The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aircraft Milled Parts Market.
It was estimated prior to this unanticipated outbreak that the Aircraft Milled Parts Market will reach an estimated value of US$ 4.3 billion in 2025. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
The outbreak of COVID-19 is ending the longest 16 years of the industry boon, which had begun when the industry had emerged out from another infectious disease SARS (2002-2003). The aerospace industry is projected to be one of the most severely impacted industries due to the COVID-19 outbreak. As per the recent estimates of IATA, the airline industry is expecting to record a possible loss of US$ 252 billion of passenger revenues, an equivalent of a 38% loss in RPKs in 2020 from 2019. Complete lockdown of many countries, due to the pandemic, has forced several airlines to cut their flying capacity due to grounded fleets and operate at a reduced capacity of 5% to 40% of their total strength. For instance, Lufthansa Group has recently announced a 95% capacity reduction due to the outbreak.
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Aircraft Type Segment
The market is segmented as commercial aircraft, regional aircraft, helicopter, military aircraft, and general aviation. Commercial aircraft is likely to remain the growth engine of the market during the forecast period. The short-term outlook of the commercial aircraft market seems struggling to owe to the continuous grounding of the B737 Max, reduction in production rates of A320, A330, and A350 XWB programs and expected delay in the entry of upcoming aircraft programs such as B777X and C919.
Application Type Segment
The market is segmented as airframe, engine, interiors, and others. The airframe segment is likely to maintain its unassailable dominance in the market during the forecast period. The dominance is majorly due to a large number of applications of milled parts in the application segment with most of them are large-sized structures. The aircraft engine segment is projected to witness the highest growth in the coming five years, mainly driven by a handful of engines, such as LEAP, GE9X, GEnx, PW F135, PW1000G, and Rolls-Royce Trent XWB and 7000.
Material Type Segment
The market is segmented as aluminum, stainless steel, titanium, and other metals & alloys. Aluminum is projected to remain the most dominant material type in the aircraft milled parts market over the next five years, owing to its widespread usage and excellent track record in the aircraft industry. Titanium is estimated to be the fastest-growing material type in the market in years to come, mainly propelled by increased penetration of titanium in the next-generation aircraft programs, such as B787 and A350XWB.
Region Wise Segment
North America is projected to remain the largest market for aircraft milled parts during the forecast period. The USA is expected to remain the growth engine of the North American market, owing to the presence of several aircraft OEMs such as Boeing, Airbus, Lockheed Martin, Bombardier Inc., and Gulfstream Aerospace as well as the presence of various tier players and milled parts manufacturers in the country.
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