ID: MRFR/A&D/6297-HCR | February 2021 | Region: Global | 133 pages
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. 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 of the Global Aerostructures Market
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. Based on region, the North American market is projected to register the highest CAGR owing to the growing demand for aircraft in the region. Airlines such as American Airlines and Delta Airlines in North America have placed large orders for aircraft to add to their fleet which is expected to drive the growth of the aerostructures market in North America. High investments in military & defense are also expected to fuel the demand for aerostructures in the region.
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).
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. Secondary Research In this process, data is collected from various secondary sources, including annual reports, SEC filings, journals, government associations, aerospace & defense magazines, white papers, corporate presentations, company websites, and paid databases.
Primary Research In this process, both the demand- and supply-side parties are interviewed to extract facts and insights into the market forecast, production, trends, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are approached to obtain key information.
MRFR offers report customization to valued customers. Below are the options available for customization: 1. Company Profiles In-depth profiling of additional market players (3 to 4 companies) 2. Country-Level Analysis Detailed analysis of a country-level market and related segments as per the report scope (subject to data availability)
Frequently Asked Questions (FAQ) :
By 2024, the aerostructures market can thrive at 6.1% CAGR.
By 2024, the aerostructures market can generate decent value.
Cyient Ltd (India), GKN Aerospace (UK), and Elbit Systems Ltd (Israel) are some reputed names in the aerostructures market.
The availability of top notch OEMs can promote aerostructures market.
Price fluctuations can hinder the aerostructures market growth.