Aircraft Machined Components Market Report
Aircraft Machined Components Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026 See less
Aircraft Machined Components Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026
Aircraft Machined Components Market is Segmented by Process Type (Milled Parts, Turned Parts, and Others), by Aircraft Type (Commercial Aircraft, Regional Aircraft, Helicopter, Military Aircraft, and General Aviation), by Application Type (Airframe, Engine, Interiors, 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, Latin America, and Rest of the World).
Aircraft Machined Components Market is Segmented by Process Type (Milled Parts, Turned Parts, and Others), by Aircraft Type (Commercial Aircraft, Regional Aircraft, Helicopter, Military Aircraft, and General Aviation), by Application Type ...
Machining is an engineering process that is used to obtain the desired shape of the part by various machining processes such as milling, turning, and drilling. The process can also be described as a variety of material removal processes where the cutting tool takes out the undesired metal from the workpiece to build the desired shape of the part. There are two basic types of cutting tools: a single-point tool for turning and boring and a multi-point tool for milling and drilling. Milling and turning are the two major machining operations through which aerospace structural parts are shaped. In the milling process, the cutting tool moves around the workpiece, whereas, in the turning process, the workpiece moves against the cutting tool to obtain the shape.
The COVID-19 has devastated the entire supply chain of the airline business with the massive drop in air travel, not only reducing the airlines’ revenue but also enduring an additional cost of maintaining their grounded aircraft fleets. The demand for machined components in the industry more or less acted similarly, witnessed a massive decline of -30.4% in 2020, pushing the market below the 2015-market level.
However, recent industry announcements coupled with the study of recovery trajectories of the previous downturns suggest that the machined components market is expected to commence recovery from 2021, followed by sequential growth in the years to come, ultimately helping the industry stakeholders to cross their pre-pandemic levels by 2024. Overall, the market is set to grow at a lucrative CAGR of 7.8% over the next five years to reach US$ 6.4 Billion in 2026.
Based on the process type, the aircraft machined components market is segmented as milled parts, turned parts, and others. Milled parts are expected to remain the largest segment over the next five years; whereas turned parts to experience the highest growth during the same period. Advancements in the milling processes to offer excellent benefits, such as finishing accuracy, increasing uniformity in design, lead time reduction, and ease in manufacturing complex parts, help the process to better position themselves in the market.
Based on the aircraft type, the aircraft machined components market is segmented as commercial aircraft, regional aircraft, helicopters, military aircraft, and general aviation. Despite taking a nosedive in 2020, commercial aircraft is expected to remain the largest segment of the market during the forecast period. Returning in service of B737Max, entry of new programs (C919, B777x, and MC-21), and expected recovery in the production rates of A320 and B737 programs is likely to fuel the segment’s growth.
Based on the application type, the market is segmented as metal airframe, engine, interiors, and others. Airframe is expected to remain the most dominant application segment of the market during the forecast period. Airframe is the largest section of an aircraft, comprising fuselage and wings. Key applications of airframe machined components are fuselage frames, fuselage covers, wing ribs, spars, and engine pylon fittings.
Based on the material type, the market is segmented as aluminum, stainless steel, titanium, and other metals & alloys. Aluminum is expected to remain the most dominant material type in the market during the forecast period, whereas titanium is likely to experience the fastest growth during the same period. Key factors for aluminum’s dominance are its excellent track record of over eight decades, lower density, anti-corrosive property, high malleability and ductility, and economical than that of competitive materials, such as titanium. Titanium is gaining preference in the market owing to its various benefits, such as high strength-to-weight ratio, high corrosion and heat resistance, and higher compatibility with composite materials.
Based on the end-user type, the market is segmented as 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 machined components.
In terms of regions, North America is expected to remain the largest market for aircraft machined components during the forecast period, driven by the presence of a large number of aircraft OEMs, tier players, machined component manufacturers, and raw material suppliers The USA is likely to remain the leading market, both in, North America and globally till 2026.
Asia-Pacific is likely to be the fastest-recovering region during 2021-2026. China is gaining significant share and accounts for more than two-fifths of the Asia-Pacific market in 2020. India is likely to be the new growth engine of the region’s market in the coming five years.
The supply chain of this market comprises raw material suppliers, aircraft machined component manufacturers, distributors, tier players, OEMs, airlines, and MRO companies. The following are the key players in the aircraft machined components market.
The development in machines/equipment to solve complex part manufacturing., expansion in untapped and growing markets, execution of mergers & acquisitions, and the formation of long-term contracts with OEMs are the key strategies adopted by the key players to gain a competitive edge in the market.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aircraft machined components market realities and future market possibilities for the forecast period of 2021 to 2026. After a continuous interest in our aircraft milled parts market report from the industry stakeholders, we have tried to further accentuate our research scope to the aircraft machined components market in order to provide the most crystal-clear picture of the market. The report segments and analyses 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 the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the 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 1500 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 the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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 machined components market is segmented into the following categories.
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The aircraft machined components market is estimated to grow at a healthy CAGR of 7.8 % by 2026.
Air Industries Group, Gardner Aerospace, LMI Aerospace, Inc., Magellan Aerospace Corp., Melrose Industries Plc (GKN Aerospace), MinebeaMitsumi, Inc, Precision Castparts Corp., Senior Plc, Spirit AeroSystems, Inc., and Triumph Group, Inc. are the leading players in the aircraft machined components market.
North America is estimated to remain dominant in the aircraft machined components market in the foreseen future.
Commercial aircraft is expected to remain the most dominant aircraft type in the market during the forecast period.
Milled parts are expected to be the largest process type in the aircraft machines components market in the coming years.
Airframe is expected to remain the most dominant application segment in the aircraft machined components market during the next five years.
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