The global aerospace parts manufacturing market is set to grow by $190.69 billion from 2024 to 2028, according to a new report from Technavio. The market research firm attributes this growth to an increased demand for new commercial and defense aircraft. The market is expected to grow at a compound annual growth rate (CAGR) of 4.19% during the forecast period.

The report highlights that the aerospace parts manufacturing market is experiencing growth due to the renewal of commercial and defense fleets. This renewal is being driven by factors such as population growth, urbanization, and rising disposable income. Additionally, the report notes that the increased efficiency of advanced aircraft models is leading to greater demand for these new planes, particularly in the commercial sector. This demand is further boosting the market for maintenance, repair, and overhaul (MRO) services, engines, insulation components, and other aircraft parts.

In response to this market growth, aerospace parts manufacturers are focusing on producing carbon-efficient components, addressing aging fleets, and meeting the needs of defense modernization programs. These efforts are particularly concentrated on the production of MRO services, engines, insulation components, and aircraft parts for commercial, business, general aviation, and military aircraft.

The aerospace parts manufacturing market is also being driven by the increased demand for new aircraft across commercial, business, and military segments. The report notes that aging fleets in the commercial aircraft sector are necessitating MRO activities, which in turn is driving demand for components like engines and insulation materials. As airport facilities expand and the frequency of flights increases to meet growing passenger travel, the demand for these components is expected to rise. Similarly, the report highlights that aging aircraft in the aerospace and defense industry are also driving the need for fleet replacement and the production of new aircraft and corresponding components.

The carbon-intensive nature of aerospace manufacturing is also contributing to the demand for new components. The report notes that manufacturers are exploring the use of raw materials that minimize environmental impact as they produce components for commercial, business, and military aircraft. This focus on sustainability is expected to continue as manufacturers address the carbon footprint of the industry.

Geographically, North America is expected to be a key contributor to the growth of the aerospace parts manufacturing market, accounting for 52% of market share. The region’s market growth will be driven by the demand for helicopter parts, aging fleets, and MRO activities in the aerospace and defense sector. Additionally, North America will see increased production of accessories for new-age aircraft to meet passenger needs, as well as ongoing maintenance and upgrades for airport facilities.

In addition to North America, the report also highlights key market contributors in other regions, including Europe, the Asia-Pacific, the Middle East and Africa, and South America. Key companies identified in the report’s market scope include AEFP Group, Aequs Pvt. Ltd., Camar Aircraft Parts Co., CTRM Sdn. Bhd., DAHER, Diehl Stiftung and Co. KG, Ducommun Inc., Eaton Corp. Plc, General Electric Co., Groupe Industriel Marcel Dassault, Honeywell International Inc., IHI Corp., JAMCO Corp., Kawasaki Heavy Industries Ltd., Liebherr International Deutschland GmbH, Mitsubishi Heavy Industries Ltd., Rolls Royce Holdings Plc, Safran SA, Thales Group, Transdigm Group Inc., and W. L. Gore and Associates Inc.

Download the report here