Aircraft Turned Parts Market Report

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

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 [email protected].