Dublin, Sept. 10, 2021 (GLOBE NEWSWIRE) -- The "Aircraft Machined Components Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026" report has been added to ResearchAndMarkets.com's offering.
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 the desired shape of the part. There are two basic types of cutting tools: a single-point tool for turning and boring and a multi-point tool for milling and drilling. Milling and turning are the two major machining operations through which aerospace structural parts are shaped. In the milling process, the cutting tool moves around the workpiece, whereas, in the turning process, the workpiece moves against the cutting tool to obtain the shape.
The COVID-19 has devastated the entire supply chain of the airline business with the massive drop in air travel, not only reducing the airlines' revenue but also enduring an additional cost of maintaining their grounded aircraft fleets. The demand for machined components in the industry more or less acted similarly, witnessed a massive decline of -30.4% in 2020, pushing the market below the 2015-market level.
However, recent industry announcements coupled with the study of recovery trajectories of the previous downturns suggest that the machined components market is expected to commence recovery from 2021, followed by sequential growth in the years to come, ultimately helping the industry stakeholders to cross their pre-pandemic levels by 2024. Overall, the market is set to grow at a lucrative CAGR of 7.8% over the next five years to reach US$ 6.4 Billion in 2026.
Based on the process type, the aircraft machined components market is segmented as milled parts, turned parts, and others. Milled parts are expected to remain the largest segment over the next five years; whereas turned parts to experience the highest growth during the same period. Advancements in the milling processes to offer excellent benefits, such as finishing accuracy, increasing uniformity in design, lead time reduction, and ease in manufacturing complex parts, help the process to better position themselves in the market.
Based on the aircraft type, the aircraft machined components market is segmented as commercial aircraft, regional aircraft, helicopters, military aircraft, and general aviation. Despite taking a nosedive in 2020, commercial aircraft is expected to remain the largest segment of the market during the forecast period. Returning in service of B737Max, entry of new programs (C919, B777x, and MC-21), and expected recovery in the production rates of A320 and B737 programs is likely to fuel the segment's growth.
Based on the application type, the market is segmented as metal airframe, engine, interiors, and others. Airframe is expected to remain the most dominant application segment of the market during the forecast period. Airframe is the largest section of an aircraft, comprising fuselage and wings. Key applications of airframe machined components are fuselage frames, fuselage covers, wing ribs, spars, and engine pylon fittings.
Based on the material type, the market is segmented as aluminum, stainless steel, titanium, and other metals & alloys. Aluminum is expected to remain the most dominant material type in the market during the forecast period, whereas titanium is likely to experience the fastest growth during the same period. Key factors for aluminum's dominance are its excellent track record of over eight decades, lower density, anti-corrosive property, high malleability and ductility, and economical than that of competitive materials, such as titanium. Titanium is gaining preference in the market owing to its various benefits, such as high strength-to-weight ratio, high corrosion and heat resistance, and higher compatibility with composite materials.
Based on the end-user type, the market is segmented as 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 machined components.
In terms of regions, North America is expected to remain the largest market for aircraft machined components during the forecast period, driven by the presence of a large number of aircraft OEMs, tier players, machined component manufacturers, and raw material suppliers The USA is likely to remain the leading market, both in, North America and globally till 2026.
Asia-Pacific is likely to be the fastest-recovering region during 2021-2026. China is gaining significant share and accounts for more than two-fifths of the Asia-Pacific market in 2020. India is likely to be the new growth engine of the region's market in the coming five years.
The supply chain of this market comprises raw material suppliers, aircraft machined component manufacturers, distributors, tier players, OEMs, airlines, and MRO companies. The following are the key players in the aircraft machined components market.
Air Industries Group, Inc.
LMI Aerospace, Inc.
Magellan Aerospace Corp
Melrose Industries Plc (GKN Aerospace)
Precision Castparts Corp
Spirit AeroSystems, Inc
Triumph Group, Inc.
The development in machines/equipment to solve complex part manufacturing., expansion in untapped and growing markets, execution of mergers & acquisitions, and the formation of long-term contracts with OEMs are the key strategies adopted by the key players to gain a competitive edge in the market.
