The aircraft milled parts market is projected to grow at a healthy rate over the next five years to reach an estimated value of US$ 4.3 billion in 2025, according to a report by Stratview Research.
Milled parts or components are those machined components which are mainly produced through the milling process. Rapid advancements in the milling process i.e. from conventional milling machines to advanced CNC (Computer Numerical Control) milling machines and high-speed machining centers have paved the way for milled components/parts in the aerospace industry. These advancements have also helped the industry to achieve its main objective of optimising metal removal rates and minimising chatter.
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 percent 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 five percent to 40 percent of their total strength.
The overall impact of the outbreak is still unpredictable; however, currently, it is anticipated to be graver than the SARS (2002-2003) and the MERS (2015). And yet the industry is optimist about its recovery as it did during SARS (2002-2003).
The demand for milled parts in the industry is largely dependent on the overall health of the aviation industry. Huge order backlogs of Boeing and Airbus (13,237 aircraft at the end of Feb 2020), accelerating demand for replacing iconic aircraft such as A380 and B747, which are forced to retire early by several airlines due to the outbreak, with A321, A350XWB and B787, and the market entry of new aircraft programs such A321XLR, B777X, C919, and MC-21; are anticipated to assure a speedy recovery of the aircraft industry including milled parts.
Asia-Pacific is expected to witness the highest growth during the forecast period, driven by upcoming indigenous aircraft program i.e. COMAC C919 and Mitsubishi SpaceJet, and opening of assembly plant of Boeing and Airbus in China for B737, A330, A320, and A350. Further, key economies, such as India and China, in the region are incessantly increasing their defense budget with the purpose to acquire the latest military aircraft to solidify their defense capabilities along with their offset policy and development of indigenous military aircraft such as Tejas and J20.
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