INDUSTRY REPORT
Long-term market fundamentals and resilience will drive demand through to 2040 for more than 43,500 new aircraft valued at US $ 7.2 trillion
“ The 2021 CMO reflects that the global market is recovering largely as we projected in 2020 . Demand for domestic air travel is leading the recovery , with intra-regional markets expected to follow as health and travel restrictions ease , followed by long-haul travel ' s return to prepandemic levels by 2023 to 2024 ,” explained the aircraft manufacturer . The 2021 CMO forecast highlights include :
■ While health and regulatory dynamics will continue to shape the near-term outlook , Boeing ' s analysis of market dynamics shows that commercial aircraft and services are exhibiting signs of recovery and resilience .
■ The availability and distribution of COVID-19 vaccines will continue to be critical factors in the recovery of passenger air travel . Countries with more widespread vaccination distribution have shown rapid air travel recovery , as governments ease domestic restrictions and open borders to international travel .
■ Long-term market fundamentals and resilience will drive demand through to 2040 for more than 43,500 new aircraft valued at US $ 7.2 trillion .
■ The global commercial fleet will surpass 49,000 aeroplanes by 2040 . China , Europe , North America and other Asia-Pacific countries each account for about 20 % of new aircraft deliveries , with the remaining 20 % going to other emerging markets .
■ The global freighter fleet in 2040 will be 70 % larger than the pre-pandemic fleet , due to sustained demand tied to expanding e-commerce and air freight ' s speed and reliability .
Global market for parts
The market for aerospace parts manufacturing is primarily concentrated in North America and Europe , owing to the presence of major aircraft manufacturers . China and India are expected to emerge as leading markets in the forthcoming years , owing to the rapid growth of aircraft part manufacturing and export activities . The global trade in components and sub-assemblies has increased by approximately 25 % over the past decade .
The sector remains consolidated with the top three countries ( including U . S ., Germany and France ) accounting for over 60 % of total
aircraft manufacturing . The aerospace parts manufacturing market has stringent manufacturing norms , safety regulations and certifications which restricts the entry of new entrants . However , according to analyst Grand View Research , emerging players in Asia offering lowcost innovative solutions to end-users are expected to challenge the established players in North America and Europe , leading to competition disruption in the market .
There has been a growing trend of collaboration between major aerospace companies entering into joint ventures . This helps them to maintain their edge in a highly competitive market in terms of geographical expansion and technological advancements , as well as lowering the risk of failure . This also helps companies to access the market for long-term contracts .
The global aerospace parts ’ market is expected to be worth US $ 900.75 billion in 2021 and is expected to grow at a CAGR of 3.7 % up to 2030 , according to analyst Quince Market Insights . Aerospace parts are usually made from advanced materials such as nickel-based superalloys ; titanium alloys ; ultra hightemperature ceramics or special sheet .
Increasing demands for new-generation , lightweight and fuel-efficient aircraft across the world , with an emphasis on reducing greenhouse emissions , are driving the global aerospace parts ’ market . The increasing rates of merger and acquisitions in aerospace parts industries , with new technological advancements , are also creating various new opportunities for the market players .
Based on end use , the market is segmented into business aircraft , commercial aircraft , military aircraft and others . The commercial aircraft segment is dominating the market in 2021 and is expected to remain dominant during the forecast period .
According to the analyst , North America holds the largest market share and is expected to remain the largest during the forecast period . Additionally , increasing demands for new-generation aircraft and increasing demands for fixed-wing aircraft in the U . S . are expected to boost the regional aerospace parts market during the forecast period .
“ As the COVID-19 pandemic continues across the world , many global aerospace parts manufacturing industries are suffering production disruption and slow demand due to restrictions on travelling and return of workers to their homes . Due to low production levels , overall revenue also reduced during the pandemic . However , with the ease in
The global trade in components and sub-assemblies has increased by approximately 25 % over the past decade
ISMR December 2021 / January 2022 | sheetmetalplus . com | 19