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Asia Pacific Aerospace Parts Manufacturing Market

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Asia Pacific Aerospace Parts Manufacturing Market Size, Share & Trends Analysis Report By Product (Engines, Aerostructure, Cabin Interiors, Equipment, System, and Support, Avionics, Insulation Components), By Type (Commercial aircraft, Military aircraft, General aircraft) and By Country(China, Korea, Japan, India, Australia, Taiwan, South East Asia, Rest of Asia-Pacific) Forecasts, 2024-2032

Report Code: SRAM3240DR
Study Period 2020-2032 CAGR 7.1%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD XX Billion
Forecast Year 2032 Forecast Year Market Size USD XX Billion
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Market Overview

During the forecast period (2022–2030), the Asia Pacific Aerospace parts manufacturing market is estimated to increase at a CAGR of 7.1%, reaching 261.85 billion USD by 2030.

Manufacturing aerospace parts is a multibillion-dollar industry that demands a high level of skill and technological knowledge. Producing parts and components for aircraft and spacecraft is the primary focus of the aerospace parts manufacturing sector, which is exactly what one would expect from the industry's name.

When we talk about aeroplanes and spacecraft, the first thing that comes to everyone's mind is how secure these vehicles are. The components of aerospace vehicles need to be able to withstand high impact, fluctuating temperatures, and stress throughout their journeys. As a result, these components need to be durable, resistant, and lightweight all at the same time. As a result of these factors, the precision tolerances required in the manufacturing of aerospace parts are extremely stringent.

The aerospace industry is always improving its aircraft to meet the high needs of its serviceable consumers by adding a variety of new accessories and services that will allow passengers to have a safer and better travelling experience. To make this happen, the aircraft must be renovated or a whole new-generation aircraft must be built. To meet the new-age demands of passengers, numerous parts are developed, propelling the Asia Pacific aerospace parts manufacturing market industry forward.

Market Dynamics

Asia Pacific Aerospace Parts Manufacturing Market Drivers

The demand for aeronautical equipment is increasing

Increased governmental measures for space research are expected to boost the aerospace equipment manufacturing business. Drones and Unmanned Aircraft Vehicles (UAVs) are expected to be critical in this expansion. The growing use of unmanned aircraft for security surveillance is expected to drive segment growth in the near future.

The Asia-Pacific area is the world's fastest-growing aviation region. The market for aerospace composites in the region is developing significantly, and this trend is likely to continue over the forecast period, as air passenger traffic grows rapidly and airlines expand their fleet sizes. In addition, numerous countries in the region are purchasing newer generation aircraft with a higher share of composite materials. This is also propelling the market right now.

Demand is increasing and at the same time, new techniques for the design and production of aircraft components are currently being developed and made available. Modern design methods make it possible to produce designs that are more effective, which results in a reduction in overall weight and, as a result, in reduced operating costs. In a similar vein, modern manufacturing techniques enable production that is both quicker and more automated, which in turn assists suppliers in ramping up their operations to meet the increased production rates that are being demanded.

Several new aircraft being developed by regional players are using increasingly greater composite material compositions. Composites in aircraft manufacturing are being adopted for a variety of reasons, including decreased maintenance, longer design life, fewer parts, and lower tooling and assembly costs.

Asia Pacific Aerospace Parts Manufacturing Market Restraints

  • Sanctions imposed by the United States on three Chinese companies

In January 2022, the United States State Department announced sanctions against China Aerospace Science and Technology Corporation (CASC) First Academy, China Aerospace Science and Industry Corporation (CASIC) Fourth Academy, and Poly Technologies Incorporated (PTI) and their subsidiaries on Friday, claiming they were involved in "unspecified missile technology proliferation activities, which had "seriously harmed the interests of companies of both countries," as well as "disrupted the international economic and trade order," "threatened the security and stability of the global industrial chain and supply chain," and "was harmful to the recovery and development of the world economy."

