The aircraft turned parts market is expected to reach an estimated value of US$ 1.9 billion in 2025, impacted by COVID-19 according to Stratview Research market report.
Turning is a machining process used to obtain highly finished cylindrical parts with the help of single point cutting tools. Through turning, both solid, as well as thin-walled cylindrical parts, can be formed.
Impact of COVID-19 on the Aircraft Turned Parts Market
The rapid spread of COVID-19 exacerbated the existing aerospace industry challenges, hampered by the B737 max approval process. The pandemic left no options for aircraft manufacturers but to curtail their key aircraft production rates. For instance, Airbus announced to curtail its production by 1/3rd for 2020 with the revised rate of 40 A320s per month, 6 A350s per month, and 2 A330s per month, owing to a sudden collapse in air passenger traffic in the wake of complete travel ban imposed by several advanced and emerging economies.
Supply chain disruptions, huge cash burns, remote and adjusted work schedules, and huge COVID-19-related costs sacking the profitability are other noticeable effects of the pandemic.
However, strong fundamentals of the market, such as market entry of new aircraft programs; A321XLR, B777X, C919, and MC-21 coupled with a huge pile of order backlogs of Boeing and Airbus (12,816 commercial aircraft backlogs translating 7+ years at continuous production rates), and accelerated demand for replacing iconic aircraft such as A380 and B747 with A321, A350XWB, and B787, are some relieving factors for the entire aerospace community including the aircraft turned parts manufacturers.
It is estimated that the market is set to rebound from 2021 onwards after a nose-dive in 2020, the biggest collapse in the past two decades, and then will maintain a healthy growth pattern in the coming five years.
Asia-Pacific is expected to be the fastest-growing region in the years to come, driven by high long-term growth potential of the region. Commercial aircraft is likely to gain momentum in the region in the long run with the expected growth in the air passenger traffic and upcoming indigenous aircraft program (COMAC C919).
Military aircraft is also subjected to register a noticeable gain in the coming years, primarily driven by increasing defense budget of key economies, such as China, India, and South Korea.
For other exclusive articles, visit www.equipment-news.com.
Check these articles out:
WANT MORE INSIDER NEWS? SUBSCRIBE TO OUR DIGITAL MAGAZINE NOW!