Aerospace Parts Manufacturing Market Size Worth $1,435.2 Billion By 2032 | CAGR: 5.0%

The global aerospace parts manufacturing market size is expected to reach USD 1,435.2 billion by 2032, according to a new study by Polaris Market Research. The report “Aerospace Parts Manufacturing Market Share, Size, Trends, Industry Analysis Report, By Product (Engines, Cabin Interiors, Aerostructure, Equipment, System, and Support, Avionics, Insulation Components); By End-Use; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Aerospace manufacturing is responsible for producing components used in aircraft. While aerospace fabrication shops may share similarities in equipment and techniques with other manufacturing procedures, aerospace parts manufacturing demands additional administrative overhead and stringent quality standards. Many aircraft manufacturing industries are involved in the parts manufacturing process, with in-house production facilities and supplier contracts to procure these parts. These manufacturers also contribute to the design of aerospace parts and implement quality control processes in collaboration with procurement and third-party raw materials suppliers.

Globally, military spending has seen significant growth in recent decades. According to the (SIPRI) Stockholm International Peace Research Institute report, global military costs increased by around 2.6% from 2017 to 2018. This rise in defense spending is expected to drive the demand for technologically developed aircraft parts, including engines, propellers, tail assemblies, fuselages, wings, cockpits, and landing gear. Consequently, this is anticipated to fuel the growth of the aerospace parts manufacturing market.

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The demand for aerospace parts is expected to be highest in the commercial aircraft segment, primarily driven by freight and passenger traffic growth. With improved trade relations and global connectivity, there is a rising need for cargo services, which is expected to expand the market. Furthermore, the demand for business aircraft is projected to increase due to affordable prices and larger aircraft sizes. Business aircraft offer enhanced productivity as air travel significantly reduces travel time compared to other modes of transportation. Its increased efficiency and time-saving advantage are expected to drive the demand for business aircraft during the forecast period, benefiting the overall market growth.

The manufacturing industry has witnessed a rise in collaboration activities to advance aviation products among major market players. An example of such collaboration is the partnership between Kenco Aerospace Corporation and SyncFab. Through this collaboration, they have developed the initial Supply Chain Blockchain and manufacturing Blockchain platform, connecting component manufacturers and purchasers. This platform aims to provide aircraft, aviation, and military customers with enhanced digitalization efficiency and convenience.

Major manufacturers strategically relocate their production activities to developing countries to meet the growing demand for Maintenance, Repair, and Operations (M.R.O.) solutions. This trend positively impacts the growth of the aviation components factory industry. Additionally, the extended service life of airplanes presents lucrative opportunities for industry participants throughout the forecast period.

Aerospace Parts Manufacturing Market Report Highlights

• The aerostructure segment held the highest market share in producing various structural components used in aerospace applications. These components include fuselages, wings, empennages, and other structural elements that provide support, stability, and aerodynamic properties to aircraft.
• During the forecast period, the commercial aircraft segment held the largest market share in the aerospace parts manufacturing industry. The commercial aviation sector has been experiencing significant growth with the rising demand for air travel for passenger and cargo transportation. This growth in air travel has led to a higher demand for new commercial aircraft and replacement parts, driving the share of the commercial aircraft segment in aerospace parts manufacturing.
• In 2022, North America dominated the market due to technological advancements and a strong focus on research and development in advanced aerospace technologies and manufacturing processes. Also, it has a strong defense and military sector, which drives the demand for aerospace parts for military aircraft and defense applications.
• The global key market players include Honeywell International, Inc., Eaton Corporation plc, CAMAR Aircraft Parts Company, Aequs, Composite Technology Research Malaysia Sdn. Bhd. (CTRM), MTU Aero Engines AG, Woodward Hexcel, Spirit AeroSystems, Inc., Elektro-Metall Export GmbH, Ducommun, Inc., Rolls Royce plc, Engineered Propulsion System, Subaru Corp., GE Aviation, IHI Corp., Textron, Inc., Kawasaki Heavy Industries Ltd., Safran Group. JAMCO Corp., Liebherr International AG, Superior Aviation Beijing, Mitsubishi Heavy Industries, Ltd., Lufthansa Technik AG, and Raytheon Technologies Corp.

Polaris Market Research has segmented the aerospace parts manufacturing market report based on product, end-use, and region:

Aerospace Parts Manufacturing, Product Outlook (Revenue - USD Billion, 2019 - 2032)

• Engines
• Cabin Interiors
• Aerostructure
• Equipment, System, and Support
• Avionics
• Insulation Components

Aerospace Parts Manufacturing, End-Use Outlook (Revenue - USD Billion, 2019 - 2032)

• Business Aircraft
• Commercial Aircraft
• Military Aircraft
• Others

Aerospace Parts Manufacturing, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Aerospace Parts Manufacturing Market Report Scope