Global Aircraft Machined Components
Market Report
2024
The Global Aircraft Machined Components market size is USD 28.2 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 7.00% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, The Global Aircraft Machined Components market size is USD 28.2 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 7.00% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Aircraft Machined Components Market Sales Revenue 2023 | $ 28.2 Billion |
Global Aircraft Machined Components Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 7% |
North America Aircraft Machined Components Market Sales Revenue 2023 | $ 11.28 Billion |
North America Aircraft Machined Components Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.8% |
Europe Aircraft Machined Components Market Sales Revenue 2023 | $ 8.46 Billion |
Europe Aircraft Machined Components Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6% |
Asia Pacific Aircraft Machined Components Market Sales Revenue 2023 | $ 6.2 Billion |
Asia Pacific Aircraft Machined Components Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 8.8% |
South America Aircraft Machined Components Market Sales Revenue 2023 | $ 4.41 Billion |
South America Aircraft Machined Components Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.8% |
Middle East and Africa Aircraft Machined Components Market Sales Revenue 2023 | $ 0.85 Billion |
Middle East and Africa Aircraft Machined Components Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.9% |
Market Split by Process Type |
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Market Split by Application |
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Market Split by Aircraft Type |
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Market Split by Material Type |
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Market Split by End-User |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Aircraft Machined Components Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Aircraft machined components are different parts made with accuracy for building and operating airplanes. These parts are created using advanced machines to make sure they are very accurate and reliable in the aerospace field. The aerospace industry is growing due to more people traveling by air; there are new technologies and a focus on making planes lighter for better fuel efficiency. As air travel increases, there's a higher need for strong, light, and well-made machined components. This demand pushes for better and more efficient ways to make airplane parts, boosting innovation and the economy in the aerospace manufacturing industry.
For instance, in November 2021, Global Precision Products, LLC professedthat it had acquired Will-Mor Manufacturing, LLC. The Acquisition strengthens the company's position as a leading supplier of difficult-to-manufacture components for the aerospace and defense industries.
The market is experiencing robust growth due to the surge in air travel demands and the constant expansion of airline fleets. Increased global movement and economic development have led to a surge in passenger numbers, which prompted airlines to enlarge their fleets. This trend not only enhances the aviation industry's overall capacity but also propels the demand for aircraft-related products and services, contributing to sustained market expansion.
For instance, in February 2019, Magellan Aerospace Corporation announced the opening of the company’s manufacturing and assembly facility in India. Magellan's new facility excels in high-speed milling and turning of aerospace components made from Aluminum and hard metal materials.
More airplanes are required as people are flying more, and older planes need replacement, which leads the market toward growth. As the aviation industry experiences a rise in demand for new aircraft and the retirement of old ones, the market experiences dynamic growth. Technological advancements and the quest for enhanced efficiency in air travel particularly drive this trend. The connection of innovation, demand, and aging fleets creates a robust environment, fostering the sustained growth of the aircraft market.
For instance, in June 2023, MIT engineers designed a Megawatt electrical motor that could help electrify aviation. The technology demonstrations show the machine’s major components achieve the required performance.
(Source: news.mit.edu/2023/megawatt-motor-could-help-electrify-aviation-0608)
The aircraft machined components market faces hindrances in growth due to fluctuations in raw material rates. Volatility in the prices of essential materials, such as Aluminum and hard metals, disturbs manufacturing costs, impacting profit margins for industry players. These variations, influenced by global economic factors, geopolitical events, and supply chain disruptions, pose challenges for manufacturers needing help to maintain cost-effectiveness and competitiveness. As a result, the industry resists directing these uncertainties while meeting the increasing demand for aircraft components.
The COVID-19 pandemic significantly impacted the aircraft machined components market, causing interruptions in the global aerospace industry. Due to reduced air travel and financial challenges encountered by airlines, the demand for new aircraft and associated components has fallen. Aircraft manufacturers and suppliers experienced production slowdowns, order cancellations, and supply chain disruptions, which affected the market for machined components. Companies faced financial strains, which led to layoffs and delayed projects. Although the industry is gradually recovering with increased vaccinations and reduced travel restrictions, the initial impact of the pandemic had a lasting impact on the aircraft machined components market.
