Aerospace & Defense C-class Parts Market Size By Component (Fasteners, Bearings, Electrical, Machined Parts), By Application/Work Package (Airframe, System, Engine, Interiors), By Distribution Channel (OEM, Aftermarkets), By End User (Commercial, Military

Aerospace & Defense C-class Parts Market Size By Component (Fasteners, Bearings, Electrical, Machined Parts), By Application/Work Package (Airframe, System, Engine, Interiors), By Distribution Channel (OEM, Aftermarkets), By End User (Commercial, Military & Defense, Spacecraft), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027

The aerospace & defense C-class parts market is expected to witness significant growth by 2027 owing to increasing product demand from various end-use verticals. Additionally, greater emphasis on technological innovation in the field of defense-related avionics would also play a pivotal role in fueling industry gains.

During the COVID-19 pandemic, the aerospace sector was massively impacted due to diminished passenger traffic, stringent lockdown restrictions worldwide, and supply chain disruptions, among others. Economies and industries around the globe have now begun to recover from the COVID-19 crisis due to successful ongoing vaccination initiatives, which would help market come out of its ongoing economic slump.

Over the past year, industry players have been focusing on forming strategic alliances and undertaking product development to cope with the pandemic’s short- and long-term impact as well as detect and monetize growth opportunities. As a result, the business landscape has been regaining momentum, thereby propelling market growth across key markets.

For instance, in September 2020, Avantus Aerospace, previously known as SHIMTECH INDUSTRIES, announced the acquisition of Fastener Innovation Technology Corporation (FIT), a supplier of fasteners in the aerospace industry.

Avantus is a leading company for C-Class and Composite parts in the aerospace and defense industry. The company said that FIT’s takeover would allow them to capitalize on the long-term growth potential in the fastener and C-class spaces.

In another instance, in February 2020, Pattonair, a leading supply chain provider in the aerospace and defense sector, deployed its innovative Zero-Lead-Time Agile Vending solution for aero-engine component specialist UMW Aerospace.

Agile Vending refers to an advanced Zero-Lead Time product, which Pattonair developed by leveraging its expertise in supplying C-class parts. The product can help optimize efficiency as well decrease operational disruption and downtime.

The aerospace & defense C-class parts market has been categorized on the basis of part family/component, application, distribution channel, end-user, and region.

Based on part family/component, the market has further been divided into fasteners, bearings, electrical, and machined parts. The machined parts sub-segment is estimated to grow at a CAGR of around 4.1% over the forecast period driven by surging demand for precise, cost-efficient, and industry-compliant machined parts in the industry.

From the application perspective, the market has been categorized into airframe, interiors, engine, and system. In 2020, the engine sub-segment accounted for nearly 11.22% share in the aerospace & defense C-class parts market and is projected to expand at a CAGR of approximately 3.7% through the analysis period.

In terms of end-user, the aerospace & defense C-class parts market has been segregated into commercial, spacecrafts, military & defense, and others. The others sub-segment is anticipated to grow at over 4.0% CAGR over the assessment timeline.

On the regional spectrum, Latin America held over 3.08% share in the aerospace & defense C-class parts market in 2020 and is speculated to grow at a CAGR of above 4.1% over the projected period.

The Middle East & Africa aerospace & defense C-class parts market is expected to showcase considerable growth over 2021-2027 due to the expanding scope of application of the product in airframes.