Aircraft Machined Components Market Analysis | 2023-2028

“The Aircraft Machined Components Market is set to grow at a lucrative CAGR of 6.8% over the next five years to reach US$ 43.7 Billion by 2028.”

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Market Dynamics

Introduction

Aircraft machined components are manufactured using several machining processes. Machining can also be described as a material removal process, 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. It involves the use of various machining processes (such as milling, turning, etc.) to shape, cut, and form metallic materials into desired shapes and sizes. Among all the machining processes, milling and turning are the two major types used to craft aerospace components.

COVID-19 Impact

The emergence of the COVID pandemic in 2020 left the aerospace industry in shambles, devastating the entire supply chain of the airline business with a massive drop in air travel and reducing the airlines’ revenue. The demand for machined components in the industry more or less acted similarly, witnessing a massive decline of -41.9% in 2020.

Post-pandemic, primarily driven by growing air travel demands and expanding airline fleets, the industry’s recovery is anticipated in the upcoming years. It is also estimated 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 2025.

Segments Analysis

By Component Type

“Milled parts dominate the market during the forecast period.”

The market is segmented into milled parts, turned parts, and others. Among these component types, milled parts are expected to maintain their market dominance over the next five years.

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 better position itself in the market.

By Aircraft Type

“Commercial aircraft dominate the market during the forecast period.”

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.

Returning 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.

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By Application Type

“The engine dominates the market during the forecast period.”

The market is segmented into metal airframes, engines, landing gear, and others. Among these application types, the engine is expected to remain the most dominant segment of the market, during the forecast period.

Some of the major machined engine components are compressor shafts, impellers, turbine blisks, turbine blades, thrust fittings, fan casings, combustion casings, fuel nozzles, turbine diffusers, and pylon brackets. As these engine components are of paramount importance in an aircraft, it is also expected that the segment will witness the fastest growth in the years to come.

By Material Type

“Aluminum dominates the market during the forecast period.”

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, 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 more economical than that of its competitive materials, such as titanium.

On the other hand, titanium is gaining preference in the market owing to its various benefits, such as a high strength-to-weight ratio, high corrosion and heat resistance, and higher compatibility with composite materials.

By End-User Type

“OE dominates the market during the forecast period.”

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 fastest-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.

Regional Analysis

“North America is expected to remain the largest market for aircraft machined components during the forecast period.”

Driven by the presence of many 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, during the forecast period.

Concurrently, Asia-Pacific is likely to be the fastest-recovering region during 2023-2028. China is gaining a significant share and accounted for more than two-fifths of the Asia-Pacific’s market in 2022. Similarly, India is likely to be the new growth engine of the regional market in the coming five years.

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Key Players

The market is highly populated, with the presence of several local, regional, and global players. Major players have 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 machined components through specific processes such as milling and turning. Most of these players are in North America, Europe, and Asia-Pacific, being home to some key companies as well.

The following are the key players in the global aerospace machined components market (arranged alphabetically).

• Collins Aerospace
• GE Aerospace
• GKN Aerospace
• Howmet Aerospace Inc.
• Mitsubishi Heavy Industries, Ltd.
• MTU Aero Engines AG
• Precision Castparts Corp.
• Premium AEROTEC GmbH (Airbus Aerostructures GmbH)
• Spirit AeroSystems, Inc
• STELIA Aerospace (Airbus Atlantic)

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. 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.

What Deliverables Will You Get in this Report?

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s Aerospace Machined Components Market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner 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.

Customization Option

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 [email protected].

Recent Market News

There have been several 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 January 2022, Airbus Atlantic, the wholly owned Airbus subsidiary, was established by merging the parent company’s activities at the Saint-Nazaire and Nantes sites in France with those of STELIA Aerospace global sites. As a result, the company has become a key player in the global aerostructures market.

• In October 2020, Airbus commissioned JUARISTI to manufacture two palletized milling and boring centers to modernize its machine resources at its St-Eloi plant in Toulouse.

• 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 fair number of strategic alliances, including M&As, JVs, etc. performed across the globe. Some of them have been mentioned below:

• In February 2023, Prince Industries, a USA-based, globally integrated contract manufacturer of precision machined and fabricated parts, acquired Precision Shapes (PSI), a USA-based provider of complex material and tight tolerance precision machining services, including continuous long-length milling, to companies operating in the aerospace & defense industry.

• In July 2022, Germany-based Pennar GmbH agreed with France-based Cadnum SARL, an engineering & precision machining company, to acquire 100% of its equity. The acquisition will help Pennar enter the aerospace OEM supply.

• 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.