Key Topics Covered:
1. Executive Summary
2. Aircraft Machined Components Market Overview and Segmentation
2.1. Aircraft Machined Components Market Segmentation
2.1.1. By Process Type
2.1.2. By Aircraft Type
2.1.3. By Application Type
2.1.4. By Material Type
2.1.5. By End-User Type
2.1.6. By Region
2.2. Supply Chain Analysis
2.3. PEST Analysis
2.4. Industry Life Cycle Analysis
2.5. Market Drivers
2.6. Market Challenges
3. Aircraft Machined Components Market - The COVID-19 Impact Assessment
3.1. Aircraft Machined Components Market Trend and Forecast (US$ Million)
3.2. Pre-COVID vs Post-COVID Assessment
3.3. Real GDP Loss vs Aircraft Machined Components Market Loss (2020-2021)
3.4. Market Scenario Analysis: Pessimistic, Most Likely, and Optimistic Scenarios
4. Competitive Analysis
4.1. Market Consolidation Level
4.2. Regional Competitive Dynamics
4.3. Market Share Analysis
4.4. Key Information regarding Leading Players
4.5. Product Portfolio Analysis
4.6. Geographical Presence
4.7. Strategic Alliances
4.8. Porter's Five Forces Analysis
5. Aircraft Machined Components Market Trend and Forecast by Process Type (2015-2026)
5.1. Segment's Analysis
5.2. Milled Parts: Regional Trend and Forecast (US$ Million)
5.3. Turned Parts: Regional Trend and Forecast (US$ Million)
5.4. Others: Regional Trend and Forecast (US$ Million)
6. Aircraft Machined Components Market Trend and Forecast by Aircraft Type (2015-2026)
6.1. Segment's Analysis
6.2. Commercial Aircraft: Regional Trend and Forecast (US$ Million)
6.3. Regional Aircraft: Regional Trend and Forecast (US$ Million)
6.4. Helicopter: Regional Trend and Forecast (US$ Million)
6.5. Military Aircraft: Regional Trend and Forecast (US$ Million)
6.6. General Aviation: Regional Trend and Forecast (US$ Million)
7. Aircraft Machined Components Market Trend and Forecast by Application Type (2015-2026)
7.1. Segment's Analysis
7.2. Airframe: Regional Trend and Forecast (US$ Million)
7.3. Engine: Regional Trend and Forecast (US$ Million)
7.4. Interiors: Regional Trend and Forecast (US$ Million)
7.5. Others: Regional Trend and Forecast (US$ Million)
8. Aircraft Machined Components Market Trend and Forecast by Material Type (2015-2026)
8.1. Segment's Analysis
8.2. Aluminum: Regional Trend and Forecast (US$ Million)
8.3. Stainless Steel: Regional Trend and Forecast (US$ Million)
8.4. Titanium: Regional Trend and Forecast (US$ Million)
8.5. Other Metals & Alloys: Regional Trend and Forecast (US$ Million)
9. Aircraft Machined Components Market Trend and Forecast by End-User Type (2015-2026)
9.1. Segment's Analysis
9.2. OE: Regional Trend and Forecast (US$ Million)
9.3. Aftermarket: Regional Trend and Forecast (US$ Million)
10. Aircraft Machined Components Market Trend and Forecast by Region (2015-2026)
11. Strategic Growth Opportunities
11.1. Market Attractiveness Analysis
11.1.1. Market Attractiveness by Process Type
11.1.2. Market Attractiveness by Aircraft Type
11.1.3. Market Attractiveness by Application Type
11.1.4. Market Attractiveness by Material Type
11.1.5. Market Attractiveness by End-User Type
11.1.6. Market Attractiveness by Region
11.1.7. Market Attractiveness by Country
11.2. Emerging Trends
11.3. Growth Matrix Analysis
11.4. Strategic Implications
11.5. Key Success Factors (KSFs)
12. Company Profile of Key Players (Alphabetically Arranged)
12.1. Air Industries Group.
12.2. Gardner Aerospace
12.3. LMI Aerospace, Inc.
12.4. Magellan Aerospace Corp.
12.5. Melrose Industries Plc (GKN Aerospace)
12.6. MinebeaMitsumi, Inc
12.7. Precision Castparts Corp.
12.8. Senior Plc
12.9. Spirit Aerosystems, Inc
12.10. Triumph Group, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/is5kq8
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