Aerospace Parts Manufacturing Market is Expected to Expand at a Healthy 4.1% CAGR by 2031 On the Back of Rapidly Rising Demand for New Aircraft for Airline Fleet Expansion
Aerospace Parts Manufacturing Market size was valued at USD 898.58 Billion in 2022 and is poised to grow from USD 935.42 Billion in 2023 to USD 1290.07 Billion by 2031, at a CAGR of 4.1% during the forecast period (2024-2031).
The rapidly expanding aviation industry has led to an increasing demand for aircraft on a global level. Aerospace parts manufacturers provide essential components required for aircraft and this is why as the aviation industry expands it also propels aerospace parts manufacturing market growth.
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Advancements in manufacturing technologies and high investments in the aviation space are projected to create an opportune scenario for aerospace parts manufacturing companies going forward. An increasing number of air travelers and fleet expansion of leading airline companies are also slated to boost the demand for aerospace parts manufacturing in the future. The development of new types of aircraft and high investments in the upgradation of old aircraft will also create an opportune setting for aerospace parts manufacturing companies going forward.
Expansion of Aerospace Parts Manufacturing Capacity to Remain the Prime Focus of New and Established Companies
Most aerospace parts manufacturing providers will focus on setting up new facilities or expanding the capacity of their current facilities to meet the surging demand for aerospace components. Entry of new aerospace parts manufacturers will also be a key trend that could change the competitive landscape in the near future. The use of advanced manufacturing techniques and technologies to prepare advanced and complex aerospace components will also gain traction by the end of the study period. 3D printing and additive manufacturing are forecasted to emerge as the most popular aerospace parts manufacturing technologies in the future.
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- Saudi Arabian Military Industries (SAMI) announced the launch of its new manufacturing facility to produce composite aerospace parts and components back in December 2021. The facility is being developed in accordance with Saudi Arabia’s Vision 2030.
- Verus Aerospace, a new aerospace component manufacturer was launched by Arlington Capital Partners back in January 2024. The newly formed aerospace part manufacturer comprises Arden Engineering, Perfekta, Premier Processing, and other Arlington-backed organizations.
- In May 2023, MTU Aero Engines and BEAMIT Spa announced a collaboration to use 3D-printed additive manufacturing technology for the creation of new components for aviation applications. This is a step forward for all aviation component manufacturers as they incorporate advanced manufacturing technologies in their operations.
- Airbus, a leading aircraft manufacturer based in Europe, announced that it would be investing USD 1.5 billion to expand its aerospace parts manufacturing capabilities in the European region back in February 2023. The move was intended to help Airbus fulfil new orders and maximize efficiency at its manufacturing facilities.
- In July 2023, Trelleborg Sealing Solutions, a renowned provider of different types of seals for multiple applications, announced the acquisition of a new manufacturing facility in Seattle, Washington, United States. This move helped the company become the biggest supplier of aircraft window seals in the world.
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The global aerospace parts manufacturing market is quite a tough one to enter for new companies as it requires substantial capital investments. However, new companies can collaborate with leading market players to create a market presence and expand further. Innovation and use of advanced manufacturing technologies will be highly crucial in determining the success of any aerospace parts manufacturing provider in the long run.
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