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Aircraft Turned Parts Market | Covid-19 Impact Analysis
Aircraft Turned Parts Market is Segmented by Aircraft Type (Commercial Aircraft, Regional Aircraft, Helicopter, Military Aircraft, and General Aviation), by Application Type (Flight Control Surfaces, Engine, Landing Gear, and Others), by Material Type (Aluminum, Stainless Steel, Titanium, and Other Metals & Alloys), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
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.
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.
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.
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.
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.
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.
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
Most of these companies are also the leading machined components suppliers with the presence in milling, drilling, and other machining processes.
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.
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:
The aircraft turned parts market is segmented into the following categories.
Aircraft Turned Parts Market, by Aircraft Type
Aircraft Turned Parts Market, by Application Type
Aircraft Turned Parts Market, by Material Type
Aircraft Turned Parts Market, by End-User Type
Aircraft Turned Parts Market, By Region
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