The global aerospace parts market is expected to value USD 915.94 Billionin 2021 and is expected to grow at a CAGR of 2.9% during the forecast period, according to a recent market study by Quince Market Insights.
Aerospace parts are usually made from advanced materials such as nickel-based superalloys, titanium alloys, ultrahigh-temperature ceramics or special sheets which are costly, difficult and time-consuming to manufacture. Increasing demands for new-generation, lightweight, and fuel-efficient aircraft across the world with emphasis on reducing greenhouse emission are driving the global aerospace parts market.
However, the high costs involved in manufacturing the aerospace parts and high quality of technology are factors restraining the overall market growth for aerospace parts. Also, increasing rate of merger and acquisitions in aerospace parts industries with technological advancements are creating various new opportunities for the market players.
The manufacturing of aerospace parts requires a lot of time and efforts which sometimes fails to distribute their products on required time due to high-demand. This is expected to pose a challenge to the aerospace parts market.
Impact of COVID-19 on Global Aerospace Parts Market
With the emergence of COVID-19 continues to rise across the world, many global aerospace parts manufacturing industries are suffering disruption in production and slow demand due to restrictions on travelling and return of workers to their homes.
Also, due to low production level, the overall revenue also reduced during the pandemic. However, with the ease in government restrictions across the world, the business functions are returning to normal. Hence, the aerospace parts market is expected to gear up with their production capacity with the ease of restrictions and opening of business organizations due to decrease in the COVID-19 cases around the countries during the forecast period.
Global Aerospace Parts Market, by Product Outlook
Based on product outlook, the market is segmented into aircraft manufacturing, engines, avionics, equipment, system, and support, and insulation components. Insulation components segment is the fastest growing market and is expected to remain fastest during the forecast period.
The segment growth can be attributed to expansion of aircraft fleet and timely replacement of aerospace parts, which are driving the market. Insulation components segment is expected to witness significant growth during the forecast period. insulation components reduce emissions of pollutants as well as provides protection and safety of personnel. Hence, these factors are expected to drive the market growth of insulation components segment.
Global Aerospace Parts Market, by End Use
Based on end use, the market is segmented into business aircraft, commercial aircraft, military aircraft, and others. Commercial aircraft segment is dominating the market in 2021 and is expected to remain dominant during the forecast period. The segment growth can be because commercial aircrafts generate economic growth, creates job as well as facilitates international trade and tourism are overall driving the aerospace parts market.
Read more: Global Aerospace Parts Market is Estimated to Grow at a CAGR of 2.9% from 2021 to 2030