Aircraft Milled Parts Market Size to Reach US$ 4.3 Billion i
DETROIT, April 17, 2020 /PRNewswire/ -- Stratview Research announces the launch of a new market research report on 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.
The report, from Stratview Research, provides a comprehensive analysis that reflects today's aircraft milled parts market realities and future possibilities for the forecast period 2020 to 2025. The report segments and analyzes the market in the most comprehensive manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of low-hanging fruits available as well as formulate growth strategies.
Aircraft Milled Parts Market: Highlights
Milled parts or components are those machined components which are mainly produced through the milling process. A wide and diverse range of machined components are used in the aerospace industry, made via processes such as milling, turning, and drilling. Milling offers rapid profiling of aircraft structural components, which are majorly made with aluminum, stainless steel, titanium, and their alloys; with better surface finish and greater dimensional accuracy than metal forming of aircraft structures. Rapid advancements in the milling process i.e. from conventional milling machines to advanced CNC (Computer Numerical Control) milling machines and high-speed machining centers have paved the way for milled components/parts in the aerospace industry. These advancements have also helped the industry to achieve its main objective of optimizing metal removal rates and minimizing chatter.
As per Stratview Research, the aircraft milled parts market is projected to grow at a healthy rate over the next five years to reach an estimated value of US$ 4.3 billion in 2025. The outbreak of COVID-19 is ending the longest 16 years of the industry boon, which had begun when the industry had emerged out from another infectious disease SARS (2002-2003). The aerospace industry is projected to be one of the most severely impacted industries due to the COVID-19 outbreak. As per the recent estimates of IATA, the airline industry is expecting to record a possible loss of US$ 252 billion of passenger revenues, an equivalent of a 38% loss in RPKs in 2020 from 2019. Complete lockdown of many countries, due to the pandemic, has forced several airlines to cut their flying capacity due to grounded fleets and operate at a reduced capacity of 5% to 40% of their total strength. For instance, Lufthansa Group has recently announced a 95% capacity reduction due to the outbreak.
The overall impact of the outbreak is still unpredictable; however, currently, it is anticipated to be graver than the SARS (2002-2003) and the MERS (2015). And yet the industry is optimist about its recovery as it did during SARS (2002-2003). The demand for milled parts in the industry is largely dependent on the overall health of the aviation industry. Huge order backlogs of Boeing and Airbus (13,237 aircraft at the end of Feb 2020), accelerating demand for replacing iconic aircraft such as A380 and B747, which are forced to retire early by several airlines due to the outbreak, with A321, A350XWB and B787, and the market entry of new aircraft programs such A321XLR, B777X, C919, and MC-21; are anticipated to assure a speedy recovery of the aircraft industry including milled parts.
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Commercial aircraft is likely to remain the growth engine of the market during the forecast period, mainly driven by an expected increase in commercial aircraft deliveries in the coming years. The short-term outlook of the commercial aircraft market seems struggling to owe to the continuous grounding of the B737 Max, reduction in production rates of A320, A330, and A350 XWB programs and expected delay in the entry of upcoming aircraft programs such as B777X and C919.
Based on the application type, the airframe segment is likely to maintain its unassailable dominance in the market during the forecast period. The dominance is majorly due to large number of applications of milled parts in the application segment with most of them being large-sized structures. However, the engine segment is projected to witness the highest growth in the coming five years, mainly driven by a handful of engines, such as LEAP, GE9X, GEnx, PW F135, PW1000G, and Rolls-Royce Trent XWB and 7000.
Based on the material type, aluminum is projected to remain the most dominant material type in the aircraft milled parts market over the next five years, owing to its widespread usage and excellent track record in the aircraft industry. Titanium is estimated to be the fastest-growing material type in the market in years to come, mainly propelled by increased penetration of titanium in the next-generation aircraft programs, such as B787 and A350XWB.
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In terms of region, North America is projected to remain the largest market for aircraft milled parts during the forecast period. The USA is expected to remain the growth engine of the North American market, owing to the presence of several aircraft OEMs such as Boeing, Airbus, Lockheed Martin, Bombardier Inc., and Gulfstream Aerospace as well as the presence of various tier players and milled part manufacturers in the country.
Asia-Pacific is expected to witness the highest growth during the forecast period, driven by upcoming indigenous aircraft program i.e. COMAC C919 and Mitsubishi SpaceJet, and opening of assembly plant of Boeing and Airbus in China for B737, A330, A320, and A350. Further, key economies, such as India and China, in the region are incessantly increasing their defense budget with the purpose to acquire the latest military aircraft to solidify their defense capabilities along with their offset policy and development of indigenous military aircraft such as Tejas and J20.
The supply chain of this market comprises of raw material suppliers, aircraft milled parts manufacturers, distributors, tier players, aircraft OEMs, airlines, aircraft leasing companies, and MRO companies. Some of the key players in the aircraft milled parts market are Precision Castparts Corp., GKN plc, Spirit AeroSystems, Inc., Magellan Aerospace Corp., Triumph Group Inc., Senior plc, Minebea Mitsumi, Inc., LMI Aerospace, Inc., Air Industries Group, Inc., and Gardner Aerospace.
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 milled 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 Milled 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 Milled Parts Market, by Application Type
- Airframe (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Engine (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Interiors (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Aircraft Milled Parts Market, by Material Type
- Aluminum Milled Parts (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Stainless Steel Milled Parts (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Titanium Milled Parts (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Other Milled Parts (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Aircraft Milled 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 Milled 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)
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