Asia Pacific Aeroengine Fan Blades Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Engine Type; Material Type

The Aeroengine fan blades market in APAC was valued at US$ 1,059.6 million in 2019 and is projected to reach US$ 1,571.6 million by 2027; it is expected to grow at a CAGR of 5.2 % from 2020 to 2027.

The positive growth outlook of the Asia-Pacific aviation industry and increasing number of air passengers in the Region are key factors boosting the demand for Aeroengine fan blades. However, complex nature of the fan blade design and development process limits the growth of the market. Further, the rising demand for low- and ultralow-cost carriers and growing investments in composite material fan blades are the factors that provide growth opportunities to the Aeroengine fan blades market players in this region.

In recent years, several nations in APAC have been observed undertaking complete reassessment of their defense strategies and resources owing to the rising geopolitical tensions. The aerospace sectors in these countries are characterized by enormous investments in the commercial aerospace manufacturing. Boeing Current Market Outlook estimated that APAC would deliver 17,390 commercial aircrafts from 2019 to 2038. More such activities are likely to bolster the manufacturing and procurement of Aeroengine fan blades in the region. Airbus and Boeing Co., are among the prominent aircraft manufacturers that have planned to set their manufacturing sites in Southeast Asian countries, such as Thailand, Malaysia, and Singapore, further creating huge opportunities for the aerospace components sales. Moreover, policymakers, as well as regulators in the region, are taking initiatives for creating favorable growth and investment opportunities for various industries, including aviation and aerospace & defense. All these factors are anticipated to boost the growth of the Aeroengine fan blades market in the region.

The Aeroengine fan blades market in Asia Pacific is segmented on the basis of engine type, material type, and country. Based on engine type, the market is segmented into turbofan Aeroengine, turboprop Aeroengine, and turbojet Aeroengine. In 2019, the turbofan Aeroengine segment held the largest share of the market in Asia-Pacific, and the market for the same is further expected to grow at the highest CAGR from 2020 to 2027. Based on material type, the Aeroengine fan blades market is segmented into titanium alloys, aluminum alloys, steel, and composites. The titanium alloys segment held the greatest share of the market in 2019. However, on the back of the advantages such as fuel-efficiency, the composite material type is expected to register the fastest CAGR during 2020-2027.

The overall Asia-Pacific 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 the Asia-Pacific Aeroengine fan blades market with respects to all the segments pertaining to the region. 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 the Asia-Pacific Aeroengine fan blades market. GE Aviation, Rolls-Royce Holdings plc, Safran S.A, and IHI Corporation are among a few players operating in the Asia-Pacific Aeroengine fan blades market.

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