The increase in global aerospace and defense spending and the subsequent rise in demand for the offerings of this sector are expected to create huge opportunities for the contractors and stakeholders in the corresponding supply chains. The commercial and military aircraft aftermarket landscape is also growing owing to a changing aircraft fleet mix, pressure on airlines to mitigate maintenance costs and the arrival of advanced technologies. This is resulting in an increased aftermarket opportunity for the overall commercial and military aircraft value chain, including original equipment manufacturers (OEM). The growing investment in the aerospace and defense sector by governments is propelling the global aeroengine fan blades market. Furthermore, the rising demand for commercial and freight aircraft is compelling aircraft manufacturers, such as Airbus and Boeing, to increase the number of assembly/manufacturing plants. For instance, Boeing is planning to develop manufacturing bases in Southeast Asia. In addition, in November 2019, Airbus signed a contract with China to start its airline production in the country. Boeing is also looking to ramp-up its production in India in the future. These developments are providing significant opportunities for the growth of the aeroengine fan blade manufacturers, to enable them to extend their reach to top aircraft manufacturers and aircraft engine manufacturers.
The aeroengine fan blades market has been segmented on the basis of engine type, material type, and geography. The market based on engine type has been segmented into turbofan aeroengine, turboprop aeroengine, and turbojet aeroengine. On the basis of material type, the market has been segmented into titanium alloys, aluminum alloys, steel, and composites. In terms of geography, the aeroengine fan blades market is broadly segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America, further segmenting the regional markets into respective countries.
The well-established aeroengine fan blades market players include CFM International, GE Aviation, Pratt & Whitney, Rolls-Royce Holdings plc, Safran S.A, GKN Aerospace, IHI Corporation, C-FAN, Chaheng Precision Co. Ltd., and MTU Aero Engines AG.
Impact of COVID-19 Pandemic on Aeroengine fan blades market
The COVID-19 outbreak began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace around the globe. As per the latest WHO figures, on May 13, 2020, there are ~4.17 million confirmed COVID-19 cases with ~2,87,000 total deaths globally, and the number is growing at varying rates in different countries. The global factory shutdowns, travel bans, and border lockdowns to combat and contain the disease spread have impacted every industry and economy worldwide. Aerospace is one of the major industries suffering serious disruptions due to this pandemic. Technology events and industry meet cancellations, factory and office shutdowns, and reduced business activities are among the major consequences faced by the sector. The global travel bans imposed by countries in Europe, Asia Pacific, North America, and others are affecting the business collaboration and partnership opportunities. All these factors are anticipated to hold back the growth of the global aeroengine fan blades market, especially in 2020, as well as in 2021, depending on the duration of the outbreak.
The aeroengine fan blades market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for aeroengine fan blades market with respects to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions?North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in aeroengine fan blades market.