Metal Spare Parts Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast

The global metal spare parts market was valued at USD 526.4 Billion in 2019 and is projected to reach USD 541.3 Billion by 2027, expanding around a CAGR of 4.1% during the forecast period. Spare parts are changeable part used for the repair or replacement of failed or damaged units. As per certification, these parts are categorized such as genuine parts, certified parts, and uncertified parts. Genuine parts are components installed at the time of manufacturing of a vehicle or an equipment. These parts are manufactured using various type of metals such as steel, iron, aluminium, and magnesium. Initially, steel and iron were widely used metals in the automotive industry. Most of a vehicle’s weight was due to the components made from these metals. However, nowadays, aluminium and magnesium are gaining traction in the market owing to increasing demand of lightweight vehicles. Magnesium and aluminum weigh lighter than steel and iron, which is expected to propel the demand for lightweight metals in the market.Market Dynamics
The global metal spare parts market growth is attributed to factors such as the rising use of metal spare parts in various industries such as construction, aerospace, defense, and automotive. The automotive industry offers extreme market potential in the global metal spare parts manufacturing market, due to speedy advancements and developments made in the manufacture of automobile spare parts. Moreover, applications of the metal spare parts used for construction equipment, agricultural equipment, and mining equipment is gaining traction. Spare parts are used in aircrafts, ships, and several other machineries; therefore, increasing use of aircrafts and ships for import and export, defense, and transportation is expected to drive the demand for metal spare parts in the future.

Segmental Outlook
On the basis of certification, the global metal spare parts market is segmented as genuine parts, certified parts, uncertified parts. Genuine parts segment is