Aircraft Machined Components Market Size, Impacted by COVID-19, to Reach US$ 6.3 Billion in 2025, Says Stratview Research

Aircraft Machined Components Market Size, Impacted by COVID-19, to Reach US$ 6.3 Billion in 2025, Says Stratview Research

PR Newswire

DETROIT, Aug. 27, 2020

DETROIT, Aug. 27, 2020 /PRNewswire/ -- Stratview Research  announces the launch of a new market research report on Aircraft Machined Components Market is Segmented by Process Type (Milled Parts, Turned Parts, and Others), by Aircraft Type (Commercial Aircraft, Regional Aircraft, Helicopter, Military Aircraft, and General Aviation), by Application Type (Airframe, Engine, Interiors, and Others), by Material Type (Aluminum, Stainless Steel, Titanium, and Other Metals & Alloys), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, Latin America, and Rest of the World), Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2020-2025.

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The report, from Stratview Research, studies the changing market dynamics, competitive landscapes, market gaps, emerging trends, etc. to assess the market possibilities in the short as well as long-run. The report separately studies milled parts and turned parts to assess the machined components market with high veracity. The lucid nature of the report allows buyers to understand the market dynamics in a little time. The report also studies the short- as well as long-term repercussions of the pandemic in the market and estimates the possible loss that the industry stakeholders will incur due to the pandemic. The report also covers the pre- as well as post-COVID analysis to gauge the opportunity loss of the industry in the long run.

Aircraft Machined Components Market: Highlights

Machining is an engineering process that is used to obtain the desired shape of the part by various machining processes such as milling, turning, and drilling. The process can also be described as a variety of material removal processes where the cutting tool takes out the undesired metal from the workpiece to build a desired shape of the part. There are two basic types of cutting tools: single-point tool for turning and boring and multi-point tool for milling and drilling. Milling and turning are the two major machining operations through which aerospace structural parts are shaped. In milling, the cutting tool moves around the workpiece, whereas in turning, the workpiece moves against the cutting tool to obtain the shape. 

Impact of COVID-19 on the Aircraft Machined Components Market

The COVID-19 has devastated the entire supply chain of the airline business with massive drop in air travel, not only reducing the airlines' revenue but also enduring an additional cost of maintaining their grounded aircraft fleets. As per the latest estimates of IATA, the airline industry is expecting to record a possible loss of US$ 314 billion of passenger revenues, an equivalent of 48% loss in RPKs in 2020 from 2019.

Aircraft manufacturing is recording similar declines with many airlines having started deferring their ordered aircraft deliveries. Production halts, remote and adjusted work schedules, and huge cash burns are the other noticeable trends, negatively impacting the sales as well as profitability. As a result of that, aircraft OEMs have no choice but to curtail their production rates for the year 2020, which added to the uncertainty fuelled by prolonged grounding of B737Max and further delays in market entries of the most-awaited aircraft programs. Overall, the pandemic has marked an indelible dent in the growth of the aircraft industry in 2020.   

It is difficult to state when the impact of the pandemic would start to fade away since the pandemic is still in its spread phase. However, the results of primary interviews coupled with past recovery trends of previous downturns caused by recession or pandemics suggest that the market for aircraft machined components will mark an overall V-shaped recovery with a deeper curve than previous downturns.  

Major participants are still optimistic about the long-term market outlook with a plethora of opportunities across regions. Huge order backlogs of 12,816 aircraft of Boeing and Airbus at the end of June 2020 will be the pivotal factor in revitalizing the demand for machined components in years to come. Other demand boosters are market entries of new aircraft and large aircraft fleet size, helping the market to reach close to US$ 6.3-billion-figure in 2025.

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Share by Process Type: Milled parts occupy the largest share

Milled parts are estimated to be the biggest growth engine of the market in the coming five years. Milled parts are used in a gamut of applications including fuselage and wing components, mainly made of aluminum and titanium. Titanium has been winning hearts of the industry stakeholders with its exceptional benefits and is replacing other heavyweight metals including stainless steel. Turned parts also hold a big chunk of the market and are extremely suitable for cylindrical parts situated across aircraft including landing gear, flight control surfaces, and fuselage.  

