商业航空航天零件的机会（英）2025

Institutional Research Group INDUSTRY RESEARCHThe Commercial Aerospace Parts Opportunity Jim CorridoreLead Analyst, Industrialsjim.corridore@pitchbook.com pbinstitutionalresearch@pitchbook.com Deals, drivers, and PE investment thesis Published on December 23, 2025 PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Contents Key takeaways1Commercial aerospace parts in focus2Top PE deals in 20253Top exits4PE has a strong role in commercialaerospace parts4Total market: How big is the commercialaerospace parts market?6Components: What actually goes intoan aircraft and where the value sits7How these businesses make money11What drives profits in this sector?13Boeing, Airbus, and the program lens14Geography and supply chain patterns14Risks15 Key takeaways •Commercial aerospace parts are big, growing, and PE friendly:The sector is alarge global ecosystem of specialized manufacturers with attractive fundamentals:long aircraft lifetimes, strong air traffic growth, big OEM backlogs, and manyniche suppliers. •PE deal activity has been strong and is accelerating:Through Q3 2025, therewere 90 commercial aerospace parts deals worth about $10.1 billion. Thiscompares with 102 deals worth $12 billion in all of 2024 and 79 deals worth $7.1billion in 2023. •Exits have been slower but should improve with better conditions:Only 10 exitsare listed for 2025 so far—reflecting the broader PE exit logjam—but lower rates,better Boeing supply chain performance, and significant dry powder should supportmore exits in 2026 as sponsors recycle aging portfolios. •The PE playbook is buy-and-build plus operational improvement:The typicalstrategy is to buy a platform with good OEM or tier-one relationships and sole-source or preferred content, add acquisitions to increase content per aircraft andprocess breadth, improve operations (lean, shared services, ERP/quality systems),and then exit at a higher multiple to a strategic or another sponsor. •The total market is huge; subsegments vary by growth and structure:The overallcommercial aerospace parts manufacturing market is heading toward around $1.2trillion by 2030 with multiple submarkets. •The aftermarket is a core value driver:OEM content is important, but a lot ofthe economics sit in the aftermarket. The commercial aircraft aftermarket partsmarket is a $40 billion to $45 billion market, growing mid-single digits, withrecurring, high-margin demand over aircraft lifetimes. •The most attractive PE niches share common traits:The best assets includetechnically demanding parts and processes with IP or sole-source positions,meaningful aftermarket exposure, diversified platforms, and scope for incrementalconsolidation. Areas to be more cautious about include big aerostructures,fashion-driven interior parts, and small, single-program shops. Commercial aerospace parts in focus The commercial aerospace parts sector can seem hard to understand at first glance.There are numerous complex systems, aircraft manufacturers with enormousbargaining power, strict safety rules, and a steady stream of acronyms. Underneaththat surface, though, is a familiar industrial story. It is a large, growing ecosystemof specialized manufacturers where cash flow depends on asset turns, operatingdiscipline, and the ability to occupy defensible niches. It also happens to be anecosystem where PE investors already have a strong footprint, and we believe thatfocus will intensify in 2026. The space contains many factors important to PE,including strong demand drivers and the ability to combine for scale and improveoperational effectiveness in order to cut costs and improve quality. The space has been a hotbed of deal activity for years, and we believe it will remainone of the strongest spaces in aerospace & defense for deal activity in 2026. This isdue to strong industry fundamentals—an aging global airline fleet that needs parts,plus improving production rates at Boeing and Airbus that will drive supply chain partsgrowth—along with the fragmented nature of the industry that provides opportunitiesfor platform building and strategic add-ons to build scale with a manufacturer, a typeof aircraft, or a type of aircraft part. Through September 30, the commercial aerospace parts sector completed 90 dealswith a total value of about $10.1 billion, versus 102 deals in all of 2024 with a value of $12 billion and 79 deals in 2023 with a value of $7.1 billion. We expect full-year 2025to end with a healthy increase in deal counts and value over 2024 and for 2026 to beanother strong year. Top PE deals in 2025 In July 2025, Triumph Group, maker of numerous commercial aircraft systems andcomponents—as well as an airline maintenance provider, which also has a substantialdefense business—was acquired by Berkshire Partners and Warburg Pincus for $2.9billion in a public-to-private LBO. The valuation was completed at 18x