AEROSPACE PARTS MANUFACTURING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Aerospace Parts Manufacturing Market Size and Trends

The aerospace parts manufacturing market is estimated to be valued at USD 918.7 Bn in 2024 and is expected to reach USD 1,419.2 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.

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The aerospace parts manufacturing market is expected to grow steadily over the next few years. The market is driven by the increasing commercial aircraft fleet size around the world and massive backlogs of aircraft orders with manufacturers. Additionally, the growing demand for lightweight and advanced materials from the aerospace industry is also supporting the growth of this market. Some of the players operating in this market are focusing on developing 3D printing technologies to manufacture complex and customized parts, which is further expected to propel the market forward during the forecast period.

Rising Demand for Spare Parts Due to Increasing Commercial Aviation Activity

The demand for aerospace parts is increasing significantly due to the rising commercial aviation activities across major regions of the world. Many developing economies are experiencing fast economic growth and have emerged as lucrative aviation markets. This is leading to a surge in passenger traffic and aircraft fleet size among commercial airlines. As more planes are pressed into service for commercial operations, the requirement for replacement parts and components is automatically rising. The existing aircraft also need regular maintenance and replacement of worn-out parts to ensure safety and performance. With more number of airplanes plying each day globally, the spares and repairs market is setting for strong growth.

The commercial aviation industry is envisioned to grow steadily in the coming years on the back of emerging middle classes, business travel needs, and improving regional connectivity in developing nations. Low-cost carriers have boosted regional air travel thanks to competitive fares and new routes. Legacy full-service carriers are expanding networks and upgrading fleets to tap emerging opportunities. This is prompting manufacturers to ramp up aircraft production to take orders from major airlines across the world. As the fleet modernization plans of carriers come into effect, the need for original equipment manufacturer (OEM) parts and components is surging. Even the aftermarket or replacement demand sees a rise because of the expansion in flight hours from the existing aircraft.

For instance, according to Airbus SE, a Europe-based multinational aerospace corporation, in 2021, there were almost 22,000 Airbus commercial aircraft in service, and this figure is expected to double by 2041, reaching nearly 45,000 aircraft.

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Aerospace manufacturers are making rising investments in advanced materials and cutting-edge technologies to produce lightweight as well as more durable and reliable parts for new-generation aircraft. With continuous emphasis on improving fuel-efficiency and emission standards, OEMs are focused on developing game-changing components and composites that can help reduce the overall weight of planes. Alloys with enhanced strength are allowing thinner and more versatile designs. Advanced coating techniques are imparting better resistance to heat and corrosion. Composite materials like carbon fiber that are super strong yet light are gaining widespread adoption replacing traditional aluminum and alloys.

Additive manufacturing or 3D printing is one area attracting major R&D funding from both startups as well as industry stalwarts. These advanced technologies facilitate complex, customized, and optimized designs not possible with traditional techniques. 3D printed parts also enable efficient production with less material wastage. They help streamline supply chains and reduce time-to-market for new products. The aerospace industry is working to certify critical components produced using

For instance, F-35, a fighter jet developed by the Lockheed Martin uses the carbon fiber material in its aircraft parts.  Carbon fiber has about 2 and 5 times less density than aluminum and steel.