Share by Aircraft Type: The key Commercial Aircraft programs A350XWB, B787, A320neo family, and B737MAX, drive the market

On the basis of aircraft type, commercial aircraft is likely to remain the most dominant aircraft type in the market during the forecast period, mainly driven by the key aircraft programs such as A350XWB, B787, A320neo family, and B737MAX. The aircraft type is anticipated to log the biggest decline among all the aircraft types in 2020 in the wake of the pandemic. However, the demand for machined components is likely to bounce back from 2021, translating long-term sustainability with attractive growth opportunities. Several factors may collectively add vigor to the fading demand for milled parts in the coming years out of which expected approval of the B737 max, market entries of C919, MC-21, and B777x, and increasing aircraft fleet size are the favorable ones.  

Share by Application Type: Airframe is the largest application

Based on the application type, airframe is estimated to maintain its dominance in the market during the forecast period. The key why and wherefore behind the dominance of airframe in the market is the large number of applications of machined components, most of which are large-sized structures such as fuselage frames, fuselage covers, wing ribs, spars, and engine pylon fittings.

Key Materials: Aluminum has the largest share, while Titanium has the fastest growth

Based on the material type, the market is segmented as aluminum, stainless steel, titanium, and other metals & alloys. Aluminum is likely to remain the most dominant material type in the market over the next five years, owing to its widespread usage in various applications (majorly airframe) and excellent track record of more than eight decades. Titanium is expected to be the fastest-growing material type in the market, owing to its excellent benefits over its rivals including excellent mechanical performance, corrosion resistance, excellent coefficient of thermal expansion, and lightweight.

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Regional Analysis

In terms of region, North America is projected to remain the largest market for aircraft machined components during the forecast period. The USA is not only the largest market in North America but also in the world, owing to the presence of many aircraft OEMs and engine manufacturers such as Boeing, Airbus, Lockheed Martin, Bombardier Inc., Gulfstream Aerospace, GE Aviation, Pratt & Whitney, and Rolls-Royce as well as the presence of various tier players and machined components manufacturers in the country. The country is also one of the most-affected nations by the COVID-19 with having the largest number of positive cases in the world.

Post pandemic, Asia-Pacific is estimated to heal up with the fastest pace over the next five years, driven by several growth propellers. China is estimated to maintain its tag of the growth engine of the region's market in the coming years. The second-quarter results of China suggest a healthy rebound of the country's market for machined components.  Upcoming indigenous aircraft program (COMAC C919) and higher investment in military aircraft may further reinforce the demand for machined components in the country. India, a diminutive market, is anticipated to register the highest growth in the coming five years, propelled by an expected increase in air passenger traffic and procurement of combat aircraft with the obligation of offset policies.

Key Players

The supply chain of this market comprises raw material suppliers, aircraft machined components manufacturers, distributors, tier players, OEMs, aircraft leasing companies, airlines, and MRO companies. Some of the key players in the aircraft machined components market are

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

This report studies the global aircraft machined components market and has segmented the market in six ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the six ways in which the market is segmented:

Aircraft Machined Components Market, by Process Type

Aircraft Machined Components Market, by Aircraft Type

Aircraft Machined Components Market, by Application Type

Aircraft Machined Components Market, by Material Type

Aircraft Machined Components Market, by End-User Type

Aircraft Machined Components Market, By Region

Stratview Research has number of high value market reports in the global aerospace & defense industry. Please refer to the following link to browse through our reports:

https://www.stratviewresearch.com/market-reports/Aerospace-Defense.html

Some of our other premium market reports in the aerospace & defense industry:

Aircraft Milled Parts Market by Aircraft Type (Commercial Aircraft, Regional Aircraft, Helicopter, Military Aircraft, and General Aviation), by Application Type (Airframe, Engine, Interiors, and Others), by Material Type (Aluminum, Stainless Steel, Titanium, and Other Metals & Alloys), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, Latin America, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2020-2025.

Aircraft Turned Parts Market by Aircraft Type (Commercial Aircraft, Regional Aircraft, Helicopter, Military Aircraft, and General Aviation), by Application Type (Flight Control Surfaces, Engine, Landing Gear, and Others), by Material Type (Aluminum, Stainless Steel, Titanium, and Other Metals & Alloys), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2020-2025.

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