Aerospace Parts Manufacturing Market Size, Share, Analysis, Trends, Growth Report, 2032

Aerospace Parts Manufacturing Industry Prospective:

The global aerospace parts manufacturing market size was evaluated at $967 billion in 2023 and is slated to hit $1,234 billion by the end of 2032 with a CAGR of nearly 5% between 2024 and 2032.

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Aerospace Parts Manufacturing Market: Overview

Aerospace parts manufacturing is a method of devising, manufacturing, and assembling the components that are used for producing aerospace vehicles such as spacecraft, airplanes, missiles, and helicopters. For the record, these components are fuselages, engines, and landing gear. Moreover, aerospace parts manufacturing include the utility of new technologies, specialized materials, and précised equipment.

Key Insights

• As per the analysis shared by our research analyst, the global aerospace parts manufacturing market is projected to expand annually at the annual growth rate of around 5% over the forecast timespan (2024-2032)
• In terms of revenue, the global aerospace parts manufacturing market size was evaluated at nearly $967 billion in 2023 and is expected to reach $1,234 billion by 2032.
• The global aerospace parts manufacturing market is anticipated to grow rapidly over the forecast timeline owing to a surge in air passenger traffic in the countries of APAC and the Middle East & Africa.
• In terms of product, the aircraft manufacturing segment is slated to register the highest CAGR over the forecast period.
• Based on end-use, the commercial segment is predicted to contribute majorly towards the global industry share in the upcoming years.
• Region-wise, the Asia-Pacific aerospace parts manufacturing industry is projected to register the fastest CAGR during the projected timespan.

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Aerospace Parts Manufacturing Market: Growth Factors

A surge in the number of people traveling through air routes to boost the global market expansion

A surge in the air passenger traffic in the countries of APAC and the Middle East & Africa is likely to translate into huge demand for producing components of aerospace, thereby driving the global aerospace parts manufacturing market. Escalating demand for fuel-efficient and lightweight components to reduce GHG emissions is anticipated to boost the growth of the global market. A surge in air travel and transportation is predicted to propel the growth of the global market in the years ahead. A prominent increment in the expenditure on defense activities along with a need for reducing operating charges and improving aircraft functionalities will steer the growth of the market globally.

Aerospace Parts Manufacturing Market: Restraints

Lack of technological upgradation can restrict the growth of the industry across the globe

Rise in the costs of producing aerospace components for fulfilling the protocols set by aviation authorities can restrict the expansion of the aerospace parts manufacturing industry. Technological obsolescence and lack of availability of skilled workforce & expertise who can manufacture aerospace parts have resulted in a decline in aerospace parts manufacturing activities globally. This, in turn, has hindered the growth of the industry globally.

Aerospace Parts Manufacturing Market: Opportunities

Demand for producing aerospace components to avoid costs of purchasing new aircraft to embellish the global market expansion

Growing need for aircraft maintenance & replacement along with the launching of composite materials in aerospace manufacturing has not only brought a paradigm shift in the global aerospace parts manufacturing industry but has opened new avenues of growth for the industry across the globe. Escalating need for increasing profitability by improving the maintenance of aircraft parts has led to massive demand for the manufacture of aerospace parts.

Aerospace Parts Manufacturing Market: Challenges

Alternation in the government policies leading to high component costs can challenge the global industry surge by 2032

Changing costs of aerospace parts along with the lack of supply of these products has proved to be a major challenge in the growth path of the global aerospace parts manufacturing industry. Furthermore, a prominent increment in the production costs and barriers to entry of new entrepreneurs in the business has resulted in an oligopoly of the global industry, thereby challenging its growth.

Aerospace Parts Manufacturing Market: Segmentation

The global aerospace parts manufacturing market is divided into product, end-use, and region.                                          

In terms of product, the aerospace parts manufacturing market across the globe is bifurcated into insulation parts, avionics, engines, cabin interiors, aircraft manufacturing, and equipment system & support segments. Additionally, the aircraft manufacturing segment, which gained approximately 52% of the global market earnings in 2023, is expected to record the highest gains in the projected timeline. The segmental surge during the period from 2024 to 2032 can be due to growing demand for producing and assembling a complete aircraft such as aerostructure.  Moreover, the need for creating aircraft models along with completely overhauling aircraft will prop up the segmental surge.

Based on the end-use, the global aerospace parts manufacturing industry is divided into business, commercial, and military segments. Moreover, the commercial segment, which gathered approximately two-fifths of the global industry profits in 2023, is set to make lucrative contributions towards the global industry share in the coming decade. The growth of the segment in the forecasting years can be attributed to the massive production of aerospace parts for commercial aircraft in various countries across the globe.

Aerospace Parts Manufacturing Market: Report Scope

Aerospace Parts Manufacturing Market: Regional Insights

North America is expected to maintain its leadership status in the global market in the forecast period

North America, which contributed about three-fifths of the global aerospace parts manufacturing market revenue in 2023, is expected to establish a leading position in the global market in the ensuing years. Furthermore, the regional market expansion in the forecast timeline can be ascribed to the rise in the number of aging air fleets globally. Moreover, the humungous need for replacing aging airplanes due its reduced operational efficiency will drive the growth of the market in the region. A rise in the number of airplane passengers is anticipated to boost the regional market trends.  

Asia-Pacific aerospace parts manufacturing industry is slated to register the highest growth rate in the next few years. The quick industry expansion in the Asia-Pacific region can be due to the flourishing aviation sector in countries such as Japan, India, and China. Moreover, the presence of key manufacturers, vendors, and suppliers in the region will further embellish the expansion of the industry in the APAC zone.

Key Developments

• In the first half of 2022, Safran Data Systems, a defense & electronics unit of Safran, acquired Captronic Systems for expanding its product line of vehicle & satellite launches.
• In the second quarter of 2022, JAMCO Corporation signed an agreement with SkyDrive Inc. for developing flying cars. Such moves will boost the expansion of the aerospace parts manufacturing business globally.

Aerospace Parts Manufacturing Market: Competitive Space

The global aerospace parts manufacturing market profiles key players such as:

• Mitsubishi Heavy Industries Ltd.
• IHI Corporation
• Premium AEROTECH GmbH
• Diel Aviation Holding GmbH
• JAMCO Corporation
• Magellan Aerospace
• Aequs
• Intrex Aerospace
• Liebherr International AG
• CAMAR Aircraft Parts Company
• Composite Technology Research Malaysia Sdn. Bhd.
• DuCommun Incorporated
• Rolls Royce plc
• Woodward Inc.
• Engineered Propulsion System
• Thales S.A.
• Eaton Corporation plc
• Aero Engineering & Manufacturing Co.
• GE Aviation
• Lycoming Engines
• Panasonic Avionics Corporation
• Pratt & Whitney
• Superior Air Parts Inc.
• MTU Aero Engines AG
• Honeywell International Inc.
• Curtiss-Wright Corporation
• Collins Aerospace
• Kawasaki Heavy Industries Ltd.
• Subaru Corporation
• Lufthansa Technik AG
• Elektro-Metall Export GmbH
• Hexcel Corporation
• Rockwell Collins
• Spirit Aerosystems Inc.
• Zodiac Aerospace
• Dassault Systems SE
• Parker-Hannifin Corporation
• Chemetall GmbH
• Daher Group
• FACC AG
• Triumph Group
• Stelia Aerospace
• Bridgestone Corporation

The global aerospace parts manufacturing market is segmented as follows:

By Product

• Insulation Parts
• Avionics
• Engines
• Cabin Interiors
• Aircraft Manufacturing
• Equipment System & Support

By End-Use 

• Commercial
• Business
• Military

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa