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Aerospace Milled Parts Market Report
Aerospace Milled Parts Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028
Aerospace Milled Parts Market Is Segmented by Aircraft Type (Commercial Aircraft, Regional Aircraft, Helicopter, Military Aircraft, and General Aviation), by Application Type (Airframe, 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 [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, and Others]).
Aerospace milled parts are produced through milling processes, where a rotating cutting tool removes material from a workpiece to create the desired shape or feature. These parts are commonly used in the construction of aircraft, and they can be made from various materials, including metals like aluminum, titanium, stainless steel, and their alloys. Aerospace milled parts can range from simple brackets and fittings to complex components such as engine mounts, wing ribs, turbine blades, and structural frames. The milling process allows for precise shaping, intricate detailing, and the creation of tight tolerances, ensuring the parts meet the demanding requirements of the aerospace industry. Furthermore, developments in the milling process offer excellent benefits, such as accuracy in finishing, uniformity in design, reduction in lead time, ease in manufacturing complex parts, reduction in manpower, and minimal chances of error.
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Rapid advancements in the milling process, i.e., from conventional milling machines to advanced CNC (Computer Numerical Control) milling machines and high-speed machining centers, have paved the way for milled parts in the aerospace industry. These advancements have also helped the industry to achieve its main objective of optimizing metal removal rates and minimizing chatter.
During the COVID pandemic in 2020, there was a colossal drop in the overall aerospace industry due to factors such as the massive drop in air travel as a result of the lockdown measures implemented by several countries across the globe. 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 whole, the pandemic left the aerospace industry in shambles, disrupting the entire supply chain of the airline business, resulting in stock fallout and the bankruptcies of several regional airlines, leading to consolidation in the regional aviation market. The demand for milled parts in the industry more or less acted similarly, witnessing a massive decline of -41% in 2020.
Post pandemic, primarily driven by growing air travel demands and expanding airline fleets, the aerospace milled parts market recorded substantial growth during 2020-2021 and 2021-2022, marking the industry’s recovery. It is also expected that the market would follow a sequential growth pattern in the years to come, ultimately helping the industry stakeholders cross their pre-pandemic levels by 2025. Overall, the aerospace milled parts market is set to grow at an efficacious CAGR of 6.8% over the next five years to reach US$ 30.7 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:
Recent Market JVs and Acquisitions: Over the past few years, there have been a fair number of strategic alliances, including M&As, JVs, etc., across the globe. Some of them have been mentioned below:
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Segmentations |
List of Sub-Segments |
Dominant and Fastest-Growing Segments |
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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. |
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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. |
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Application-Type Analysis |
Airframe, Engine, Landing Gear, and Others |
Engine is expected to be the dominant as well as the fastest-growing application type in the upcoming years. |
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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. |
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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. |
Based on the aircraft type, the market is segmented into commercial aircraft, regional aircraft, helicopter, 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. The return to 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.
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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 application in the market during the forecast period. Some of the major milled engine parts are turbine blisks, turbine blades, fuel nozzles, exhaust ducts and cones, impellers, combustion casings, and fan discs. Engine is also expected to witness the fastest growth in the years to come, mainly driven by a handful of engines, such as LEAP, GE9X, GEnx, PW F135, PW1000G, and Rolls-Royce Trent XWB and 7000.
Based on the material type, the market is segmented into aluminum, stainless steel, titanium, and other metals and alloys. Among these material types, aluminum is expected to remain the most dominant material type in the market during the forecast period, whereas titanium is likely to witness 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 properties, high malleability, and ductility, and being more economical than its competitive materials, such as titanium. On the other hand, 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. The market for titanium material is majorly propelled through its increased penetration in next-generation aircraft programs, such as the B787 and A350XWB.
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 fastest-growing end-user type during the same period. Commercial aircraft (which include narrow-body and wide-body aircraft) account for the majority of the OE sales for aircraft milled parts.
In terms of regions, North America is expected to remain the largest market for aircraft milled parts during the forecast period, driven by the presence of several aircraft OEMs such as Boeing, Airbus, Lockheed Martin, Bombardier Inc., and Gulfstream Aerospace, as well as the presence of several leading tier players and milled parts manufacturers in the region. The USA is likely to remain the leading market, both in, North America and globally, during the forecast period.
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On the other hand, key economies, such as India and China, in the region are incessantly increasing their defense budgets with the purpose to acquire the latest military aircraft to solidify their defense capabilities. Implementation of offset policies by the major economies, including India, along with vigorous development of indigenous military aircraft, such as Tejas and J20, further substantiate the demand for milled parts in the region. While China accounted for more than two-fifths of the Asia-Pacific market in 2022, India is likely to be the new growth engine of the regional market in the coming five years.
The market is highly populated, with the presence of several local, regional, and global players. The major market 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 aerospace milled parts. As a whole, the following are the key players in the global aerospace milled parts market:
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aerospace milled 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.
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 market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
The aerospace milled parts market is segmented into the following categories.
Aerospace Milled Parts Market, by Aircraft Type
Aerospace Milled Parts Market, by Application Type
Aerospace Milled Parts Market, by Material Type
Aerospace Milled Parts Market, by End-User Type
Aerospace Milled Parts Market, by Region
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The aerospace milled parts market is estimated to grow at a CAGR of 6.9% in the coming five years, owing to increased aircraft production, growing air travel demands, expanding airline fleets, and the need for aircraft replacement.
Spirit AeroSystems, Inc., GKN Aerospace, Collins Aerospace, Mitsubishi Heavy Industries, Ltd., Premium AEROTEC GmbH (Airbus Aerostructures GmbH), STELIA Aerospace (Airbus Atlantic), Howmet Aerospace Inc., Precision Castparts Corp., MTU Aero Engines AG, and GE Aerospace are the leading players in the aerospace milled parts market. These players hold distinct capabilities in the manufacturing of aerospace milled parts.
North America is estimated to be the dominant region in the aerospace milled parts market in the foreseeable future, driven by the active presence of a large number of aircraft OEMs, tier players, milled part manufacturers, and raw material suppliers.
Asia-Pacific is estimated to be the fastest-growing market for aerospace milled parts in the foreseeable future. The key economies driving 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.
Engine is expected to be the dominant application category in the market during the forecast period. Some of the major milled engine parts are turbine blisks, turbine blades, thrust fittings, fan casings, impellers, combustion casings, and pylon brackets. The fastest growth of the market is primarily driven by a handful of engines, such as LEAP, GE9X, GEnx, PW F135, PW1000G, and Rolls-Royce Trent XWB and 7000.
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