Aerostructures Market Size
Aerostructures market size was over USD 48.66 billion in 2020 and is expected to grow at a CAGR of approximately 3.5% during the forecast period of 2021 to 2027.
Favorable trends that pertain to the commercial aircraft sector will generate a number of opportunities for aerostructures.
Aerostructures are airframe parts utilized in the production of an aircraft. The aerostructure consists of parts like nacelles & pylons, doors, fuselage, empennage and wings. The components are manufactured from materials like aluminum, steel, titanium and composite. The market is growing mostly due to the growing demand for commercial & military aircraft worldwide. Air traveling is mostly preferred by passengers in comparison to other means of transportation because of higher comfort and travelling longer distances in a short period of time, thus driving the demand for commercial aircraft.
In order to obtain primary market trends
The requirement for airplanes from emerging nations like China, India, Vietnam, and Brazil is experiencing a growth trend due to the expansion of the middle-class population, growing disposable income, and strengthening domestic and foreign tourism. For example, in November 2020, Boeing estimated the requirement of new airplanes from China to be more than 8,500 over the next two decades, which would be valued at USD 1.4 trillion.
| 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 (Enter Corporate Email ID’ for a Free Sample Report): https://www.marketinsightsresearch.com/request/download/6/220/Aerostructures-Market |
Aerostructures Market Report Attributes
Report Attribute Details
Base Year 2020
Aerostructures Market Size in 2020\tUSD 48.67 Billion
Forecast Period\t2021 to 2027
Forecast Period 2021 to 2027 CAGR\t3.50%
2027 Value Projection\tUSD 59.37 Billion
Historical Data for\t2017 to 2020
No. of Pages\t210
Tables, Charts & Figures\t297
Segments covered\tComponent, Material, Aircraft, End-User and Region
Growth Drivers\t
Growing demand for air travel globally
Commercial aircraft production increase
Government measures to enhance regional connectivity
Pitfalls & Challenges\t
Negative effect of pandemic on aviation sector
What are the growth opportunities in this market?
Growing military spending across the world is expected to propel the aerostructures market demand. Recently, China upped its defense spending by 6.8% to over USD 200 billion. Moreover, the heightening tension in the Middle East is expected to boost the output of military planes for combat applications. Defense manufacturers are manufacturing their planes locally in order to spark the local manufacturing of aircraft components. The development of the aerospace & defense business is expected to enhance the aerostructures demand.
New materials are manufactured and created in order to reduce the weight of the aircraft to a considerable degree, hence lowering fuel usage and reducing carbon footprints. COVID-19, however, has had a detrimental impact on the aerostructures sector through the closure of numerous manufacturing plants. Lockdown coupled with social distancing has retarded air travel and created difficulties for the aircraft sector. In the long term, the sector is projected to recover by more air travelers.
Aerostructures Market Analysis
Aerostructures market from fuselage parts is projected to record a 3% CAGR during 2027 driven by rising aircraft production. The players in the aviation industry are expanding their manufacturing capacity to lower the earlier production backlog. A fuselage is the central component of the aircraft body, which is used for the transportation of passengers and crew members. Rising aircraft production in the commercial and military segments will boost the demand for fuselage.
Alloys material segment acquired more than 50% market share in 2020 because they minimize aircraft weight and contribute to enhancing performance. Alloys are extensively used in aerostructures based on their superior fatigue, low density, cryogenic toughness, and high specific modulus characteristics. Regulations by the government are forcing the aircraft sector to minimize fuel consumption, thus, reducing carbon emissions. Companies are thus developing lightweight alloys best suited to lighten the overall aircraft weight.
Learn more about the dominant segments that are influencing this market
Aerostructures market from military application made over USD 4 Billion revenue in 2020. Military spending is increasing across the world due to rising geopolitical divides between different nations. As per the Stockholm International Peace Research Institute (SIPPI), the world military spending exceeded USD 1.9 trillion in 2019 and is likely to grow in the years to come. Nations are busy updating their current fleet of military aircraft to enhance their air defense systems. Military aircraft technology is also propelling the demand for aerostructures.
The line-fit segment is projected to grow at about 3.5% CAGR during the period 2021-2027. Tier 1 players are increasing their production capacity to accommodate the rising demand for aircraft from different emerging economies and replacing aging aircraft across different developed nations. Boeing projects the aerospace sector will need more than 35,000 aircraft units by 2038 due to rising air traffic. The airline operators are constantly increasing the size of their fleet to cater to consumer needs.
Discover more about the dominant segments influencing this market
North America took over 45% of the aerostructures market share and is due to the availability of large industry giants like UTC Aerospace Systems, Spirit AeroSystems, and AAR Corporation in the region. Further, in the recent past, North America has produced more aircraft than any other region and will continue to provide MRO services & airframe-related solutions.
Companies are adopting industry automation and advanced robotics to manufacture complex and sensitive aerostructures parts, which increase the quality and reliability of the products. Various industry participants are improving their manufacturing capabilities to maintain their competitive edge in the market.
| Buy this Premium Research Report to explore detailed market trends – https://www.marketinsightsresearch.com/report/buy_now/6/220/Aerostructures-Market |
Some of the leading players in the aerostructures market include
- Spirit AeroSystems
- AAR Corporation
- STELIA Aerospace Group
- Mahindra Aerostructures Pvt. Ltd.
- Leonardo S.P.A.
- Elbit Systems Ltd.
- Cyient Ltd.
- Collin Aerospace
- Saab AB
