Market Insights

What is turning process? An Introduction

Turning is the machining process used to obtain highly finished cylindrical parts with the help of single-point cutting tools. Through turning, both solid as well as thin-walled cylindrical parts can be formed. Some of the specific turning operations are hard turning, spherical generation, tapered turning, facing, grooving, and parting. Critical landing gear and aero-engine components, such as lock actuators, piston & cylinder actuators, and axles, shock absorbers, engine shafts, thrust links, rotor masts, pressure vessel components, bearing carriers, and small forgings; are the some of the key aircraft parts made via the turning process.

Aircraft turned parts capture a considerable share of the overall aircraft machined components market. The major players active in the market are also having capabilities to develop parts through other machining processes. Also, major players own a diversified product portfolio with a wider geographical reach and distribution network all over the world to serve their huge customer base.

Impact of COVID-19 on the Aircraft Turned Parts Market

The rapid spread of the pandemic exacerbated the existing aerospace industry challenges, and hampered B737 max approval process. Also, the pandemic left no options with the aircraft manufacturers except to curtail their key aircraft production rates. For instance, Airbus announced to curtail its production by 1/3 for 2020 with the revised rate of 40 A320s per month, 6 A350s per month, and 2 A330s per month, owing to a sudden collapse in air passenger traffic in the wake of the complete travel ban imposed by the governments of several advanced and emerging economies. Supply chain disruptions, huge cash burns, remote and adjusted work schedules, and huge COVID-19-related costs sacking the profitability are other noticeable effects of the pandemic.

However, the strong fundamentals of the market, such as market entry of new aircraft programs: A321XLR, B777X, C919, and MC-21 coupled with a huge pile of order backlogs of Boeing and Airbus (12,816 commercial aircraft backlogs translating 7+ years at continuous production rates), and accelerated demand for replacing iconic aircraft such as A380 and B747 with A321, A350XWB, and B787, may provide some relief to the entire aerospace community including aircraft turned parts manufacturers in the near future. It is estimated that the market is set to rebound from 2021 onwards after a nose-dive in 2020, the biggest collapse in the past two decades. It is estimated that the aircraft turned parts market will reach US$ 1.9 billion in 2025.

Segments' Analysis

Share by Aircraft Type: Commercial aircraft is the largest & the fastest-growing segment

On the basis of aircraft type, the market is segmented as commercial aircraft, regional aircraft, helicopter, military aircraft, and general aviation. Commercial aircraft is likely to remain dominant as well as the fastest-growing aircraft type, in the long run, mainly driven by an expected increase in commercial aircraft deliveries during the forecast period.

The short-term outlook of commercial aircraft market seems negative on account of prolonged grounding of B737 Max, temporary curtailed production rates of key aircraft programs such as A320, A330, B787, and A350 XWB programs, and continued delays in the entries of upcoming aircraft programs such as B777X and C919. However, a quick rebound in the demand for turned parts is anticipated, especially in the narrow-body segment, posting a recovery cycle of about 3 years, quickest among all the aircraft segments.

Share by Application Type: Landing gear is the largest application

Based on the application type, the market is segmented as flight control surfaces, engine, landing gear, and others. The landing gear is likely to maintain its dominance in the market during the forecast period, owing to the presence of a large number of cylindrical parts with turning as the most preferred process. Engine and flight control surfaces are estimated to generate a plethora of opportunities in the long run. 

Share by Material Type: Aluminum is the dominant & Titanium is the fastest-growing material

Based on the material type, the market is segmented as aluminum, stainless steel, titanium, and other metals & alloys. Aluminum is projected to remain the most dominant material type in the market during the forecast period, owing to its low cost as well as excellent mechanical properties making it the most preferred choice for their wider usage in various applications. Post pandemic, titanium is anticipated to register the highest growth in the market, owing to its increasing penetration in the next-generation aircraft programs as it offers various benefits over aluminum such as higher strength-to-weight ratio and oxidation resistance.

Regional Analysis:

In terms of region, North America is projected to remain the largest market for aircraft turned parts during the forecast period. The USA is the leading market for turned parts in North America as well as in the global marketplace, owing to the presence of several aircraft OEMs such as Boeing, Airbus, Lockheed Martin, Gulfstream, and Cessna, the major sources of demand for turned parts. The outbreak of the pandemic has ruthlessly impacted the country’s market with the temporary shutdown of Boeing’s B787 plant in South Carolina and Airbus’ A220 and A380 production facility in Alabama, sagging the capability of the OEMs to work on full capacities.

Asia-Pacific is expected to be the fastest-growing region in the years to come, driven by high long-term growth potentials of the region. Commercial aircraft to gain the biggest momentum in the region in the long run with the expected growth in the air passenger traffic and upcoming indigenous aircraft program (COMAC C919). Military aircraft is also subjected to register a noticeable gain in the coming years, primarily burgeoned by increasing defense budget of key economies, such as China, India, and South Korea, with the implementation of offset policies in some Asian countries as well as the high focus on the development of indigenous military aircraft such as Tejas and J20.

Market Segmentation

The aircraft turned parts market is segmented into the following categories. 

Aircraft Turned Parts Market Size, Share & Forecast, by Aircraft Type

• Commercial Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Regional Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Helicopter (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Military Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• General Aviation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Aircraft Turned Parts Market Size, Share & Forecast, by Application Type

• Flight Control Surfaces (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Engine (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Landing Gear (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Aircraft Turned Parts Market Size, Share & Forecast, by Material Type

• Aluminum (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Stainless Steel (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Titanium (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Other Metals & Alloys (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Aircraft Turned Parts Market Size, Share & Forecast, by End-User Type

• OE (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Aftermarket (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Aircraft Turned Parts Market Size, Share & Forecast, By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: France, Germany, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Japan, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: The Middle East, Latin America, and Others)

Key Players

The supply chain of this market comprises of raw material suppliers, aircraft turned parts manufacturers, distributors, tier players, engine OEMs, aircraft OEMs, aircraft leasing companies, airlines, and MRO companies.

Some of the key players in the aircraft turned parts market are

• Precision Castparts Corp.
• GKN plc
• Spirit AeroSystems, Inc.
• Magellan Aerospace Corp.
• Triumph Group Inc.
• Collins Aerospace
• Senior plc
• MinebeaMitsumi, Inc.
• Air Industries Group, Inc.
• Gardner Aerospace.

Most of these companies are also the leading machined components suppliers with the presence in milling, drilling, and other machining processes. 

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We have conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

The Aircraft Turned Parts Market report is another flagship report in our research portfolio of aircraft machined components. Similar to our Aircraft Milled Parts Market report, this report provides a comprehensive analysis of briskly changing market dynamics, competitive landscape, as well as future market possibilities till 2025. The 220+page thoroughgoing report is designed to assist the market stakeholders as well as investors in the identification of early recovering market segments as well as the future market growth potentials to formulate short- as well as long-term growth strategies.

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, Product portfolio, New product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation        

• Current market segmentation of any one of the aircraft types by application type

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com