  • High capital expenses and increasing raw material prices
  • Demand is increasing but suppliers aren’t able to meet the demand hence creating backlog orders.
  • Scarcity of skilled workers as the industry demands a large number of workers with the right skill
  • Scarcity of raw materials or untimely delivery of raw materials since no country has monopoly over the metals or materials which are required hence unable to fulfil all the demands generated for a particular company in Asia pacific

Regional Analysis

Asia Pacific is further segmented on the basis of countries into China, India, Japan, South Korea, Australia, Rest of Asia Pacific. In 2021, PwC’s eighth edition of annual aerospace manufacturing attractiveness report came out. This report compares the relative attractiveness of geographical regions on the basis of Cost, Labour, Infrastructure, Industry, Geo Political Risk, Economy & Tax Policy. Singapore, South Korea, Australia & Japan came in the top 10 with rankings as 1, 4, 5, 6 respectively. These rankings reflect the possibility of increment in market in those reasons.

Report Scope

Report Metric Details
Segmentations
By Product
  1. Engines
  2. Aerostructure
  3. Cabin Interiors
  4. Equipment, System, and Support
  5. Avionics
  6. Insulation Components
By Type
  1. Commercial aircraft
    1. Passenger Aircraft
    2. Freighter
  2. Military aircraft
    1. Combat
    2. Non-Combat
  3. General aircraft
    1. Helicopter
    2. Piston Fixed-wing Aircraft
    3. Turboprop Aircraft
    4. Business Jet
Company Profiles Guizhou Anda Aviation Forging Co., Ltd. Sichuan Guang'an Guang Qian Group Co., Ltd. Space Magnum Equipment Private Limited Bashi Aerospace Private Limited Indo-Russian Aviation Limited Honda Motor Co., Ltd. Mitsubishi Heavy Industries, Ltd. IHI Corporation Kawasaki Heavy Industries, Ltd. Collins aerospace
Geographies Covered
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The market for aviation in Asia pacific can be broken down into three categories based on the type of aircraft: commercial aircraft, military aircraft, and general aviation. The commercial aircraft market can be further subdivided into two categories: passenger aircraft and freighters. The general aviation market can be further subdivided into business jets, turboprop aircraft, piston fixed-wing aircraft, and helicopters. The military aircraft market can be further subdivided into combat and non-combat aircraft. Further on the basis of product it could be segmented into Engines, Aerostructure, Cabin Interiors, Equipment, System, and Support, Avionics, and Insulation Components.

Commercial aircraft segment is expected to grow at a faster rate among other. 

Market Size By Product

Recent Developments

  • May 2022 marks the beginning of installation of the new Boeing 737 Enhanced Vision System by Collins Aerospace.
  • In April of 2022, the United States Navy presented Collins Aerospace with a second low-rate production order for the TCTS Inc. II Air Combat Training System.

Top Key Players

Guizhou Anda Aviation Forging Co., Ltd. Sichuan Guang'an Guang Qian Group Co., Ltd. Space Magnum Equipment Private Limited Bashi Aerospace Private Limited Indo-Russian Aviation Limited Honda Motor Co., Ltd. Mitsubishi Heavy Industries, Ltd. IHI Corporation Kawasaki Heavy Industries, Ltd. Collins aerospace Others

Frequently Asked Questions (FAQs)

How big is the Asia Pacific aerospace parts manufacturing market?
During the forecast period (2022–2030), the Asia Pacific Aerospace parts manufacturing market is estimated to increase at a CAGR of 7.1%, reaching 261.85 billion USD by 2030.
The key players in the global Asia Pacific aerospace parts manufacturing include Guizhou Anda Aviation Forging Co., Ltd., Sichuan Guang'an Guang Qian Group Co., Ltd., Space Magnum Equipment Private Limited, Bashi Aerospace Private Limited, Indo-Russian Aviation Limited
The global Asia Pacific aerospace parts manufacturing market is bifurcated into by product and type.


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