Aeroengine Fan Blades Market Trends, Forecast, and Growth 2031

Aeroengine Fan Blades Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Engine Type (Turbofan Aeroengine, Turboprop Aeroengine, and Turbojet Aeroengine); Material Type (Titanium Alloys, Aluminum Alloys, Steel, and Composites); and Geography

  • Report Code : TIPRE00008014
  • Category : Aerospace and Defense
  • Status : Data Released
  • No. of Pages : 150
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The aeroengine fan blades market size is projected to reach US$ 12.92 billion by 2031 from US$ 7.70 billion in 2023. The market is expected to register a CAGR of 6.7% in 2023–2031. 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. Some of the key countries that are anticipated to drive the demand for aeroengine fan blades in the coming years include the US, the UK, France, Germany, Russia, China, Japan, Brazil, India, and Turkey among others.

Aeroengine Fan Blades Market Analysis

Below are some of the key points mentioned by some of the key opinion leaders operating in the aeroengine fan blades market:

  • The key factors that are affecting the global aviation industry growth include air travel demand, regulatory changes, infrastructure developments, and technological advancements.
  • The demand for low-cost travel is increasing at an impressive pace across geographies. The increasing popularity and demand for LCCs and ULCCs commercial aircraft is anticipated to offer ample future growth opportunities for aeroengine fan blade companies worldwide.
  • The adoption of composite materials by key fan blade manufacturers such as GE Aviation, CFM International, and Rolls-Royce Plc coupled with ongoing research & development activities to improve the performance of various composite materials are expected to boost the growth of composite fan blades in the near future.

Aeroengine Fan Blades Market Overview

The aeroengine fan blade market ecosystem comprises of the above-mentioned stakeholders. These stakeholders include hardware/component suppliers; aeroengine fan blades manufacturers; maintenance, repair & overhaul (MRO) companies; aircraft engine manufacturers, and end users. The manufacturers constantly procure raw material from the suppliers in order to manufacture fan blades with an objective to meet the growing demands of the customers. The raw materials used in the production of fan blades include titanium, carbon fiber, and aluminum among others. Upon procuring raw materials, the aeroengine fan blades OEMs manufacture fan blades with high-performance and durability, thereby, meeting respective customer demands. Aeroengine fan blades as well as engine manufacturers include companies such as CFM International, GE Aviation, and Pratt & Whitney procure components from hardware/component providers and manufacture fan blades to use in their own engines as well supply them to other aircraft engine manufacturers and MROs. The end users include both commercial and military aircrafts. Aircraft MROs such as AAR Corporation and Lufthansa Technik provide maintenance, repair & overhaul services to these end users by providing fan blade repairing services. With the growing production rate of commercial and military aircrafts, the demand and replacement orders for fan blades is expected to increase at a steady rate over the forecast period.

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Aeroengine Fan Blades Market: Strategic Insights

Aeroengine Fan Blades Market

  • CAGR (2023 - 2031)
    6.7%
  • Market Size 2023
    US$ 7.70 Billion
  • Market Size 2031
    US$ 12.92 Billion

Market Dynamics

GROWTH DRIVERS
  • Positive Growth Outlook of the Global Aviation Industry
  • Growing Number of Air Passengers across Developing Regions
  • Rising Aircraft Engine Production
FUTURE TRENDS
  • Composite Material Fan Blades to Drive the Future Growth
OPPORTUNITIES
  • Demand from the Aircraft Engine MRO Industry

Key Players

  • CFM International
  • GE Aviation
  • Pratt & Whitney
  • Rolls-Royce Holdings plc
  • Safran S.A
  • GKN Aerospace
  • IHI Corporation
  • C-FAN
  • Chaheng Precision Co. Ltd.

