{"id":3551,"date":"2025-07-21T09:24:47","date_gmt":"2025-07-21T01:24:47","guid":{"rendered":"https:\/\/bccmedianews.com\/?p=3551"},"modified":"2025-07-21T09:24:50","modified_gmt":"2025-07-21T01:24:50","slug":"e-daily-aircraft-conversion-market-booming-astk-reorganizes-supply-chain","status":"publish","type":"post","link":"https:\/\/bccmedianews.com\/?p=3551","title":{"rendered":"[E-Daily] Aircraft Conversion Market Booming\u2026 ASTK Reorganizes Supply Chain"},"content":{"rendered":"\n

Published: July 21, 2025, 7:20 a.m. KST
Reporter: Sohyun Kwon<\/em>
Original Link (Korean)<\/a><\/p>\n\n\n\n

P2F market projected to reach USD 6.9 billion by 2033<\/strong>
First P2F unit delivered to Israel’s IAI<\/strong>
Possible shift to direct contract following Boeing’s acquisition of Spirit AeroSystems<\/strong>
95% export-driven model shifts gears\u2026 Enters path to profitable growth<\/strong><\/p>\n\n\n\n

[Edaily Marketin | Reporter Sohyun Kwon]<\/strong>
Korean aircraft parts manufacturer ASTK (067390) is rapidly emerging as a key pillar in the global aerospace supply chain. In particular, expectations are rising that ASTK will transition to a direct supply structure with Boeing once the aircraft giant completes its acquisition of Spirit AeroSystems, a current customer of ASTK. This development is viewed as a potential turning point for the Korean aerospace parts industry.<\/p>\n\n\n\n

According to the aircraft parts industry, the Passenger to Freighter (P2F) conversion market has been growing rapidly since the COVID-19 pandemic, as of the 21st<\/sup>. U.S. analytics firm Spherical Insights forecasts that the global P2F market will expand from USD 3.8 billion in 2023 to USD 6.9 billionby 2033.<\/p>\n\n\n

\n
\"\"<\/figure>\n<\/div>\n\n\n

Riding this wave, ASTK, a specialized manufacturer of aircraft structures, is also expected to experience significant growth. The company produces fuselages (E2 Fuselage), Section 48, and upper\/lower decks (U\/L Deck), with the majority of its products exported overseas.<\/p>\n\n\n\n

The P2F conversion project with Israel Aerospace Industries (IAI) officially entered full gear last month with the successful delivery of the first unit. The contract, which has expanded to a total value of KRW 81.2 billion (approx. USD 58.6 million), is cited as a milestone that proves ASTK\u2019s technological capabilities and credibility in the global aircraft conversion market.<\/p>\n\n\n\n

In addition to IAI, ASTK is also strengthening key OEM (Original Equipment Manufacturer) partnerships, including a military aircraft parts supply contract with Brazil’s Embraer worth approximately KRW 74 billion (approx. USD 53.3 million), and a long-term supply agreement with Spirit AeroSystems.<\/p>\n\n\n\n

Among these, the deal with Spirit AeroSystems stands out. As Boeing\u2019s acquisition of Spirit nears completion, there is a high possibility that ASTK\u2019s existing supply structure will shift to a direct contract with Boeing. It is rare for a Korean aerospace parts manufacturer to enter a direct contractual relationship with a global aircraft maker, and this could become a crucial milestone in solidifying ASTK\u2019s technological credibility and price competitiveness.<\/p>\n\n\n\n

ASTK\u2019s business structure is also improving rapidly. The company achieved an operating profit turnaround in Q3 2024, and a full-fledged performance recovery is expected in 2025. Over 95% of ASTK\u2019s revenue comes from exports, and its aircraft structure segment, which has ultra-precision and large-scale machining capabilities, is well positioned to benefit directly from the increase in global aircraft production.<\/p>\n\n\n\n

ASTK is evolving from a single-client-dependent business structure into a more stable and diversified enterprise by expanding its supply of P2F-based structures, diversifying its E2 aircraft assembly parts, adding new defense sector portfolios such as the C-390 program, and broadening its customer base.<\/p>\n\n\n\n

An ASTK official stated, \u201cWe are moving beyond being a simple parts supplier to being recognized by global aviation majors like IAI, Embraer, and Boeing as a \u2018trusted supply chain partner,\u2019\u201d and added, \u201cGoing forward, we aim to internalize technology by participating in government R&D projects and advanced aviation technology development, growing into a representative company that elevates the global standing of Korea\u2019s aerospace industry.\u201d<\/p>\n\n\n\n

Reporter: Sohyun Kwon (juddie@edaily.co.kr)<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Published: July 21, 2025, 7:20 a.m. KSTReporter: Sohyun 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