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The major players rapidly evolve with new strategies to attain a competitive edge and capture significant market share. The major aircraft machined components market participants emphasize expanding creative offerings to serve a large consumer base and gain a competitive benefit.
Top Companies Market Share in Aircraft Machined Components Industry: (In no particular order of Rank)
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Global Aircraft Machined Components Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Aircraft Machined Components Industry growth. Aircraft Machined Components market has been segmented with the help of its Process Type, Application Aircraft Type, and others. Aircraft Machined Components market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, milled parts hold a significant share of the aircraft machined components market. Their essential role in aerospace manufacturing, offering precision and durability, contributes to their dominance. Milled parts play a dominant role in determining the landscape of the aircraft machined components market, holding a major share in response to industry demands.
Turned parts emerge as the fastest-growing segment in the aircraft machined components market. Prominent for their strictness and versatility, turned components play an essential role in aerospace manufacturing. The accelerated growth in demand for these components reflects their essential role in making efficient and reliable aircraft structures, marking them as a dynamic and crucial sector within the market.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Aircraft Machined Components Industry. Request a Free Sample PDF!
According to Cognitive Market Research, the engine holds the major share in the aircraft machined components market. Critical components within aircraft engines, such as turbine blades, shafts, and casings, rely on the accuracy of machining for optimum performance. As technological advancements in aviation engines remain to continue, the demand for high-precision machined components remains strong.
The landing gear segment is emerging as the fastest-growing sector in the aircraft machined components market. Rising demand for advanced landing gear systems, driven by factors like aircraft modernization and security enrichments, fuels the rapid growth of machined components within this segment, which highlights its pivotal role in ensuring aviation safety and performance.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Aircraft Machined Components market report 2024 Edition by contacting our team.
According to Cognitive Market Research, the commercial aircraft segment dominates the aircraft machined components market, holding a significant market share. This sector's prominence is due to the strong demand for air travel, which leads to increased production and maintenance requirements for commercial airplanes. Machined components play a critical role in ensuring the reliability and performance of aircraft, which contributes to the segment's substantial market presence.
The military aircraft segment is the fastest-growing sector in the aircraft machined components market. Increasing defense budgets, technological advancements, and growing security concerns are driving the demand for sophisticated military aircraft. This rise in requirements for military aviation solutions drives the rapid growth of machined components within the defense aerospace industry.
According to Cognitive Market Research, Aluminum commands a substantial market share in the aircraft machined components market. Its lightweight yet durable properties make it a preferred material for the production of critical components in the aerospace industry. As the demand for fuel-efficient and technologically advanced aircraft continues to rise, Aluminum remains a principal choice for machined components in the aerospace manufacturing sector.
Titanium is emerging as the fastest-growing material in the aircraft machined components market. Due to its significant strength-to-weight ratio, resistance to corrosion, and capacity to operate at high temperatures, titanium is rising in demand in aerospace applications. The demand for slim yet durable components in modern aircraft is propelling the rapid growth of titanium within the machined components sector.
According to Cognitive Market Research, original equipment holds a significant share of the aircraft machined components market. Original equipment manufacturers (OEMs) play a vital role in designing and producing machined components for several aircraft systems. As aviation technology grows, OEMs constantly drive innovation and sustain a substantial presence in the market. Their influence spreads across various platforms, including airframes and engines, that contribute to the overall growth and stability of the aircraft machined components market.
The aftermarket segment is the fastest-growing sector in the aircraft machined components market. Rising demand for replacement and advanced components, driven by maintenance, repair, and overhaul activities, drives the growth of machined components in the aftermarket. This inclination is fueled by the need to extend life and improve the performance of existing aircraft fleets.
According to Cognitive Market Research, North America dominated the market in 2023 and accounted for around 40% of the global revenue, owing to the region's aerospace industry, which is distinguished by major players and advanced manufacturing capabilities that are contributing significantly to the market's overall strength. Substantial demand for commercial and military aircraft, combined with a focus on technological advancements, positions North America as a key player in the production and utilization of machined components within the aircraft manufacturing sector.
