Pune, India, Oct. 25, 2021 (GLOBE NEWSWIRE) -- The Global Aerospace Parts Market Size is expected to value USD 900.75 billion in 2021 and is expected to grow at a CAGR of 3.7% during the forecast period. 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. Also, increasing rate of merger and acquisitions in aerospace parts industries with technological advancements are creating various new opportunities for the market players.
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However, the high costs involved in manufacturing the aerospace parts may restrain the overall growth of the aerospace parts market. 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.
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 segment during the forecast period. The segment growth can be attributed to growing aircraft fleet and the need for timely replacement of aerospace part. Insulation components reduce emission and provide protection and safety of personnel, which is contributing to segment growth.
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 attributed to commercial aircrafts generates economic growth, employment, and facilitates international trade and tourism.
Global Aerospace Parts Market, by Region
Based on region, the market is segmented into Europe, North America, the Middle East and Africa, Asia Pacific, and South America. North America holds the largest market share and is expected to remain largest during the forecast period.
The presence of leading manufacturers such as Intex Aerospace, Woodward, Inc., GE Aviation, and many others is contributing to the growth of the North America market. Additionally, increasing demands for new-generation aircraft and increasing demands for fixed-owing aircraft in U.S. are expected to boost regional aerospace parts market during the forecast period.
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Some Noted Developments Considered in the Report:
- 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.
COVID-19 Impact on Global Aerospace Parts Market
As COVID-19 pandemic continues 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. 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, and the aerospace parts market is expected to gear up with their production capacity during the forecast period.
Some Major Findings of the Global Aerospace Parts Market Report Include:
- In-depth global neurological movement disorders market analysis by the segments, along with an analysis of trend-based insights and factors
- Profiles of key market players operating in the global aerospace part market, which include 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
- Competitive benchmarking, product offering details, growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions that include analysis, along with drivers, restraints, opportunities, and challenges that are prevailing in the global aerospace part market
- Impact of COVID-19 on the global aerospace part market
Browse key industry insights from the report, “Aerospace Parts Market, By Type (Engines, Aircraft Manufacturing, Cabin Interiors, Equipment, System, and Support, Avionics, Insulation Components), By Application (Commercial Aircraft, Business Aircraft, Military Aircraft, Others), By Region (North America, Eastern Europe, Western Europe, Asia Pacific, Middle East, Rest of the World) – Market Size & Forecasting (2021-2030)”, in-depth analysis along with ToC.
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