ASG Group is supporting the growth of the aerospace industry in Asia Pacific
Aerospace OEM, Embraer are reported to be strategically positioning their business to leverage the opportunities in the Asia Pacific market. The Brazilian multinational aerospace corporation estimates this region will account for almost 30% of worldwide demand over the next 20 years, indeed, underpinning why they are targeting 80% growth in the next seven years in the region, forecasting revenues of c. $10 billion by the end of 2030.
Key ASG Group customer Airbus, also see Asia Pacific as a core region accounting for almost a third of its orderbook and revenues, have forecast that the region will need almost 18,000 aircraft over the same period and account for 25% of global demand for air freighters.
One of the pivotal factors contributing to the aerospace boom in Asia Pacific is the region's robust economic growth and rising middle-class population. The Philippines particularly, forecast above average economic expansion and is increasing disposable incomes, predicated to increasing the demand for air travel. Seven of the top 10 busiest international routes in the world during 2023 were in the Asia-Pacific region which further evidences this growth.
Countries in APAC are increasing investments in infrastructure, aviation technology, and research and development to keep pace.
The Singapore air show is back in full swing this year with attendance back at 2018 levels, where Embraer is displaying its Praetor 600 business jet. Aircraft orders from the show are expected to underpin the demand for growth in APAC, offering a barometer for confidence in the the resurgence of air travel. On the first day of the show Boeing announced an order from Thai Airways for almost 50 Dreamliners.
ASG has been a preferred supplier to aerospace companies in APAC for over 20 years supplying across the region including Malaysia, Philippines, Vietnam and Japan.
Jeremy Ridyard, MD of Produmax within the ASG Group believes that UK suppliers like Produmax, must play a pivotal role in this aerospace growth story. "Produmax already works collaboratively with aerospace companies across Asia Pacific. Growing our business in line with this market growth opportunity is essential to deliver value for our customers."