Aircraft Machined Components market size is USD 28.2 billion in 2023 and will grow at a CAGR of 7.00% from 2023-2030: Cognitive Market Research

Aircraft Machined Components market size is USD 28.2 billion in 2023 and will grow at a CAGR of 7.00% from 2023-2030: Cognitive Market Research


Introduction of the?Aircraft Machined Components Market

Aircraft machined components are different parts made with accuracy for building and operating airplanes. These parts are created using advanced machines to make sure they are very accurate and reliable in the aerospace field. The aerospace industry is growing due to more people traveling by air; there are new technologies and a focus on making planes lighter for better fuel efficiency. As air travel increases, there's a higher need for strong, light, and well-made machined components. This demand pushes for better and more efficient ways to make airplane parts, boosting innovation and the economy in the aerospace manufacturing industry.

For instance, in November 2021, Global Precision Products, LLC professedthat it had acquired Will-Mor Manufacturing, LLC. The Acquisition strengthens the company's position as a leading supplier of difficult-to-manufacture components for the aerospace and defense industries.

Key Insights from Aircraft Machined Components Market Report

The Global Aircraft Machined Components market size is USD 28.2 billion in 2023 and will expand at a CAGR of 7.00% from 2023 to 2030.

To know more about The Aircraft Machined Components Market statistics click here

Increasing Air Travel and Expanding Airline Fleets Drive Market Growth

The market is experiencing robust growth due to the surge in air travel demands and the constant expansion of airline fleets. Increased global movement and economic development have led to a surge in passenger numbers, which prompted airlines to enlarge their fleets. This trend not only enhances the aviation industry's overall capacity but also propels the demand for aircraft-related products and services, contributing to sustained market expansion.

For instance, in February 2019, Magellan Aerospace Corporation announced the opening of the company’s manufacturing and assembly facility in India. Magellan's new facility excels in high-speed milling and turning of aerospace components made from Aluminum and hard metal materials.

  • Aircraft Production Growth and Replacement Demand Drives Market Growth

More airplanes are required as people are flying more, and older planes need replacement, which leads the market toward growth. As the aviation industry experiences a rise in demand for new aircraft and the retirement of old ones, the market experiences dynamic growth. Technological advancements and the quest for enhanced efficiency in air travel particularly drive this trend. The connection of innovation, demand, and aging fleets creates a robust environment, fostering the sustained growth of the aircraft market.

For instance, in June 2023, MIT engineers designed a Megawatt electrical motor that could help electrify aviation. The technology demonstrations show the machine’s major components achieve the required performance.?

Market Restraints of the?Aircraft Machined Components

  • Fluctuations in Rates of Raw Materials Are Hindering the Market Growth

The aircraft machined components market faces hindrances in growth due to fluctuations in raw material rates. Volatility in the prices of essential materials, such as Aluminum and hard metals, disturbs manufacturing costs, impacting profit margins for industry players. These variations, influenced by global economic factors, geopolitical events, and supply chain disruptions, pose challenges for manufacturers needing help to maintain cost-effectiveness and competitiveness. As a result, the industry resists directing these uncertainties while meeting the increasing demand for aircraft components.

Impact of COVID-19 on?the?Aircraft Machined Components Market

The COVID-19 pandemic significantly impacted the aircraft machined components market, causing interruptions in the global aerospace industry. Due to reduced air travel and financial challenges encountered by airlines, the demand for new aircraft and associated components has fallen. Aircraft manufacturers and suppliers experienced production slowdowns, order cancellations, and supply chain disruptions, which affected the market for machined components. Companies faced financial strains, which led to layoffs and delayed projects. Although the industry is gradually recovering with increased vaccinations and reduced travel restrictions, the initial impact of the pandemic had a lasting impact on the aircraft machined components market.

We have various report editions of Aircraft Machined Components Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.

Competitive Landscape of the Aircraft Machined Components Market

The major players rapidly evolve with new strategies to attain a competitive edge and capture significant market share. The major aircraft machined components market participants emphasize expanding creative offerings to serve a large consumer base and gain a competitive benefit.

Aircraft Machined Components?Industry News

  • In September 2023, a new Dh20 million 3D printing hub in Dubai took a step to transform the aviation industry into a more sustainable industry by producing lightweight replacement aircraft components.

Top Companies Market Share in Aircraft Machined Components Industry:

  • Spirit AeroSystems Inc.
  • GKN Aerospace
  • Collins Aerospace
  • MITSUBISHI HEAVY INDUSTRIES LTD.
  • Premium AEROTEC S.R.L.
  • STELIA Aerospace
  • Howmet Aerospace
  • Precision Castparts Corp.
  • MTU Aero Engines AG
  • GENERAL ELECTRIC

Get free sample pages of the latest published Aircraft Machined Components Market Report

Aircraft Machined Components Market Analysis

Process Type Segment Analysis

According to Cognitive Market Research, milled parts hold a significant share of the aircraft machined components market. Their essential role in aerospace manufacturing, offering precision and durability, contributes to their dominance. Milled parts play a dominant role in determining the landscape of the aircraft machined components market, holding a major share in response to industry demands.

Turned parts emerge as the fastest-growing segment in the aircraft machined components market. Prominent for their strictness and versatility, turned components play an essential role in aerospace manufacturing. The accelerated growth in demand for these components reflects their essential role in making efficient and reliable aircraft structures, marking them as a dynamic and crucial sector within the market.

