Mar 25, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aircraft Turned Parts Market.
It was estimated prior to this unanticipated outbreak that the Aircraft Turned Parts Market is set to rebound from 2021 onwards after a nose-dive in 2020, the biggest collapse in the past two decades. It is estimated that the aircraft turned parts market will reach US$ 1.9 billion in 2025.
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Turning 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 the some of the key aircraft parts made via the turning process.
Aircraft turned parts capture a considerable share of the overall aircraft machined components market. The major players active in the market are also having capabilities 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.
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Segments’ Analysis
On the basis of aircraft type, the market is segmented as commercial aircraft, regional aircraft, helicopter, military aircraft, and general aviation. Commercial aircraft is likely to remain dominant as well as the fastest-growing aircraft type, in the long run, mainly driven by an expected increase in commercial aircraft deliveries during the forecast period.
The short-term outlook of commercial aircraft market seems negative on account of prolonged grounding of B737 Max, temporary curtailed production rates of key aircraft programs such as A320, A330, B787, and A350 XWB programs, and continued delays in the entries of upcoming aircraft programs such as B777X and C919. However, a quick rebound in the demand for turned parts is anticipated, especially in the narrow-body segment, posting a recovery cycle of about 3 years, quickest among all the aircraft segments.
Based on the application type, the market is segmented as flight control surfaces, engine, landing gear, and others. The landing gear is likely to maintain its dominance in the market during the forecast period, owing to the presence of a large number of cylindrical parts with turning as the most preferred process. Engine and flight control surfaces are estimated to generate a plethora of opportunities in the long run.
Based on the material type, the market is segmented as aluminum, stainless steel, titanium, and other metals & alloys. Aluminum is projected to remain the most dominant material type in the market during the forecast period, owing to its low cost as well as excellent mechanical properties making it the most preferred choice for their wider usage in various applications. Post pandemic, titanium is anticipated to register the highest growth in the market, owing to its increasing penetration in the next-generation aircraft programs as it offers various benefits over aluminum such as higher strength-to-weight ratio and oxidation resistance.
In terms of region, North America is projected to remain the largest market for aircraft turned parts during the forecast period. The USA is the leading market for turned parts in North America as well as in the global marketplace, owing to the presence of several aircraft OEMs such as Boeing, Airbus, Lockheed Martin, Gulfstream, and Cessna, the major sources of demand for turned parts. The outbreak of the pandemic has ruthlessly impacted the country’s market with the temporary shutdown of Boeing’s B787 plant in South Carolina and Airbus’ A220 and A380 production facility in Alabama, sagging the capability of the OEMs to work on full capacities.
Asia-Pacific is expected to be the fastest-growing region in the years to come, driven by high long-term growth potentials of the region. Commercial aircraft to gain the biggest momentum in the region in the long run with the expected growth in the air passenger traffic and upcoming indigenous aircraft program (COMAC C919). Military aircraft is also subjected to register a noticeable gain in the coming years, primarily burgeoned by increasing defense budget of key economies, such as China, India, and South Korea, with the implementation of offset policies in some Asian countries as well as the high focus on the development of indigenous military aircraft such as Tejas and J20.
Key Players:
Key players operating in the global Aircraft Turned Parts market are-
- Precision Castparts Corp.
- GKN plc
- Spirit AeroSystems, Inc.
- Magellan Aerospace Corp.
- Triumph Group Inc.
- Collins Aerospace
- Senior plc
- MinebeaMitsumi, Inc.
- Air Industries Group, Inc.
- Gardner Aerospace.
Features of the Report
This report offers high-quality insights and is the outcome of 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.
The Aircraft Turned Parts analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- 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, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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