Aerospace parts and materials is an integral part of the aircraft industry value chain. While aircraft parts industry includes manufacturing aircraft engines, rotors, propellers, landing gear, fuselage, hydraulic and electrical systems, avionics systems and others, aerospace materials majorly includes different types of alloys (aluminium, steel and titanium alloys) and composite materials used for manufacturing aircraft parts. The industry is now trending towards usage of lightweight composites like fiber reinforced plastics, metal and ceramics matrix composites, which help in reducing overall fuel consumption.
Based on end user type, the aircraft parts market can be classified into OEMs and aftermarkets. The OEMs majorly supply to aircraft manufacturers while the aftermarket segment supplies to MRO (maintenance, repair and overhauling), retrofitting and refurbishing companies. The OEM segment constitutes very small part of the industry because of slower growth of fleets globally.
Continuously changing regulations, increasing number of aircrafts in the market and higher customer demands are some of the major enhancers of aftermarket parts and materials market growth. The aftermarket parts are manufactured by the OEMs and parts manufacturer approved (PMA) vendors. PMA vendors are authorised to manufacture original parts manufactured by OEMs, hence undermines monopoly of OEMs in the aftermarket parts market.
Geographically, US, Canada, France, Japan and UK are the major aircraft parts manufacturing locations. The aircraft parts manufacturing industry is standardized because of strict aircraft industry regulations and dominance of top aircraft manufacturers.
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