  • Milled Parts
  • Turned Parts

Application Segment Analysis

According to Cognitive Market Research, the engine holds the major share in the aircraft machined components market. Critical components within aircraft engines, such as turbine blades, shafts, and casings, rely on the accuracy of machining for optimum performance. As technological advancements in aviation engines remain to continue, the demand for high-precision machined components remains strong.

The landing gear segment is emerging as the fastest-growing sector in the aircraft machined components market. Rising demand for advanced landing gear systems, driven by factors like aircraft modernization and security enrichments, fuels the rapid growth of machined components within this segment, which highlights its pivotal role in ensuring aviation safety and performance.

  • Airframe
  • Engine
  • Landing Gear

Aircraft Type Segment Analysis

According to Cognitive Market Research, the commercial aircraft segment dominates the aircraft machined components market, holding a significant market share. This sector's prominence is due to the strong demand for air travel, which leads to increased production and maintenance requirements for commercial airplanes. Machined components play a critical role in ensuring the reliability and performance of aircraft, which contributes to the segment's substantial market presence.

The military aircraft segment is the fastest-growing sector in the aircraft machined components market. Increasing defense budgets, technological advancements, and growing security concerns are driving the demand for sophisticated military aircraft. This rise in requirements for military aviation solutions drives the rapid growth of machined components within the defense aerospace industry.

  • Commercial Aircraft
  • Regional Aircraft
  • Helicopters
  • Military Aircraft
  • General Aviation

Material Type Segment Analysis

According to Cognitive Market Research, Aluminum commands a substantial market share in the aircraft machined components market. Its lightweight yet durable properties make it a preferred material for the production of critical components in the aerospace industry. As the demand for fuel-efficient and technologically advanced aircraft continues to rise, Aluminum remains a principal choice for machined components in the aerospace manufacturing sector.

Titanium is emerging as the fastest-growing material in the aircraft machined components market. Due to its significant strength-to-weight ratio, resistance to corrosion, and capacity to operate at high temperatures, titanium is rising in demand in aerospace applications. The demand for slim yet?durable components in modern aircraft is propelling the rapid growth of titanium within the machined components sector.

  • Aluminum
  • Stainless Steel
  • Titanium
  • Other (Metals & Alloys)

End-User Segment Analysis

According to Cognitive Market Research, original equipment holds a significant share of the aircraft machined components market. Original equipment manufacturers (OEMs) play a vital role in designing and producing machined components for several aircraft systems. As aviation technology grows, OEMs constantly drive innovation and sustain a substantial presence in the market. Their influence spreads across various platforms, including airframes and engines, that contribute to the overall growth and stability of the aircraft machined components market.

The aftermarket segment is the fastest-growing sector in the aircraft machined components market. Rising demand for replacement and advanced components, driven by maintenance, repair, and overhaul activities, drives the growth of machined components in the aftermarket. This inclination is fueled by the need to extend life and improve the performance of existing aircraft fleets.

  • Original Equipment (OE)
  • Aftermarket

In terms of revenue, the North America Aircraft Machined Components Market share was 40% of the total market

According to Cognitive Market Research, North America dominated the market in 2023 and accounted for around 40% of the global revenue, owing to the region's aerospace industry, which is distinguished by major players and advanced manufacturing capabilities that are contributing significantly to the market's overall strength. Substantial demand for commercial and military aircraft, combined with a focus on technological advancements, positions North America as a key player in the production and utilization of machined components within the aircraft manufacturing sector.

Europe has emerged as the fastest-growing segment in the aircraft machined components market. The region's aerospace industry is witnessing substantial growth, compelled by increased demand for modern and fuel-efficient aircraft. Factors such as technological advancements, rigid safety regulations, and a focus on sustainability contribute to the rapid growth of machined components within Europe, placing it as a key player in the global aircraft manufacturing landscape.

Frequently Asked Questions (FAQs)

What is the market size for the aircraft machined components market in 2023?

  • The global market size for aircraft machined components in 2023 was 28.2 USD billion.

What is the growth rate for the aircraft machined components market over the forecast period?

  • The global aircraft machined components market is expected to grow with a CAGR of 7.00% over the projected period.

Which is the leading region of the market for aircraft machined components?

  • North America held a significant global aircraft machined components market revenue share in 2023.

Which region is projected to detect the fastest growth in the aircraft machined components market over the forecast period?

  • Europe will witness the fastest growth of the global aircraft machined components market over the coming years.

Which country is leading in the aircraft machined components market in 2023?

  • The US had the most significant global aircraft machined components market revenue share in 2023.

What are the key drivers for the growth of the aircraft machined components market?

  • The main drivers of the growth of the aircraft machined components market are rising air travel demand, technological advancements, aircraft modernization, fuel efficiency focus, defense investments, and economic expansion.

Which is the significant aircraft machined components market segment by aircraft type?

  • The commercial aircraft segment had the largest share in the global aircraft machined components market by aircraft type.

Which is the significant segment in the aircraft machined components market by material type?

  • In 2023, the aluminum segment had a significant revenue share in the global aircraft machined components market in terms of material type.

Contact Us

Nicolas Shaw

Cognitive Market Research

20 N State Street, Chicago,

Illinois, 60602

United States

USA: +1 312-376-8303

Europe and UK: (+44) 20-8144-9523

Asia Pacific: (+852) 81930785

Email: [email protected]

Website: https://www.cognitivemarketresearch.com/about-us

About Cognitive Market Research Company:

Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operational across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and helps them to build business strategies accordingly.


要查看或添加评论,请登录

社区洞察

其他会员也浏览了