Aerospace Machined Components Market is Forecast to Reach US$ 43.7 Billion in 2028, Says Stratview Research

The Aerospace Machined Components Market is likely to rise at a CAGR of 6.8% during 2023-2028, to reach US$ 43.7 billion in 2028, states Stratview Research

DETROIT, Sept. 13, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the Aerospace Machined Components Market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.

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Report Highlights

Segment Insights on the Aerospace Machined Components Market

The Aerospace Machined Components Market is segmented based on Component Type, Aircraft Type, Application Type, Material Type, End-User type, and Region.

Based on Component Type - The market is segmented into milled parts, turned parts, and others. Among these component types, milled parts are expected to maintain their market dominance over the next five years. Advancements in the milling processes to offer excellent benefits, such as finishing accuracy, increasing uniformity in design, lead time reduction, and ease in manufacturing complex parts, help the process better position itself in the market.

Based on the Aircraft Type- The market is segmented into commercial aircraft, regional aircraft, helicopters, military aircraft, and general aviation. Despite taking a nosedive in 2020, commercial aircraft is expected to remain the largest and fastest-growing segment of the market during the forecast period. Returning in service of the B737Max, the entry of new programs (C919, B777x, and MC-21), and the expected recovery in the production rates of the A320 and B737 programs are likely to fuel the segment's growth.

Based on the Application Type- The market is segmented into metal airframes, engines, landing gear, and others. Among these application types, the engine is expected to remain the most dominant segment of the market, during the forecast period. Some of the major machined engine components are compressor shafts, impellers, turbine blisks, turbine blades, thrust fittings, fan casings, combustion casings, fuel nozzles, turbine diffusers, and pylon brackets. As these engine components are of paramount importance in an aircraft, it is also expected that the segment will witness the fastest growth in the years to come.

Based on Material Type- The market is segmented into aluminum, stainless steel, titanium, and other metals & alloys. Among these material types, aluminum is expected to remain the most dominant material type in the market during the forecast period, whereas titanium is likely to witness the fastest growth during the same period. Key factors for aluminum's dominance are its excellent track record of over eight decades, lower density, anti-corrosive properties, high malleability, and ductility, and more economical than that of its competitive materials, such as titanium. On the other hand, titanium is gaining preference in the market owing to its various benefits, such as a high strength-to-weight ratio, high corrosion and heat resistance, and higher compatibility with composite materials.

Based on the End-User Type- The market is segmented as OE and aftermarket. OE is expected to remain the most dominant segment of the market during the forecast period, whereas aftermarket is likely to be the fastest-growing end-user type during the same period. Commercial aircraft (which includes narrow-body and wide-body aircraft), account for the majority of the OE sales for aircraft machined components.

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Which Region Offers the Best Opportunity and Growth?

The report suggests that North America is expected to remain the largest market for aircraft machined components during the forecast period. This growth is majorly attributed to the following-

-  Presence of a large number of aircraft OEMs, tier players, machined component manufacturers, and raw material suppliers.

-  The USA is likely to remain the leading market, both in, North America and globally, during the forecast period.

Concurrently, Asia-Pacific is likely to be the fastest-recovering region during 2023-2028. China is gaining a significant share and accounted for more than two-fifths of the Asia-Pacific's market in 2022. Similarly, India is likely to be the new growth engine of the regional market in the coming five years.

Aerospace Machined Components Market Drivers

Some of the key drivers listed in the report are given below.

-  Growing air travel demands and expanding airline fleets.

-  The increased aircraft production and the need for aircraft replacement.

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Top 10 Companies in the Aerospace Machined Components Market?

The market is highly populated, with the presence of several local, regional, and global players. Major players have excellent product development capability, and they compete in some of the governing factors, including price, product offerings, regional presence, etc. These players hold distinct capabilities in manufacturing aerospace machined components through specific processes such as milling and turning. A majority of these players are located in North America, Europe, and Asia-Pacific, being home to some key companies as well. As a whole, the following are the key players in the global aerospace machined components market:

-  Spirit AeroSystems, Inc

-  GKN Aerospace

-  Collins Aerospace

-  Mitsubishi Heavy Industries, Ltd.

-  Premium AEROTEC GmbH (Airbus Aerostructures GmbH)

-  STELIA Aerospace (Airbus Atlantic)

-  Howmet Aerospace Inc.

-  Precision Castparts Corp.

-  MTU Aero Engines AG

-  GE Aerospace

What Deliverables Will You Get in this Report?

Related reports which might be useful:

• Aerospace Milled Parts Market
• Aircraft Turned Parts Market

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