The Aircraft Milled Parts Market is expected to reach $4.3 Billion by 2025, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Aircraft Milled Parts Market
The aircraft milled parts market is projected to recover at a healthy rate from 2021 onwards, to reach an estimated value of US$ 4.3 billion in 2025.
The outbreak of COVID-19 has put an end to the 16-year long industry boon, which had begun when the industry had emerged out from another infectious disease SARS (2002-2003). The aerospace industry is projected to be one of the most severely impacted industries due to the COVID-19 outbreak.
As per the recent estimates of IATA, the airline industry is expecting to record a possible loss of US$ 314 billion of passenger revenues, an equivalent of a 48% loss in RPKs in 2020 from 2019. Complete lockdown of many countries due to the pandemic has forced several airlines to operate at a reduced capacity rate of 5% to 40% of their total strength. For instance, Lufthansa Group has recently announced a 95% capacity reduction due to the outbreak.
The unprecedented drop in air travel has not only reduced airlines’ revenue but also added an extra cost of grounding their huge aircraft fleets. Thus, the impact of COVID-19 is disrupting the entire supply chain of the industry resulting in stock fall out and bankruptcies of several regional airlines, leading to consolidation in the regional aviation market.
In terms of region, North America is projected to remain the largest market for aircraft milled parts during the forecast period. The USA is expected to rebound quickly and will act as the growth engine of the region’s market, owing to the presence of several aircraft OEMs such as Boeing, Airbus, Lockheed Martin, Bombardier Inc., and Gulfstream Aerospace as well as the presence of several leading tier players and milled parts manufacturers in the country.
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Market Scope & Segmentation
Aircraft Milled Parts Market Share by Aircraft Type
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 the growth engine of the market during the forecast period, mainly driven by an expected increase in commercial aircraft deliveries in the coming years. The short-term outlook of the commercial aircraft market seems struggling to owe to the continuous grounding of the B737 Max, reduction in production rates of A320, A330, and A350 XWB programs and expected delay in the entry of upcoming aircraft programs such as B777X and C919.
Aircraft Milled Parts Market Share by Application Type
Based on the application type, the market is segmented as airframe, engine, interiors, and others. The airframe segment is likely to maintain its dominance in the market during the forecast period because a large number of structural components are still made through the milling process. The aircraft engine segment is expected to rebound with the highest pace from 2021 onwards, mainly driven by a handful of engines, such as LEAP, GE9X, GEnx, PW F135, PW1000G, and Rolls-Royce Trent XWB and 7000.
Aircraft Milled Parts Market Share by Material Type
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 aircraft milled parts market over the next five years, owing to its widespread usage and excellent track record in the aircraft industry. Titanium is estimated to be the fastest-recovering material type in the market in the coming years, mainly propelled by increased penetration of titanium in the next-generation aircraft programs, such as B787 and A350XWB.
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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:
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.