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Engine Type
  • Turbofan Aeroengine
  • Turboprop Aeroengine
  • Turbojet Aeroengine
Material Type
  • Titanium Alloys
  • Aluminum Alloys
  • Steel
  • Composites
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Aeroengine Fan Blades Market Drivers and Opportunities

Rising Aircraft Engine Production

The increasing aircraft engine production from the major engine manufacturers is propelling the need for aeroengine components including fan blades across different regions. This is further propelled by the demand generated for new aircraft production and expected future deliveries of more than 40,000 commercial aircraft by the end of 2042 (According to the Boeing and Airbus forecasts). Further, the need for new aeroengine fan blades is further, propelled by the rising deliveries of leap engines and turbofan engines by major engine manufacturers. For instance, in 2023, GE Aviation delivered around 1,570 leap engines to different customers worldwide. Further, GE Aviation has also aimed to deliver around 1,884-1,963 of the turbofan engines in 2024 along with generating a capacity to deliver around more than 2,000 leap engines annually by 2025. Such factors have been pushing the growth for aeroengine fan blades across different regions worldwide.

Demand from the Aircraft Engine MRO Industry

The rising number of aircraft fleet worldwide is one of the major factors generating the need for engine MRO operations. Also, the engine MRO is the largest segment of the overall aircraft MRO industry that further drives the demand for aeroengine components MRO as well as fan blades market across the world. Several airlines have been taking initiatives to upgrade their respective fleet of aircraft across different regions which is further propelling the demand for the installation of new aircraft engines. This is further generating the need for installation of aeroengine fan blades worldwide. For instance, in January 2023, GE Aerospace & Cargolux announced that they have entered into a long-term support agreement for the GE9X powering Cargolux’s new fleet of Boeing 777-8 freighters. The agreement includes a multi-year GE TrueChoice service agreement as well as the order of two spare engines.

Aeroengine Fan Blades Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Aeroengine Fan Blades Market analysis are engine type, material type, and geography.

  • Based on engine type, the aeroengine fan blades market has been categorized into turbofan aeroengine, turboprop aeroengine, and turbojet aeroengine. The turbofan aeroengine segment held a larger market share in 2023.
  • By material type, the aeroengine fan blades market has been segmented into titanium alloys, aluminum alloys, steel, and composites. The titanium alloys segment held the largest share of the market in 2023.

Aeroengine Fan Blades Market Share Analysis by Geography

The geographic scope of the aeroengine fan blades market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.

North America has dominated the aeroengine fan blades market in 2023, whereas, Asia Pacific region is likely to witness a significant growth during the forecast period. Further, the demand for aeroengine fan blades in North America is majorly growing due to the presence of large number of aircraft engine manufacturers such as General Electric, Pratt & Whitney, Williams International, Honeywell International Inc, and CFM International. These companies constantly generate the demand for aeroengine components including fan blades in the North America region for aircraft engine applications.

Aeroengine Fan Blades Market Report Scope

Report Attribute Details
Market size in 2023 US$ 7.70 Billion
Market Size by 2031 US$ 12.92 Billion
Global CAGR (2023 - 2031) 6.7%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Engine Type
  • Turbofan Aeroengine
  • Turboprop Aeroengine
  • Turbojet Aeroengine
By Material Type
  • Titanium Alloys
  • Aluminum Alloys
  • Steel
  • Composites
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • CFM International
  • GE Aviation
  • Pratt & Whitney
  • Rolls-Royce Holdings plc
  • Safran S.A
  • GKN Aerospace
  • IHI Corporation
  • C-FAN
  • Chaheng Precision Co. Ltd.
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Aeroengine Fan Blades Market News and Recent Developments

    The aeroengine fan blades market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for aeroengine fan blades market and strategies:

    • In May 2022, StandardAero signed an agreement to acquire EB Airfoils that engages into fan blade, compressor blade and vane MRO provider for the aero-engine and aero-engine derivative markets. (Source: StandardAero, Press Release/Company Website/Newsletter)
    • In March 2021, Rolls-Royce announced that it has started the manufacturing of the world’s largest aero-engine, UltraFan, that aims to help redefine sustainable air travel for decades to come. (Source: Rolls-Royce Plc, Press Release/Company Website/Newsletter)

    Aeroengine Fan Blades Market Report Coverage and Deliverables

    The “Aeroengine Fan Blades Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

    • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
    • Market dynamics such as drivers, restraints, and key opportunities
    • Key future trends
    • Detailed Porter’s Five Forces analysis
    • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
    • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
    • Detailed company profiles with SWOT analysis
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Engine Type ; Material Type

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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