Europe has emerged as the fastest-growing segment in the aircraft machined components market. The region's aerospace industry is witnessing substantial growth, compelled by increased demand for modern and fuel-efficient aircraft. Factors such as technological advancements, rigid safety regulations, and a focus on sustainability contribute to the rapid growth of machined components within Europe, placing it as a key player in the global aircraft manufacturing landscape.
The current report Scope analyzes Aircraft Machined Components Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
According to Cognitive Market Research, the global aircraft machined components market size was estimated at USD 28.2 Billion, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 11.28 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 5.8% from 2023 to 2030 due to robust aerospace industry, technological innovation, and increasing demand for commercial and military aircraft. The region's emphasis on aviation advancements, which are linked to strong manufacturing capabilities, positions it as a key driver of the market's growth. According to Cognitive Market Research, the presence of major aerospace OEMs and a skilled workforce further contributes to the region's prominence in the aircraft machined components market. In conclusion, the application of sustainable practices and the region's obligation to environmental regulations reinforce North America's role in determining the future of aerospace manufacturing. This assurance aligns with the global push for eco-friendly aviation solutions, placing North America as a leader in both traditional and sustainable aircraft machined components.
According to Cognitive Market Research, with a market value of USD 28.2 billion in 2023 and projected to expand at a compound annual growth rate (CAGR) of 6.00% from 2023 to 2030, Europe accounted for a share of over 30% of the global market size of USD 8.46 billion due to the region’s engineering excellence, technological advancements in aircraft design and manufacturing, and focus on sustainability. Additionally, Europe's strong defense sector plays an important role in the growing demand for advanced machined components, particularly with constant modernization efforts and the development of advanced military aircraft. According to Cognitive Market Research, The region's well-established infrastructure, skilled workforce, and strategic partnerships contribute to the continuous production and integration of machined components in the aerospace supply chain. In conclusion, Europe's growth in the aircraft machined components market is driven by its technological competency, commitment to sustainability, demand for innovative aerospace solutions, and a strong defense industry, collectively positioning the region as a key player in the global market.
According to Cognitive Market Research, the global aircraft machined components market size was estimated at USD 28.2 Billion, out of which Asia Pacific held the market of more than 22% of the global revenue with a market size of USD 6.20 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 8.8% from 2023 to 2030 due to the robust economic growth and increasing air travel demand. With considerable investments in fleet expansion across Asia Pacific, there is a constant rise in demand for precision-engineered machined components in the aviation sector. Additionally, the focus on research and development in countries like China, Japan, and South Korea positions Asia Pacific as a hub for technological advancements in aerospace engineering. According to Cognitive Market Research, the region's commitment to sustainable aviation solutions, driven by environmental concerns, supports the global push for ecological practices, influencing the demand for advanced machined components. In conclusion, Asia Pacific's growth in the aircraft machined components market is driven by its expanding aviation industry, robust manufacturing capabilities, technological innovation, and commitment to sustainability, which makes it a key player in the aerospace industry.
According to Cognitive Market Research, the global aircraft machined components market size was estimated at USD 28.2 Billion, out of which the Latin America market has more than 5% of the global revenue with a market size of USD 4.41 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 6.8% from 2023 to 2030 due to economic development, fleet expansion, regional collaboration, and emerging aerospace hubs. Increasing economic development in Latin American countries leads to a rise in demand for air travel, which fosters growth in the aviation sector. According to Cognitive Market Research, Latin American countries are investing in updating their aviation infrastructure, leading to an increase in demand for advanced machined components. Further, collaborative initiatives and partnerships within the region's aerospace industry contribute to the growth of machined components production and innovation. In conclusion, Latin America's growth in the aircraft machined components market is driven by economic progress, fleet expansion, modernization efforts, collaborative initiatives, government support, and the emergence of aerospace hubs in the region.
