The North America aircraft parts market was valued at US$ 180.18 Million in 2021 and is expected to surpass US$ 268.87 Million by 2030, registering a CAGR of 4.5% during the forecast period (2022-2030), according to the North America aircraft parts Market Report, by Parts (Engines, Cabin Interiors, Fuselage, Empennage, Landing Gear, Wings and Flaps and Propeller), by Material Type (Carbon Fibers, Composite Material, Steel Alloy, Aluminum Alloy and Titanium Alloy), by Aircraft Type (Narrow Body aircraft, Wide-Body aircraft and Turboprop aircraft), by Application (Commercial Aircraft, Business Aircraft and Military Aircraft), and by Country (U.S. and Canada), published by Coherent Market Insights.
In North American region, aircraft material vendors are focusing on supplying advanced light weight material to key airline companies. For instance, in January 2019, Teijin Limited announced that it would supply Tenax carbon fiber and TPUD, a unidirectional pre-impregnated tape to Boeing Company. TENAX TPUD is made from thermoplastic resin, which has high fatigue and impact resistance compared to conventional materials. Moreover, in January 2019, Teijin Limited received a contract to supply its TENAX carbon fiber to Bombardier Inc., a Canada-based manufacturer of commercial and business jets.
The United States Department of the Air Force is emphasizing on using lightweight and high strength carbon fiber material for construction of aircraft body structures. 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. Carbon fiber material also has higher tensile strength of about 2.3 times of aluminum. However, aluminum is more economical as compared to carbon fiber.
North America aircraft parts Market - Impact of Coronavirus (Covid-19) Pandemic
Liquidity shortfall, cash crunch, and others are the factors that are restraining growth of the various sectors during COVID-19 pandemic. To combat COVID-19 pandemic, most of the countries had implemented lockdown and are now easing it phase-wise and industry wise.
Moreover, the spending patterns of people across the U.S. and Canada have also changed owing to the COVID-19 pandemic. According to CMI’s study, consumers have reduced their spending on the domestic and international air travel. The reduced air travel has indirectly impacted commercial airline industry. For instance, according to the International Air Transport Association (IATA), the demand for international passengers in the year 2020 was decreased by 75.6% as compared to the year 2019. The market is expected to regain its position by Q4 of 2022, according to CMI analysis.
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Browse 60 market data tables and 40 figures on “Aircraft Parts Market – North America forecast to 2030”.
Key Trends and Analysis of the North America Aircraft Part Market:
- Among applications, the commercial aircraft segment holds the highest market share in the year 2021 and is expected to retain its market share over the forecast period. The increase in the number of air passengers and the launch of new air routes for increasing connectivity are propelling the demand for aircraft components for commercial aircraft.
- Canada is expected to show significant growth over the forecast period. Increasing expenditure on air travel owing to high GPD (Gross domestic product) per capita of Canada is expected to propel the Canada aircraft parts market. Canada aircraft parts market generated revenue of US$ 19.85 Mn in 2021 and is expected to reach US$ 30. 27 Mn by 2030 with a CAGR of 4.9% over the forecast period.
- Major players operating in the North America aircraft parts market include Airbus Group, Alcoa Corporation, Arconic Corporation, Boeing, Bombardier Inc., Collins Aerospace, Elbit Systems Ltd, Teijin, Lockheed Martin Corporation and Triumph Group, Inc.
