Aerospace Valves Market: Additive Manufacturing Achieving New Heights

The global aircraft market has witnessed increased demand for fuel-efficient planes that are lighter and offer greater operational efficiency. This, coupled with environmental awareness and the global push to reduce wastage in manufacturing processes, has led to the integration of several technological advancements, dramatically changing the aerospace industry as a whole. The impact of this has also trickled into the aerospace valves market, with players using additive manufacturing technology, and the like, to cater to varied demands from both, commercial and military end users.

According the this report on the global aerospace valves market by Transparency Market Research, based on an analysis of trends impacting the market, it is expected to near or cross the US$ ~4 Bn mark by the end of the forecast period in 2027.

aerospace valves market infographic

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Growth in Commercial Aircraft Sector to Positively Impact Aerospace Valves Market

The commercial aircraft sector, in general, has witnessed growth in recent years, as airlines add to their fleet and the demand for advanced planes increases, which, in turn, has been influenced by the global push for economical and energy-efficient aircraft. This, coupled with an increase in passenger travel, has led to the production of newer aircraft with better equipment.

With the manufacturing of aircraft on the rise, there is high demand for efficient valves for a myriad of purposes, including hydraulics, fuel, pneumatics, and air-conditioning systems, which is expected to have a direct and positive impact on the aerospace valves market.

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Additive Manufacturing of Aerospace Valves: A Growing Trend

The pervasive influence of technology has influenced the aerospace industry, where newer and better prototyping & manufacturing techniques are set to change the way production is carried out. One of these is additive manufacturing, or 3D printing, which has gradually become popular for the manufacturing of components, including valves, in the aerospace industry. Players are increasingly leveraging this process to reduce development time and part weight, and increasing the operational efficiency of the product. The 3D printing process is being seen as a crucial technology, the adoption and use of which is likely to shape the evolution of the industry itself. For instance, in June 2019, Eaton, a leading player in the global aerospace landscape, announced the use of additive printing for the manufacturing of aluminium housing and valves for the ram air valve assembly.

Fluctuating Raw Material Prices Negatively Impacting Growth

According to this study on the global aerospace valves market, the fluctuating costs of raw materials required for the production of valves, along with the high costs of research & development, are having a significant impact on the landscape. This has resulted in manufacturers in the aerospace valves market being unable to meet the increasing demand from end users, which is expected to have a negative impact on the growth of the market. The dearth of raw materials has also led to a slowdown in the innovation of aerospace valves, which is also expected to negatively impact the expansion of the landscape.

aerospace valves market segmentation

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Analysts’ View

Analysts opine that, the global aerospace valves market will register a steady, moderate growth in the foreseeable future. Manufacturers in the market who are set on research & development to boost design and efficiency are likely to strengthen their presence in the global scenario. Stakeholders in the market are also increasingly looking at collaborations and acquisitions to encourage and push for better product innovation to sustain themselves in the aerospace valves market. Analysts at TMR believe that, technology-based competition will shape the evolution of the aerospace market landscape, along with customer loyalty and brand image.

Of the regional markets in the aerospace valves landscape, the fastest growing is Asia Pacific, due to increasing air traffic as well as investments in the aerospace & defence sector. This is a trend players should capitalize on by focusing on making inroads into the region.

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  • According to Transparency Market Research’s latest research report on the global aerospace valves market for the historical period of 2017–2018 and forecast period of 2019–2027, rise in the demand for commercial aircraft and increase in investments in the aerospace & defense industry are likely to fuel the global aerospace market during the forecast period.
  • In terms of revenue, the global aerospace valves market is estimated to reach a value of US$ 4 Bn by 2027, expanding at a CAGR of ~4% throughout the forecast period. 

Rising Demand for Commercial Aircraft: A Key Driver

  • The global commercial aircraft sector is witnessing significant growth, owing to increased demand for next-generation, fuel-efficient aircraft. Moreover, with the rising demand for passenger travel and replacement of obsolete equipment, commercial aircraft manufacturers are seen increasing their production capacities.
  • Since valves form an integral part of several aircraft systems, such as hydraulic, fuel, pneumatic, and air-conditioning systems, increase in the production of commercial aircraft is expected to proportionately and directly drive the growth of the global aerospace valves market during the forecast period.
    • For instance, in February 2019, Airbus SE announced that it was expecting to carry out the delivery of 890 commercial aircraft in 2019 as compared to 800 in 2018

Intense Competition from Local Unorganized Valve Manufacturers - Latest Market Trend

  • The global aerospace valves market is fragmented, with the presence of a large number of global as well as local players. Established manufacturers face stiff competition from local or unorganized manufacturers. Valves produced by local manufacturers are offered at a price lower than the prevailing price of the original ones. This has caused a reduction in the market share of organized manufacturers and suppliers of valves. This is largely applicable to the market in developing countries.
  • Some countries in Asia, such as China, have a large number of unorganized manufacturers of local valves. Global manufacturers are aiming at entering the market in developing countries such as China and India. However, owing to the presence of a large number of unorganized manufacturers in these countries, the entry of national and international valve suppliers in these emerging markets is hindered. Furthermore, increase in the number of unorganized vendors of valves has had a major impact on the variation in the pricing of valves. 