According to Cognitive Market Research, the h7l machined components market size was estimated at USD 28.2 Billion out of which Middle East and Africa held the major market of more than 3% of the global revenue with market size of USD 0.85 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 6.9% from 2023 to 2030 due rising air travel, investments in aviation infrastructure, rise in military aviation, emerging aerospace manufacturing hubs, and technological advancements. The Middle East's strategic location and role as a global aviation hub contribute to increased demand for aircraft components. Additionally, the region's growing tourism and business sectors drive a surge in air travel, raising demand for new aircraft and machined components. According to Cognitive Market Research, ongoing investments in defense and military aviation contribute to the growth of the machined components market, particularly for advanced military aircraft. In conclusion, the Middle East and Africa's growth in the aircraft machined components market is driven by its strategic geopolitical position, increased air travel demand, investments in aviation infrastructure, military aviation developments, and emergence as manufacturing hubs, technological advancements, and strategic collaborations.
Senior Research Analyst at Cognitive Market Research
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights.
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights. Experience in analyzing current trends, market demand, market assessment, growth indicators, competitors' strategy, etc. to help top management & investors to make strategic and tactical decisions in the form of market reports and presentations. Successfully delivered more than 500+ client & consulting assignments across verticals. Ability to work independently as well as with a team with confidence and ease.
I am committed to continuous learning and staying at the forefront of emerging trends in research and analytics. Regularly engaging in professional development opportunities, including workshops and conferences, keeps my skill set sharp and up-to-date. I spearheaded research initiatives focused on market trends and competitive landscapes. I have a proven track record of conducting thorough analyses, distilling key insights, and presenting findings in a way that resonates with diverse stakeholders. Through collaboration with cross-functional teams, I played a pivotal role in shaping business strategies rooted in robust research.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Aircraft Machined Components Market is witnessing significant growth in the near future.
In 2023, the Milled Parts segment accounted for noticeable share of global Aircraft Machined Components Market and is projected to experience significant growth in the near future.
The Airframe segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Spirit AeroSystems Inc. , Collins Aerospace and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Table of Content differs accordign to the user License selction. Current Displayed TOC is for the Corporate User License Report Edition. TOC Customization options: Add or Remove section's Or chapter's from the report. Specific section's of report can be ordered at a discounted price. If applicable; On Request Volume Data will also be provided (at an Additional Cost).
Process Type | Milled Parts, Turned Parts |
Application | Airframe, Engine, Landing Gear |
Aircraft Type | Commercial Aircraft, Regional Aircraft, Helicopters, Military Aircraft, General Aviation |
Material Type | Aluminum, Stainless Steel, Titanium, Other (Metals & Alloys) |
End-User | Original Equipment (OE), Aftermarket |
List of Competitors | Spirit AeroSystems Inc., GKN Aerospace, Collins Aerospace, MITSUBISHI HEAVY INDUSTRIES LTD., Premium AEROTEC S.R.L., STELIA Aerospace, Howmet Aerospace, Precision Castparts Corp., MTU Aero Engines AG, GENERAL ELECTRIC |
This chapter will help you gain GLOBAL Market Analysis of Aircraft Machined Components. Further deep in this chapter, you will be able to review Global Aircraft Machined Components Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
Chapter 2 North America Market Analysis
Executive Summary North America Market (2019 vs 2024 vs 2031)
Purchase Add-Ons to Customize the Report Edition and get further granular data level data about the North America market. Add-On Cost: Request before placing the order, Respective Pricing will be informed after sending the inquiry
Qualitative Analysis for the North America Market: North America Aircraft Machined Components Market Trends North America Aircraft Machined Components Technological Road Map North America Aircraft Machined Components Market Drivers North America Aircraft Machined Components Market Restraints North America Aircraft Machined Components Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia-Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Process Type Analysis 2019 -2031, will provide market size split by Process Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Process Type Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Application Analysis 2019 -2031
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Chapter 12 Market Split by Aircraft Type Analysis 2019 -2031
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Chapter 13 Market Split by Material Type Analysis 2019 -2031
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Chapter 14 Market Split by End-User Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Aircraft Machined Components market
Chapter 15 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Milled Parts have a significant impact on Aircraft Machined Components market? |
What are the key factors affecting the Milled Parts and Turned Parts of Aircraft Machined Components Market? |
What is the CAGR/Growth Rate of Airframe during the forecast period? |
By type, which segment accounted for largest share of the global Aircraft Machined Components Market? |
Which region is expected to dominate the global Aircraft Machined Components Market within the forecast period? |
Segmentation Level Customization |
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Region level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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