Grand View Research reports aerospace parts manufacturing market will be $1,233.2 billion by 2030

The global aerospace parts manufacturing market size is expected to reach USD 1,233.2 Billion by 2030 registering a CAGR of 4.0%, according to a new report by Grand View Research, Inc. Increasing passenger and freight traffic in emerging economies is driving the demand for next-generation aircraft, which in turn is expected to boost the market growth.

Key Insights & Findings from the report:

• In 2019, aerostructure dominated the product segment, with 52.2% of revenue share on account of the strong replacement rate of aluminum with high-cost composites in fuselage and airframe structures
• The commercial aircraft segment is estimated to expand at the fastest CAGR of 4.6% over the forecast period, as significant changes are being incorporated into the aircraft structure to reduce carbon emissions by replacing existing parts with lightweight materials
• The market in the Asia Pacific was valued at USD 149.6 billion in 2019 and is expected to expand at the highest CAGR owing to the rapid growth of the aviation industry, augmenting the growth of MRO services thereby impacting the aerospace parts manufacturing industry on a positive note
• The aerospace parts manufacturing market has stringent manufacturing norms, safety regulations, and certifications, which restricts the entry of new entrants
• Emerging players in Asia offering low-cost innovative solutions to the end-users are expected to challenge the established players in North America and Europe, leading to competition disruption in the market
• Read 311 page market research report, “Aerospace Parts Manufacturing Market Size, Share & Trends Analysis Report By Product, (Insulation Components, Aerostructure), By End Use (Commercial Aircraft, Business Aircraft), By Region, And Segment Forecasts, 2022 – 2030”, published by Grand View Research.

A majority of the aircraft manufacturing companies are integrated across the value chain and are highly active in the parts manufacturing process. These companies have in-house production facilities as well as supplier contracts for the procurement of these parts. The manufacturers are also involved in raw material procurement and designing and quality control of the parts offered by third party suppliers.

The market for aerospace part manufacturing is primarily concentrated in North America and Europe, owing to the presence of major aircraft manufacturers. China and India are expected to emerge as the leading markets in the forthcoming years, owing to the rapid growth of aircraft part manufacturing and export activities. The global trade in components and sub-assemblies has increased by approximately 25% during the past decade. However, the sector still remains consolidated with the top 3 countries including the U.S., Germany, and France, accounting for over 60% of the total aircraft manufacturing.

The market has observed a trend of a collaboration of the major companies entering into a joint venture. This helps the companies to sustain in the highly competitive market in terms of geographical expansion, technological advancements, and lowering the risk of failure. This also aids the companies to easily access the market for gaining long term contracts.

Check out more studies related to aerospace parts and material, published by Grand View Research:

• Aerospace & Defense C-class Parts Market – The global aerospace & defense c-class parts market size was estimated at USD 15.21 billion in 2019 and is projected to expand at a compound annual growth rate (CAGR) of 4.5% from 2020 to 2027. High potential for product adoption in aerospace applications to improve the strength and durability of aircraft parts is expected to drive the market growth.
• Aerospace And Defense Materials Market – The global aerospace and defense materials market size was estimated at USD 20.74 billion in 2019 and is projected to register a CAGR of 4.0% over the forecast period. The rise in the replacement of aging aircraft has led to a boost in new aircraft manufacturing, which in turn is expected to drive the growth of the market.
• Aerospace Composites Market – The global aerospace composites market is expected to witness significant growth on account of increased aircraft production as a result of the booming aviation industry. The aerospace sector contributes to a major chunk of the composites market due to the increased use of lightweight materials for interior and exterior parts.
  Browse through Grand View Research’s coverage of the Global Advanced Interior Materials Industry.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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Press Release from Grand View Research, Inc.