Increasing Raw Material Costs and Lack of Innovation in Aerospace Valves a Major Challenge

  • Raw materials constitute 60% of the total cost of aerospace valves. The cost of R&D required to make innovations in aerospace valves is high. These concerns limit the ability of valve manufacturers and suppliers to meet the demand at the correct time. Raw materials such as ductile iron, carbon steel, stainless steel, and other raw materials in the form of forge are required for the manufacture of valves. The prices of these raw materials have been increasing and fluctuating, due to various reasons, one of them being increased shipping costs. Thus, the fluctuating costs of raw materials negatively affect the global aerospace valves market.
  • Increase in the cost of raw materials and lack of immediate availability of the materials required to manufacture valves have led to lack of innovations in aerospace valves. Both, time and effort required to innovate aerospace valves for specific requirements are high. In certain countries such as India and Singapore, inefficient allocation of subsidies is obstructing the introduction of newer technologies in valves. Furthermore, the availability of high-quality castings at an appropriate time is a key factor that limits the market.
  • However, large companies are expected to grab opportunities and supply valves as per requirements of the global aerospace industry. Furthermore, the global aerospace valves market is anticipated to witness a large number of mergers and acquisitions, which is anticipated to fuel innovations in valves in the near future. The impact of this restraint is expected to be medium throughout the forecast period. 

Global Aerospace Valves Market: Competition Landscape

  • Detailed profiles of providers of aerospace valves have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies.
  • Key players operating in the global aerospace valves market are
    • Honeywell International Inc.
    • Parker Hannifin Corporation
    • Safran
    • Moog Inc.
    • Meggitt PLC
    • Crissair, Inc.
    • Aero Fluid Products (Transdigm Group, Inc.)
    • Sitec Aerospace GmbH
    • CIRCOR International, Inc.
    • Eaton Corporation Inc.

Global Aerospace Valves Market: Key Developments

Key providers of aerospace valves, such as Honeywell International Inc., Parker-Hannifin Corporation, Safran, and Meggitt PLC, are focusing on acquisitions, product innovations, and new product development, to offer a diversified range of products and win more number of customers. Some other key developments in the global aerospace valves market are:

  • In July 2019, Parker-Hannifin Corporation announced the acquisition of Exotic Metals Forming Company LLC. This acquisition was aimed at broadening the company’s product portfolio by adding high-pressure, high-temperature, and air management solutions for aircraft and airplane engines to its portfolio.
  • In 2018, Honeywell International Inc. completed the acquisition of two technology-oriented companies - Transnorm Group GmbH and Ortloff Engineers, Ltd. The former was acquired to expand Honeywell’s warehouse automation platform, while Ortloff Engineers, Ltd. offered trending technologies that enable maximum separation of gas and gas liquids.
  • In 2018, Meggitt Plc signed a three-year agreement with the engine aftermarket division of Pratt & Whitney for the supply of MRO services and support for parts and accessories. The agreement comprises maintenance and repair activities for a range of thermal management and valve control systems.

In the report on the global aerospace valves market, we have discussed individual strategies, followed by company profiles of the providers of aerospace valves. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global aerospace valves market.

Aerospace Valves Market: Scope of the Report

A new study on the global aerospace valves market was published by Transparency Market Research (TMR). It presents detailed information of key market dynamics, including the market drivers, trends, and challenges for the global aerospace valves market, as well as its structure. TMR’s study offers valuable information on the global aerospace valves market in order to illustrate how the market is expected to expand during the forecast period, i.e. 2019–2027.

Key indicators of market growth, which include value chain analysis, supply chain analysis, and compounded annual growth rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret the quantitative growth aspects of the global aerospace valves market.

An extensive analysis of the business strategies adopted by leading market players is also featured in TMR’s study on the global aerospace valves market. This can help readers understand the key factors responsible for the growth of the global aerospace valves market. In this study, readers can also find specific data on the avenues for qualitative and quantitative growth of the global aerospace valves market. This data would guide market players in making apt business decisions in the near future.

Segmentation of Global Aerospace Valves Market

TMR’s study of the global aerospace valves market divides the market based on system application, valve type, sales channel, end-use industry, and region. Changing market trends and other crucial market dynamics associated with these segments of the global aerospace valves market have been discussed in detail.

Key Questions Answered in TMR’s Study of Global Aerospace Valves Market

  • What would be the Y-o-Y growth trend of the global aerospace valves market between 2019 and 2027?
  • What is the influence of the changing trend in technologies on the global aerospace valves market?
  • Would Asia Pacific continue to remain the most profitable regional market for providers of aerospace valves in the next few years?
  • Which factors would hinder the global aerospace valves market during the forecast period?
  • Which are the leading companies operating in the global aerospace valves market?

Research Methodology

A unique research methodology is utilized by TMR to conduct comprehensive research on the global aerospace valves market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.

Secondary research sources referred to by analysts during the production of the report on the global aerospace valves market include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who have contributed to the production of TMR’s study on the global aerospace valves market as a primary research source.

These primary and secondary sources provided exclusive information during interviews, which served as a validation from leading players operating in the global aerospace valves market. Access to an extensive internal repository as well as external proprietary databases allowed this report to address specific details and questions about the global aerospace valves market with accuracy. The study also uses a top-down approach to assess the numbers for each segment, and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the global aerospace valves market more reliable and accurate.

Segmentation of Global Aerospace Valves Market

TMR’s study of the global aerospace valves market divides the market based on system application, valve type, sales channel, end-use industry, and region. Changing market trends and other crucial market dynamics associated with these segments of the global aerospace valves market have been discussed in detail.

System Application

Hydraulic Systems

Fuel Systems

Pneumatic Systems

Air-conditioning Systems

Others

Valve Type

Check Valves

Ball Valves

Solenoid Valves

Butterfly Valves

Pressure Control Valves

Shut-off Valves

Relief Valves

Bleed Valves

Others

Sales Channel

Original Equipment Manufacturers (OEMs)

Aftermarket

End-use Industry

Commercial

Military

Region

North America

Europe

Asia Pacific

Middle East & Africa

South America