According to our latest market study on “Aeroengine Fan Blades Market to 2027 – COVID-19 Impact and Global Analysis & Forecast – by Engine Type (Turbofan Aeroengine, Turboprop Aeroengine, and Turbojet Aeroengine); Material Type (Titanium Alloys, Aluminum Alloys, Steel, and Composites); and Geography,” the market was valued at US$ 6.43 billion in 2019 and is anticipated to reach US$ 9.58 billion by 2027; it is expected to grow at a CAGR of 5.3% from 2020 to 2027.
The global aircraft engine manufacturing industry is experiencing a substantial growth due to increasing demand of passenger, freight, and military aircrafts worldwide. The rising disposable incomes, growing population, and increasing trend of e-commerce are some of the major factors that are driving the demand for various types of aircrafts. The growing demand for air travel across geographies is leading to increased production of aircrafts from manufacturers such as Airbus and Boeing. addition to this, the rising investments in defense equipment across countries owing to uncertain geo-political conditions are anticipated to drive the demand for military aircrafts during the forecast period of 2020 to 2027. Fan blade is a critical component in various types of aircraft engines such as turbofan, turboprop, and turbojet. Fan blades provide thrust, cooling and noise reduction in engine operation. Fan blades come in various shapes, diverse materials, and different thickness which determine the overall reliability, aerodynamic efficiency, and performance of various types of fan blades. The positive demand for aircrafts is anticipated to fuel the demand for aeroengine fan blades and offer future growth opportunities to market players operating in the global aeroengine fan blades market., especially in developing regions such as Asia Pacific.
The market growth and demand for aeroengine fan blades in various countries depends on the presence of aircraft manufacturing players, aeroengine manufacturers, aircraft component manufacturers, and maintenance, repair & overhaul service providers. Several key countries that are anticipated to drive the demand for aeroengine fan blades include the US, the UK, France, Germany, Russia, China, Japan, Brazil, Israel, and Turkey. Despite the projected positive growth outlook during the forecast period, the global aeroengine fan blades market suffered a setback due to the global ban on Boeing 737 Max planes since March 2019 after two fatal accidents involving these airplanes. Boeing 737 Max airplanes represent a major chunk of global commercial aircraft deliveries, and this ban is expected to have a prominent effect on the deliveries and demand of aeroengine fan blades and other aircraft components in the next few years. Boeing has recently (December 2019) announced that it has officially halted the production. To ensure the safety of passengers, the regulators in various countries are in the process of conducting thorough assessments of these planes; they have not given any fixed timeline for the completion of these tests. Such external factors may impact the demand of aeroengine fan blades in coming few quarters.
Impact of COVID-19 on Aeroengine Fan Blades Market
Presently, the US is the world’s worst-affected country due to COVID-19 outbreak with more than 1.32 million confirmed cases and more than 79,000 deaths, as per May 5, 2020. The US is one of the largest markets for aeroengine fan blades owing to the presence of prominent aircraft manufacturer in the region, which further optimize the procurement of aeroengine fan blades. The huge increase in the number of confirmed cases and rising reported deaths in the US is affecting both supply and demand of aeroengine fan blades due to supply chain disruptions in the region. The halt in manufacturing activities of aircraft across the US, Canada, and Mexico are impacting the demand for aeroengine fan blades. Hence, the ongoing COVID-19 crisis and critical situation in the US is likely to hamper the aeroengine fan blades market growth of North America in the next few quarters.
Aeroengine Fan Blades Market - Geographic Breakdown, 2019
Aeroengine Fan Blades Market Industry Growth, Trends, Opportunity Analysis By 2027
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The report segments the global aeroengine fan blades market as follows:
By Material Type
By Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
- Middle East and Africa (MEA)
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- South America (SAM)
- Brazil
- Rest of SAM