The global aerospace milled parts market is projected to witness a growth rate of 6.8% annually from 2023 to 2028, with an anticipated size of US$ 30.7 billion by 2028, according to an analysis by Stratview Research.
Stratview Research, a global market research firm, has launched a report on the global aerospace milled parts market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
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Report Highlights
| Market Size in 2028 (billion US$) | 30.7 |
| Growth (CAGR) | 6.8% during 2023-2028 |
| Forecast Period | 2023-2028 |
| Trend Period | 2017-2021 |
| Base Year | 2022 |
| Number of Segments Covered | 5 |
| Number of Tables & Graphs | 100+ |
| Country-Level Market Assessment | 19 |
Segment Insights on the Aerospace Milled Parts Market:
The global aerospace milled 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, helicopter, 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. The return to 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 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 application in the market during the forecast period. Some of the major milled engine parts are turbine blisks, turbine blades, fuel nozzles, exhaust ducts and cones, impellers, combustion casings, and fan discs. Engine is also expected to witness the fastest growth in the years to come, mainly driven by a handful of engines, such as LEAP, GE9X, GEnx, PW F135, PW1000G, and Rolls-Royce Trent XWB and 7000.
Based on material type – The market is segmented into aluminum, stainless steel, titanium, and other metals and alloys. Among these material types, aluminum is expected to remain the most dominant material type in the market during the forecast period, whereas titanium is likely to witness 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 properties, high malleability, and ductility, and being more economical than its competitive materials, such as titanium. On the other hand, 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. The market for titanium material is majorly propelled through its increased penetration in next-generation aircraft programs, such as the B787 and A350XWB.
Based on 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 fastest-growing end-user type during the same period. Commercial aircraft (which include narrow-body and wide-body aircraft) account for the majority of the OE sales for aircraft milled parts.
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 milled parts during the forecast period. This growth outlook is majorly attributed to the following–
- The presence of several aircraft OEMs such as Boeing, Airbus, Lockheed Martin, Bombardier Inc., and Gulfstream Aerospace, as well as the presence of several leading tier players and milled parts manufacturers in the region.
- The USA is likely to remain the leading market, both in, North America and globally, during the forecast period.
- On the other hand, key economies, such as India and China, in the region are incessantly increasing their defense budgets with the purpose to acquire the latest military aircraft to solidify their defense capabilities.
- Implementation of offset policies by the major economies, including India, along with vigorous development of indigenous military aircraft, such as Tejas and J20, further substantiate the demand for milled parts in the region.
- While China accounted for more than two-fifths of the Asia-Pacific market in 2022, India is likely to be the new growth engine of the regional market in the coming five years.
Aerospace Milled Parts Market Drivers:
Some of the key drivers listed in the report are given below.
- Growing air travel demands and expanding airline fleets, the aerospace milled parts market recorded substantial growth during 2020-2021 and 2021-2022, marking the industry’s recovery,
- It is also expected that the market would follow a sequential growth pattern in the years to come, ultimately helping the industry stakeholders cross their pre-pandemic levels by 2025.
Top 10 Companies in the Aerospace Milled Parts Market:
Major OEMs in the market are striving to achieve type certification for their aerospace milled parts aircraft. After completing certification, they collaborate with established aircraft and automotive giants to accelerate commercial manufacturing. Stratview Research has identified the following companies as the top market players:
- Spirit AeroSystems, Inc.
- GKN Aerospace
- Collins Aerospace
- Mitsubishi Heavy Industries, Ltd.
- Premium AEROTEC GmbH (Airbus Aerostructures GmbH)
- STELIA Aerospace (Airbus Atlantic)
- Howmet Aerospace Inc.
- Precision Castparts Corp.
- MTU Aero Engines AG
- GE Aerospace
What Deliverables Will You Get in This Report?
| Key questions this report answers | Relevant contents in the report |
| How big is the sales opportunity? | In-depth analysis of the Aerospace Milled Parts Market |
| How lucrative is the future? | Market forecast and trend data and emerging trends |
| Which regions offer the best sales opportunities? | Global, regional, and country-level historical data and forecasts |
| Which are the most attractive market segments? | Market segment analysis and forecast |
| Who are the top players and their market positioning? | Competitive landscape analysis, Market share analysis |
| How complex is the business environment? | Porter’s five forces analysis, PEST analysis, Life cycle analysis |
| What are the factors affecting the market? | Drivers & challenges |
| Will I get the information on my specific requirements? | 10% free customization |
For Customization or Any Other Queries, Get in Touch with Our Industry Experts at – [email protected]
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About us –
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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