Aircraft Turned Parts Market is Forecasted to Reach US$ 9.3 billion in 2028, Says Stratview Research

The global aircraft turned parts market is projected to witness a growth rate of 6.6% annually from 2023 to 2028, with an anticipated size of US$ 9.3 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global aircraft turned parts market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 9.3 billion
Growth (CAGR): 6.6% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 5
Number of Tables & Graphs: 100+

Segment Insights on the Aircraft Turned Parts Market:
The global aircraft turned 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, helicopters, 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. Moreover, all the major airframers, especially Boeing and Airbus, are raising the production rates of their key programs. In addition, the return in 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, engine is expected to remain the most dominant segment of the market during the forecast period. Some of the major turned engine parts are engine compressor shafts, fan casings, fan discs, spools, and turbine discs. Supply chain disruption, labor shortages, inflation, etc. remain big challenges before engine makers and airframers achieve their targets. However, CFM (Safran/GE JV) delivered 1,136 LEAP engines (certified for A320neo, B737Max, and C919) in 2022 and has set a target to deliver 1,300 engines in 2023, despite supply chain disruptiont.

Based on the material type - The market is segmented into aluminum, stainless steel, titanium, and other metals & alloys. Among these material types, aluminum is expected 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. On the other hand, titanium is anticipated to register the highest growth in the market, owing to its increasing penetration in the next-generation aircraft programs such as B787 and A350XWB, as it offers various benefits over aluminum, such as a higher strength-to-weight ratio and oxidation resistance.

Based on the 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 faster-growing end-user type during the same period. Commercial aircraft (which includes narrow-body and wide-body aircraft), account for the majority of the OE sales for aircraft turned parts.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/1029/aircraft-turned-parts-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America is expected to remain the largest market for aircraft turned parts during the forecast period. This growth outlook is majorly attributed to the following-
- 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.
- Asia-Pacific is expected to be the fastest-growing region in the years to come, driven by its high long-term growth potential of the region.
- Commercial aircraft to gain the biggest momentum in the region in the long run with the expected growth in air passenger traffic and the upcoming indigenous aircraft program (COMAC C919). The regional military aircraft industry is also expected to register a noticeable gain in the coming years, primarily burgeoning due to the increasing defense budgets of key economies, such as China and India, as well as the high focus on the development of indigenous military aircraft.

Aircraft Turned Parts Market Drivers:

Some of the key drivers listed in the report are given below.
- Rising aircraft production and expanding airline fleets, the aircraft turned parts market witnessed significant growth during 2020-2021 and 2021-2022.
- It is also expected that the market will follow a sequential growth pattern in the years to come, ultimately helping the industry stakeholders to cross their pre-pandemic levels by 2026.

Top Companies in the Aircraft Turned Parts Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• Gardner Aerospace
• GKN Aerospace
• Howmet Aerospace Inc.
• Magellan Aerospace
• MB Aerospace Holdings Inc.
• Mitsubishi Heavy Industries, Ltd.
• Precision Castparts Corp.
• Premium AEROTEC GmbH (Airbus Aerostructures GmbH)
• Senior plc
• Shenzhen Dajin Precision Hardware Co., Ltd

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the Aircraft Turned Parts Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

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• Aircraft Landing Gear Market: https://www.stratviewresearch.com/694/aircraft-landing-gear-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
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This release was published on openPR.