The global aerostructures market is expected to witness phenomenal growth during the forecast period due to an increase in demand for aircraft to meet the growing air passenger traffic in North America, Europe, and Asia-Pacific. Moreover, improvements in aircraft design are expected to drive the growth of the global aerostructures market. Aerostructures are critical aspects of aircraft design subjected to extreme weather conditions that could cause structural fatigue. Furthermore, advancements in material sciences have enabled the use of composites in aerostructures, thereby, improving design and functionality.
The global aerostructures market is expected to witness significant growth during the forecast period. An increase in air passenger traffic and commercial aircraft deliveries are the primary drivers for market growth. Advancements in materials and aircraft design are also expected to propel market growth.
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Rising per capita disposable incomes in emerging economies has also led to an increase in air passengers which has stimulated the demand for aircraft in Asia-Pacific. However, the recycling of old aircraft parts is expected to lower the demand for aerostructures, thereby, restraining market growth during the forecast period.
Segmentation:
On the basis of component, the market has been segmented into fuselage, empennage, flight control surfaces, wings, nose, nacelle and pylon, and others. The empennage segment is expected to register the highest CAGR during the forecast period. The use of composite materials in empennage is expected to drive the growth of the segment during the review period. Moreover, empennage being a critical component of aircraft, key companies such as Bombardier Inc. and AAR Corp. are investing in R&D for the design of aircraft empennage.
Based on material, the market has been segmented into composite, alloys, and metals. The composite segment is expected to register the highest CAGR during the forecast period. Composites are lightweight and can be easily fabricated. Moreover, the material offers design flexibility which enables the upgradation of aerostructures. Certain composites offer radar transparency which enable their use in military aircraft.
On the basis of end use, the global aerostructures market has been classified as OEMs and aftermarket. The aftermarket segment is expected to register the highest CAGR during the forecast period due to the low prices offered by aftermarket players on aerostructures. Moreover, services such as timely maintenance and repair offered by aftermarket service providers are further expected to encourage the growth of the segment during the forecast period.
By platform, the global aerostructures market has been segmented into rotor wing and fixed wing. The fixed wing aircraft segment is expected to be larger due to the growing demand for unmanned aerial vehicles (UAV) in the military during the forecast period.
Key Players:
The key players in the global aerostructures market are AAR Corp. (US), Bombardier Inc. (Canada), Cyient Ltd (India), Elbit Systems Ltd (Israel), GKN Aerospace (UK), Leonardo SpA (Italy), Ruag Group (Switzerland), Saab AB (Sweden), Spirit Aerosystems, Inc. (US), Stelia Aerospace Group (France), Triumph Group, Inc. (US), and UTC Aerospace Systems (US).
Research Methodology:
The market values and forecast are derived using the MRFR research methodology, which includes secondary research, primary interviews, data triangulation and validation from an in-house data repository, and statistical modeling tools.
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