based on the application type, the market is segmented as flight control surfaces, engine, landing gear, and others. The landing gear is likely to maintain its dominance in the market during the forecast period, owing to the presence of a large number of cylindrical parts with turning as the most preferred process. Engine and flight control surfaces are estimated to generate a plethora of opportunities in the long run.
Share by Material Type: Aluminum is the dominant & Titanium is the fastest-growing material.
Based on the material type, the market is segmented as aluminum, stainless steel, titanium, and other metals & alloys. Aluminum is projected to remain the most dominant material type in the market during the forecast period, owing to its low cost as well as excellent mechanical properties making it the most preferred choice for their wider usage in various applications. Post pandemic, titanium is anticipated to register the highest growth in the market, owing to its increasing penetration in the next-generation aircraft programs as it offers various benefits over aluminum such as higher strength-to-weight ratio and oxidation resistance.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period of 2020-2025. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
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