In 2018, the global market for air transport used serviceable materials was valued at US$ 4,980.2 million and is projected to expand at a compound annual growth rate (CAGR) of 5.9% from 2019 to 2027, reaching an estimated US$ 8,307.9 million by 2027.
The performance of the global commercial aviation industry continues to improve significantly in the current era. The North American region dominates the air transport used serviceable materials market, primarily due to the high concentration of aircraft manufacturers, component suppliers, maintenance, repair, and overhaul (MRO) service providers, and specialized component suppliers.
The rate at which aircraft are retired has been relatively slow and is expected to persist in the coming years. Consequently, stakeholders such as aircraft operators, manufacturers, and MRO service providers are increasingly focusing on acquiring used serviceable materials (USM) rather than opting for repairs or replacements of various aircraft parts. Utilizing USM is a cost-effective strategy that allows for the rapid replacement of defective components with refurbished parts sourced from decommissioned aircraft or engines. The refurbishment of older, yet still serviceable, components by MRO providers, component manufacturers, and aircraft builders has significantly boosted the demand for USM among aircraft operators, thereby contributing to the growth of the air transport used serviceable materials market.
North America stands out as the leading revenue-generating region in the air transport used serviceable materials market. The robust commercial aircraft manufacturing sector in the United States and Canada, along with the presence of MRO service providers and aircraft engine manufacturers in Mexico, is propelling the market's expansion. Meanwhile, the Asia-Pacific (APAC) region is anticipated to experience the highest growth rate during the forecast period. This surge is driven by the increasing demand for MRO services for commercial aircraft in APAC countries. These nations are witnessing a steady rise in the number of aging aircraft alongside the acquisition of new fleets. The growing number of older aircraft is generating substantial demand for USM, aimed at upgrading the technology of long-serving aircraft with modern refurbished parts and components. This trend is further accelerating the growth of the air transport used serviceable materials market.
The analysis of the air transport used serviceable materials market is conducted through various parameters, including product type, aircraft type, providers, and geographical regions. The product type segment encompasses engines, components, and airframes. The aircraft type segment is categorized based on the different fleets in operation, including narrowbody aircraft, widebody aircraft, business jets, and regional jets. The providers' segment is divided into original equipment manufacturers (OEMs) and non-OEMs. Geographically, the market is examined across five key regions: North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Each of these regions is further analyzed by individual countries to capture detailed and specific market trends.
Key players in the air transport used serviceable materials market include A J Walter Aviation Limited, AAR Corp, AFI KLM & E&M, Delta Material Services, GA Telesis, LLC, General Electric, Liebherr Group, Lufthansa Technik, Pratt & Whitney, and Honeywell International Inc., among others. Numerous other companies are also active in this market, contributing to its growth year after year.
The overall size of the global air transport used serviceable materials market has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This research provides an overview and forecast for the air transport used serviceable materials market based on the various segments identified across global regions. Additionally, primary interviews are conducted with industry participants and experts to validate the data and analysis. Participants typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the air transport used serviceable materials sector.