Aircraft Turned Parts Market | Strategic Assessment and Competitive Analysis

Q: Who are the key players in the market

Gardner Aerospace GKN Aerospace Howmet Aerospace Inc Magellan Aerospace MB Aerospace Holdings Inc Mitsubishi Heavy Industries Ltd Precision Castparts Corp Premium AEROTEC GmbH Airbus Aerostructures GmbH Senior plc and Shenzhen Dajin Precision Hardware Co Ltd are the key players in the aircraft turned parts market These players hold distinct capabilities in manufacturing aircraft turned parts

Q: Which region is estimated to be the fastest growing in the market in the coming years

Asia Pacific is estimated to be the fastest growing market for aircraft turned parts in the foreseeable future The key economies driving the regional market demand are China and India These countries are incessantly increasing their defense budgets and are vigorously engaged in the development of indigenous military aircraft

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Report Summary

Table of contents

Market Insights

Turning is a machining operation that involves rotating a workpiece on a lathe and removing material with a cutting tool to create the desired shape or form. It 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 some of the key aircraft parts made via the turning process.

Aircraft-turned-parts capture a considerable share of the overall aerospace machined component market. The major players active in the market also have the capability 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 COVID pandemic exacerbated the existing aerospace industry challenges and left no options with the aircraft manufacturers except to curtail their key aircraft production rates, majorly driven by the 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 that sacked profitability were the other noticeable effects of the pandemic. The unprecedented drop in air travel had not only reduced airlines’ revenue but also added the extra cost of grounding their huge aircraft fleets. As a result, the demand for turned parts in the industry acted similarly, witnessing a massive decline of -43.3% in 2020.

Post pandemic, primarily driven by rising aircraft production and expanding airline fleets, the aircraft turned parts market witnessed significant growth during 2020-2021 and 2021-2022, marking the industry’s recovery. It is also expected that the market will follow a sequential growth pattern in the years to come, ultimately helping the industry stakeholders to cross their pre-pandemic levels by 2026. Overall, the aircraft turned parts market is set to grow at a healthy CAGR of 6.6% over the next five years to reach US$ 9.3 Billion in 2028.

Recent Developments:

There have been a number of contracts, plant setups, and company restructurings performed over the past few years. Some of the major ones have been mentioned below:

In July 2022, Airbus announced the launch of its new subsidiary, Airbus Aerostructures, which was established by merging the activities of the parent company’s four production sites in Germany with the former Premium AEROTEC plants in the country.
In February 2019, Magellan Aerospace Corporation opened a 100,000-square-foot manufacturing and assembly facility in India. The new machining and assembly plant will specialize in high-speed milling and turning of aerostructure, and aero-engine components produced from both aluminum and hard metal materials.

Recent Market JVs and Acquisitions:

Over the past few years, there have been a few strategic alliances, including M&As, JVs, etc., performed across the globe. For example, in November 2021, Global Precision Products, LLC, a US-based company, acquired Will-Mor Manufacturing, LLC, a provider of mission-critical engine components for both commercial and military aerospace applications through milling and turning processes, as well as ordnance equipment for the defense industry.

Segments' Analysis

Segmentations	List of Sub-Segments	Dominant and Fastest-Growing Segments
Aircraft-Type Analysis	Commercial Aircraft, Regional Aircraft, Helicopters, Military Aircraft, and General Aviation	Commercial aircraft is expected to maintain its market dominance as well as witness the fastest growth, in the next five years.
Material-Type Analysis	Aluminum, Stainless Steel, Titanium, and Other Metals & Alloys	Aluminum is estimated to be the dominant material type, whereas titanium is likely to grow at the fastest rate, during the forecast period.
Application-Type Analysis	Airframe, Engine, Landing Gear, and Others	Engine is expected to be the dominant market segment, whereas landing gear is likely to be the fastest-growing segment, by application type in the upcoming years.
End-User-Type Analysis	OE and Aftermarket	OE is anticipated to remain the biggest demand generator as well as witness faster growth, by end-user type, in the years to come.
Regional Analysis	North America, Europe, Asia-Pacific, and Rest of the World	North America is expected to maintain its market dominance in the next five years.

Based on the aircraft type, the market is segmented into commercial aircraft, regional aircraft, helicopters, military aircraft, and general aviation. Despite taking a nosedive in 2020, commercial aircraft is expected to remain the largest and fastest-growing segment of the market during the forecast period. Moreover, all the major airframers, especially Boeing and Airbus, are raising the production rates of their key programs. In addition, the return in service of the B737Max, the entry of new programs (C919, B777x, and MC-21), and the expected recovery in the production rates of the A320 and B737 programs are likely to fuel the segment’s growth.

