The global aerospace parts manufacturing market size was US$ 852.17 billion in 2021. The global aerospace parts manufacturing market size is forecast to reach US$ 1272.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.2% during the forecast period from 2022 to 2030.
The aerospace industry generally refers to the effort of human beings in engineering, science, and business, to fly in the earth's atmosphere and beyond. Manufacturing parts for the aerospace industry include machining Inconel, reaction-propulsion engines, fan blades, brake, and hydraulic fittings or fabricating mil-spec electrical connectors and electronic parts. The aircraft industry uses aircraft and aircraft parts for civil and military aviation. Most production follows type certificates and defense standards issued by a government body.
Factors Influencing Market Growth
Impact Analysis of COVID-19
The COVID-19 pandemic has severely impacted the aerospace industry. Several countries imposed lockdowns in order to prevent COVID-19 from being spread. As a result, manufacturers could not export the products because of trade restrictions imposed by the various governments. In addition, most of the major manufacturers had to cease operations in major markets due to the lockdown regulations, which adversely affected the market growth. Moreover, disruptions in supply chains due to a lack of raw materials and components will result in a suspension of fabrication onsite. As a result, the COVID-19 pandemic had a negative impact on the global market growth.
Regional Insights
North America held dominance in the market in 2021 and is forecast to remain dominant during the forecast period. As a result of the existing prominent manufacturers. In addition, a surge in requirements for innovative airplanes, and the rising demand for fixed-wing aircraft, are factors driving the regional market growth.
The Asia Pacific region is forecast to have lucrative growth during the forecast period. As a result, of the growing maintenance, repair, and overhaul (MRO) operations in the region's emerging economies. In addition, the growing population and a surge in disposable income of consumers are forecast to rise the demand for an airplane, which is forecast to fuel the global market growth.
Leading Competitors
The leading prominent companies profiled in the global aerospace parts manufacturing market are:
Scope of the Report
The global aerospace parts manufacturing market segmentation focuses on Product, End-Use, and Region.
Segmentation based on Product
Segmentation based on End-Use
Segmentation based on Region
