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Aircraft Turned Parts Market Size, Impacted by COVID-19, to Reach US$ 1.9 Billion in 2025, Says Stratview Research

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Stratview Research

26 Aug, 2020, 13:00 GMT

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DETROIT, Aug. 26, 2020 /PRNewswire/ -- Stratview Research  announces the launch of a new market research report on 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.

The report, from Stratview Research, is another flagship report in our research portfolio of aircraft machined components. Similar to our report on aircraft milled parts market, this report provides a comprehensive analysis of briskly changing market dynamics, competitive landscape, as well as future market possibilities till 2025. The 220+page thoroughgoing report is designed to assist the market stakeholders as well as investors in the identification of early recovering market segments as well as the future market growth potentials to formulate short- as well as long-term growth strategies. This report also provides an estimate of the possible loss incurred in the market due to the pandemic and possible ways of recoveries in the market aftermath of the pandemic.

Aircraft Turned Parts Market: Highlights

Turning is a 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, axles, shock absorbers, engine shafts, thrust links, rotor masts, pressure vessel components, bearing carriers, and small forgings; are some of the key aircraft parts made through the turning process. Aircraft turned parts capture a considerable share of the overall aircraft machined components market. Major players active in the market also have capability to develop parts through other machining processes.

Impact of COVID-19 on the Aircraft Turned Parts Market

The rapid spread of COVID-19 exacerbated the existing aerospace industry challenges, hampered by the B737 max approval process. The pandemic left no options for aircraft manufacturers but to curtail their key aircraft production rates. For instance, Airbus announced to curtail its production by 1/3rd for 2020 with the revised rate of 40 A320s per month, 6 A350s per month, and 2 A330s per month, owing to a sudden collapse in air passenger traffic in the wake of complete travel ban imposed by several advanced and emerging economies. Supply chain disruptions, huge cash burns, remote and adjusted work schedules, and huge COVID-19-related costs sacking the profitability are other noticeable effects of the pandemic.

However, strong fundamentals of the market, such as market entry of new aircraft programs; A321XLR, B777X, C919, and MC-21 coupled with a huge pile of order backlogs of Boeing and Airbus (12,816 commercial aircraft backlogs translating 7+ years at continuous production rates), and accelerated demand for replacing iconic aircraft such as A380 and B747 with A321, A350XWB, and B787, are some relieving factors for the entire aerospace community including the aircraft turned parts manufacturers. It is estimated that the market is set to rebound from 2021 onwards after a nose-dive in 2020, the biggest collapse in the past two decades, and then will maintain a healthy growth pattern in the coming five years, ultimately driving the market to reach an estimated value of US$ 1.9 billion in 2025.

Click Here and Run Through the Detailed TOC of the Report: https://www.stratviewresearch.com/toc/1029/aircraft-turned-parts-market.html

Based on the aircraft type, 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 struggling on the 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, we anticipate a quick rebound in the demand for turned parts, especially from the narrow-body segment, positing a recovery cycle of about 3 years, quickest among all the aircraft segments.

Based on the application type, landing gear is likely to maintain its dominance in the market during the forecast period, owing to the presence of 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, 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.

Register Here and Ask for a Free Sample on the Exclusive Report: https://www.stratviewresearch.com/Request-Sample/1029/aircraft-turned-parts-market.html 

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 consumers of 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 at full capacities.

Asia-Pacific is expected to be the fastest-growing region in the years to come, driven by high long-term growth potential of the region. Commercial aircraft is likely to gain 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 driven by increasing defense budget of key economies, such as China, India, and South Korea.

Key Players

The supply chain of this market comprises raw material suppliers, aircraft turned parts manufacturers, distributors, tier players, engine OEMs, aircraft OEMs, aircraft leasing companies, airlines, and MRO companies. Some of the key players in the 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., and Gardner Aerospace. Most of these companies are also leading machined components suppliers with presence in milling, drilling, and other machining processes.

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:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis.
  • 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

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

Aircraft Turned Parts Market, by Aircraft Type

  • Commercial Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Regional Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Helicopter (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Military Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • General Aviation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Aircraft Turned Parts Market, by Application Type

  • Flight Control Surfaces (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Engine (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Landing Gear (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Aircraft Turned Parts Market, by Material Type

  • Aluminum (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Stainless Steel (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Titanium (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Other Metals & Alloys (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Aircraft Turned Parts Market, by End-User Type

  • OE (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Aftermarket (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Aircraft Turned Parts Market, By Region

  • North America (Country Analysis: The USA, Canada, and Mexico)
  • Europe (Country Analysis: France, Germany, the UK, Russia, and Rest of Europe)
  • Asia-Pacific (Country Analysis: China, India, Japan, and Rest of Asia-Pacific)
  • Rest of the World (Sub-Region Analysis: The Middle East, Latin America, and Others)                   

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 Machined Components Market 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), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2020-2025.

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.

About Stratview Research

Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.

We have a strong team of industry veterans and analysts with an extensive experience in executing custom research projects for mid-sized to Fortune 500 companies, in the areas of Market Assessment, Opportunity Screening, Competitive Intelligence, Due Diligence, Target Screening, Market Entry Strategy, Go to Market Strategy, and Voice of Customer studies.

Stratview Research is a trusted brand globally, providing high quality research and strategic insights that help companies worldwide in effective decision making. 

Stratview Research has launched 'Composights', an online portal which offers free thought leadership reports, whitepapers, market report synopsis and much more for Composites and allied industries, worth US$ 20,000 every year. 

Click here to sign up (No costs involved): https://www.stratviewresearch.com/composights/sign-in

For enquiries,
Contact:
Stratview Research
E-mail: sales@stratviewresearch.com
Direct: +1-313-307-4176

Logo: https://mma.prnewswire.com/media/660595/Stratview_Research_Logo.jpg 

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