Based on the application type, the market is segmented into metal airframe, engine, landing gear, and others. Among these application types, engine is expected to remain the most dominant segment of the market during the forecast period. Some of the major turned engine parts are engine compressor shafts, fan casings, fan discs, spools, and turbine discs. Supply chain disruption, labor shortages, inflation, etc. remain big challenges before engine makers and airframers achieve their targets. However, CFM (Safran/GE JV) delivered 1,136 LEAP engines (certified for A320neo, B737Max, and C919) in 2022 and has set a target to deliver 1,300 engines in 2023, despite supply chain disruption.

Based on the material type, the market is segmented into aluminum, stainless steel, titanium, and other metals & alloys. Among these material types, aluminum is expected 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. On the other hand, titanium is anticipated to register the highest growth in the market, owing to its increasing penetration in the next-generation aircraft programs such as B787 and A350XWB, as it offers various benefits over aluminum, such as a higher strength-to-weight ratio and oxidation resistance.

Based on the end-user type, the market is segmented into OE and aftermarket. OE is expected to remain the most dominant segment of the market during the forecast period, whereas aftermarket is likely to be the faster-growing end-user type during the same period. Commercial aircraft (which includes narrow-body and wide-body aircraft), account for the majority of the OE sales for aircraft turned parts.

In terms of regions, North America is expected 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.

Asia-Pacific is expected to be the fastest-growing region in the years to come, driven by its high long-term growth potential of the region. Commercial aircraft to gain the biggest momentum in the region in the long run with the expected growth in air passenger traffic and the upcoming indigenous aircraft program (COMAC C919). The regional military aircraft industry is also expected to register a noticeable gain in the coming years, primarily burgeoning due to the increasing defense budgets of key economies, such as China and India, as well as the high focus on the development of indigenous military aircraft.

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

Aircraft Turned Parts Market, 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, by Application Type

Airframe (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, 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, 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, by Region

North America (Country Analysis: The USA, Canada, and Mexico)
Europe (Country Analysis: Germany, France, The UK, Russia, and The Rest of Europe)
Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

Key Players

The market is highly populated with the presence of several local, regional, and global players. Major players have an excellent product development capability and they compete in some of the governing factors including price, product offerings, regional presence, etc. These players hold distinct capabilities in manufacturing aircraft turned parts.

As a whole, the following are the key players in the aircraft turned parts market:

Gardner Aerospace
GKN Aerospace
Howmet Aerospace Inc.
Magellan Aerospace
MB Aerospace Holdings Inc.
Mitsubishi Heavy Industries, Ltd.
Precision Castparts Corp.
Premium AEROTEC GmbH (Airbus Aerostructures GmbH)
Senior plc
Shenzhen Dajin Precision Hardware Co., Ltd

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aircraft turned parts market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a 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 books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

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.
COVID-19 impact and its recovery curve.
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 three players)
SWOT analysis of key players (up to three players)

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 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 to sales@stratviewresearch.com.

Frequently Asked Questions (FAQs)

What will be the growth of the market in the coming five years?

The aircraft turned parts market is estimated to grow at a CAGR of 6.6% in the coming five years, driven by owing to increased implementation of CNC technologies in aircraft production, growing air travel demands, and expanding airline fleets.

Who are the key players in the market?

Gardner Aerospace, GKN Aerospace, Howmet Aerospace Inc., Magellan Aerospace, MB Aerospace Holdings Inc., Mitsubishi Heavy Industries, Ltd., Precision Castparts Corp., Premium AEROTEC GmbH (Airbus Aerostructures GmbH), Senior plc, and Shenzhen Dajin Precision Hardware Co., Ltd are the key players in the aircraft turned parts market. These players hold distinct capabilities in manufacturing aircraft turned parts.

Which region is estimated to be dominant in the market in the coming years?

North America is estimated to be the dominant region in the aircraft turned parts market in the foreseeable future, driven by the active presence of a large number of aircraft OEMs, tier players, turned part manufacturers, and raw material suppliers.

Which region is estimated to be the fastest growing in the market in the coming years?

Asia-Pacific is estimated to be the fastest-growing market for aircraft turned parts in the foreseeable future. The key economies driving the regional market demand are China and India. These countries are incessantly increasing their defense budgets and are vigorously engaged in the development of indigenous military aircraft.

Which application is estimated to be dominant in the market in the coming years?

Engine is expected to be dominant in the market during the forecast period. Some of the major turned engine parts are engine compressor shafts, fan casings, fan discs, spools, and turbine discs.

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