What is the future of Aeroengine Fan Blades Market? Know Covid Impact on Size, Share & Forecasts
June 22, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aeroengine Fan Blades Market.
It was estimated prior to this unanticipated outbreak that the Aeroengine Fan Blades Market will reach US$ 8,114.7 million in 2024. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Aeroengine Fan Blades Market Segment Insights:
By Aircraft Type:
Narrow- and wide-body aircraft are likely to remain the growth engines of the market during the forecast period.
By Engine Type:
Turbofan engines are the most commonly used engine type in the commercial aircraft, which is the major why and wherefore behind their dominance in the market. Increasing production of turbofan engines to support the increasing commercial aircraft production rates, as well as increasing penetration of lightweight composite fan blades, are substantiating the demand for fan blades in the engine segment.
By Material Type:
Titanium Blade is likely to remain the most dominant type in the market during the forecast period of 2019 to 2024, whereas composite blades are likely to experience the highest growth during the same period, driven by their usage in the newer variants of engines, such as LEAP engines, which are empowering the world’s best-selling model’s fuel-efficient variants (B737 max and A320neo) and GEnx engine empowering B787. Aeroengine fan blades have been undergoing a disruptive transformation from the traditional metallic blades to composite blades. Epoxy resin with carbon fiber is predominantly used material type for manufacturing composite fan blades. These materials are giving good competition to the most widely used titanium materials for fan blades.
By Region:
North America is projected to remain the largest market during the forecast period, driven by the world’s leading aeroengine manufacturers i.e. GE Aviation, CFM International, and Pratt & Whitney. Most of the major engine manufacturers have assembly plants in the region to support the major aircraft OEMs. The USA is likely to remain the growth engine of the region’s market over the next five years.
Asia-Pacific is likely to witness the highest growth during the same period, driven by a host of factors including increasing demand for commercial aircraft to support rising passenger traffic, the opening of assembly plants of Boeing and Airbus for B737, A320, and A330 aircraft programs; upcoming indigenous commercial and regional aircraft (COMAC C919 and Mitsubishi MRJ), and rising aircraft fleet size.
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This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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