The aerospace milled parts market is likely to rise at a CAGR of 6.8% during 2023-2028, to reach US$ 30.7 billion in 2028, states Stratview Research.
DETROIT, Dec. 22, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the global aerospace milled parts market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.
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Report Highlights
Market Size in 2028 | USD 30.7 billion |
Growth (CAGR) | 6.8% during 2023-2028 |
Forecast Period | 2023-2028 |
Trend Period | 2017-2021 |
Base Year | 2022 |
Number of Segments Covered | 5 |
Number of Tables & Graphs | 70+ |
Country-Level Market Assessment | 20 |
Segment Insights on Aerospace Milled Parts Market
The global aerospace milled parts market is segmented based on aircraft type, application type, material type, end-user type, and region.
Based on 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.
Based on the application type - The market is segmented into metal airframe, engine, landing gear, and others. Among these application types, the 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. The 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 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.
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Which Region Offers the Best Opportunity and Growth?
The report suggests that North America is expected to remain the largest market for aircraft-milled parts during the forecast period. This growth is majorly attributed to the following -
- 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.
On the other hand, key economies, such as India and China, in the region are incessantly increasing their defense budgets with the purpose of acquiring 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.
Aerospace Milled Parts Market Drivers
Some of the key drivers listed in the report are given below.
- Increased aircraft production.
- Growing air travel demands.
- Expanding airline fleets.
- The need for aircraft replacement.
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Top 10 Companies in Aerospace Milled Parts Market?
The market is fairly consolidated with the presence of some global and regional players. Stratview Research has identified the following companies as the top market players.
- 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
- GE Aerospace.
What Deliverables Will You Get in this Report?
Key questions this report answers | Relevant contents in the report |
How big is the sales opportunity? | In-depth analysis of the Aerospace Milled Parts Market |
How lucrative is the future? | Market forecast and trend data and emerging trends |
Which regions offer the best sales opportunities? | Global, regional, and country-level historical data and forecasts |
Which are the most attractive market segments? | Market segment analysis and forecast |
Which are the top players and their market positioning? | Competitive landscape analysis, Market share analysis |
How complex is the business environment? | Porter's five forces analysis, PEST analysis, Life cycle analysis |
What are the factors affecting the market? | Drivers & challenges |
Will I get the information on my specific requirements? | 10% free customization |
Related reports which might be useful:
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•Aerospace & Defense C-Class Parts Market
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