June 28, 2022 09:56 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, June 28, 2022 (GLOBE NEWSWIRE) -- The global aerospace parts manufacturing market size is projected to grow at a rapid rate with the emergence of composite materials in the aerospace & defense industry, observes Fortune Business Insights™ in its report, The introduction of novel materials such as carbon-fiber composites is changing the landscape of aeronautical engineering. For example, over 20% of the Airbus A380 is composed of composite materials, with glass-fiber reinforced and carbon-fiber-reinforced polymer being extensively utilized in fuselage components, doors, tail surfaces, and wings. The A320 also uses a variety of composites, which have brought down its weight by 800kg compared to its aluminum alloy counterpart. These novel materials are, therefore, opening a new dimension in aerospace parts manufacturing and creating unique growth opportunities for this market.
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List of Key Players Covered in the Aerospace Parts Manufacturing Market Report:
Dipping Demand for Air Travel amid COVID-19 to Hamper Growth
The unprecedented COVID-19 pandemic is likely to inhibit the aerospace parts manufacturing market growth as travel restrictions and severe economic downturn have led to a dramatic fall in demand for air travel. According to the latest data released by the International Civil Aviation Organization (ICAO), between January and December 2020, passenger traffic will shrink by 47-52%, resulting in operating losses of approximately USD 355 to 392 billion. The ICAO further notes that in the first quarter of 2021, airlines will face gross losses between USD 46 billion and USD 84 billion. Moreover, Moody’s Investors Service has also forecasted that the airline industry is likely to experience the current financial stress well into 2022. Shrinking demand for airplanes will inevitably disrupt aircraft production operations and investments and projects centered round aerospace parts manufacturing are also likely to come to a standstill.
Active Adoption of Advanced Aerospace Technologies to Fuel the Market in North America
Among regions, North America, followed by Europe, is expected to dominate the aerospace parts manufacturing market share in the coming years as the airliners and aviation manufacturers have been actively adopting next-gen aerospace technologies. Furthermore, both North America and Europe are home to some of biggest aerospace companies in the world, which augurs well for the long-term growth of this market. Asia Pacific is anticipated to present excellent opportunities owing to steadily rising demand for air travel, increasing production of low-cost carriers, and promising growth of the domestic aerospace parts manufacturing industry. On the other hand, political turmoil and low economic development are likely to hinder the market growth in Latin America and the Middle East & Africa.
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Mutually Beneficial Collaborations & Takeovers to Intensify Competition
Key players in this market are increasingly engaging in collaborations and acquisitions that are designed to benefit all the participants. This is emerging as the prominent growth strategy adopted by players to entrench their position in the market, diversify their offerings, expand revenue streams, and broaden sales horizons.
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