Aerospace Parts Manufacturing Market Trends

Growth Drivers

• Increasing air travel: Airlines worldwide are trying to increase their fleet sizes to accommodate the growing number of passengers who are choosing to travel by air. The market for aerospace parts is impacted by the increased demand for new aircraft because manufacturers need to produce a wide range of parts to build and maintain these aircraft. According to the International Air Transport Association 2024, the amount of cargo flown by air is predicted to increase by 5% by 2024. Moreover, parts ranging from engines to avionics and structural elements are needed by airlines to maintain the operations and safety of their fleets. Additionally, the aerospace forging revenue has increased tremendously, augmented by the high adoption and growing usage of aerospace parts manufacturing.
• Demand for lightweight aerospace materials: Advanced lightweight materials are becoming necessary as airlines and aircraft manufacturers place a higher priority on environmental sustainability and fuel efficiency. Attributed to this, manufacturers of aerospace parts have a unique opportunity to lead the industry in innovation and the development of cutting-edge components made of materials like advanced composites and alloys. In addition to saving fuel, these lightweight materials improve the overall performance of the aircraft, which raises demand for aerospace parts manufacturers that adhere to the industry's changing standards.

Challenges

• High rates of raw materials: The accessibility and availability of suppliers' and subcontractors' critical parts, subassemblies, and raw materials are important to any manufacturer. The primary raw materials needed to manufacture an aircraft are plates, composite materials containing carbon and boron, aluminum sheets, forgings, steel, and titanium sheets. These materials can be costly which can hinder the aerospace parts manufacturing market expansion.
• Long approval and certification process: Aerospace part certification and approval procedures can be drawn out and complicated. To make sure that their components fulfill the necessary standards and specifications, manufacturers must put their products through validation, rigorous testing, and verification processes. Production schedules can be slowed down and market value may be impacted by certification acquisition delays.