Aircraft Fairings Market is expected to grow USD 2.63 Billion at a CAGR 7.31% by during the forecast period.
Aircraft Fairings Market overview:
Aircraft Fairings Market is expected to reach USD 2.63 Billion by 2030 and register a CAGR of 7.31% by 2020-2030
The aircraft fairings are crucial in the body of the aircraft for smooth finishing and operation. The aircraft fairings are crucial to reducing the dragging effect thereby also increasing the fuel efficiency and overall operation of the aircraft. The increasing demand across the commercial and military sectors in recent years is propelling the overall growth of the aircraft fairings industry.
The aircraft OEMs and the manufacturers are increasing their production rates due to the advent of new-generation aircraft. Moreover, the demand for lightweight aircraft fairings has propelled the manufacturers to utilize varied composites materials. These factors are considered as the major drivers of aircraft fairings market growth.
COVID 19 Analysis:
The declining economic condition due to the pandemic has significantly affected the aircraft fairings market growth. The stringent regulations imposed by the government and the traveling restrictions across the globe have significantly affected the aircraft fairings market value. However several aircraft organizations have invested in the procuring of this equipment to enhance fuel efficiency and efficient operations as well. Therefore the growth of the aircraft fairings industry has witnessed a balanced growth during the pandemic.
The growing number of aircraft deliveries across the developed countries and the increasing utilization of advanced composite materials and metallic substances are considered as the major drivers of aircraft fairings market growth.
The increasing adoption of UAVs in the commercial and military sectors and the utilization of 3D printing technologies in the aerospace sector and significant other developments in the manufacturing units are propelling the overall growth of the aircraft fairings industry. For instance, the 3D printing technology is capable of cutting off the manufacturing complexes and reducing the time consumption as well. The other benefits associated with the technology such as flexibility, weight reduction, and convenience have helped in reducing the capital requirement of the aerospace industry. Such factors are considered as the major drivers of aircraft fairings market growth.
The advent of novel technologies due to the research and development in the industry is presenting a lucrative opportunity for the overall growth of the aircraft fairings industry. For instance, plasma fairings technology has been utilized in major developed countries, to reduce the noise in the landing gears. Such advanced technologies are presenting favorable conditions for the growth of the aircraft fairings industry during the forecast period.
The manufacturers are developing varied types of fairings for varied types of aircraft which include, flap track fairings, cockpit fairings, belly fairings, and significant others. Therefore these have increased the surface area and also even the surface. Moreover, they are also bringing in new technologies into the market. Such factors are considered as a major opportunity for the growth of the aircraft fairings industry.
The unavailability of recycling options for the composites used in the manufacturing of the aircraft fairings is considered as the major restraint of aircraft fairings market growth.
The requirement of complex maintenance procedures and the increasing capital investments and the costs required for efficient maintenance are considered as the major restraints for aircraft fairings market growth.
The declining economic condition across the globe and the declining expenditure on the growth of the industry is considered as the major challenge for the overall growth of the aircraft fairings industry. Moreover, the issues related to advanced technologies such as 3D printing and other errors related to the advanced technologies in the aerospace manufacturing units are considered as the major challenge for aircraft fairing market growth.
The requirement of advanced technologies in the industry and the emerging market players who are unaware of utilizing these advanced technologies are considered as a major challenge for the overall growth of the aircraft fairings industry. Moreover, the regulations imposed on utilizing materials that don’t undergo proper recycling standards and the unavailability of the recycling facilities to recycle these composites are considered as the major challenge for aircraft fairings market growth.
Cumulative Growth Analysis:
The market value of the aircraft fairings industry was at USD 1.6 billion by the year 2020 and is expected to surpass the market value of over USD 2.4 billion by the year 2027 while registering a CAGR of 6.2% during the forecast period. The growth of the aircraft fairings industry is highly influenced by the increasing demand for the novel generation of the aircraft in the industry and the OEMs are increasing their production rates as well. They are also propelling the suppliers to increase the production volumes as well.
The manufacturers on the other hand are utilizing varied composite materials to manufacture these fairings and this is considered as the trend in the aircraft fairings industry. The developing countries, due to the presence of higher passenger traffic, are showcasing higher demand for narrow-bodied aircraft and thereby increasing the demand for commercial aircraft, such factors are considered as the major drivers of aircraft fairings market growth. They help in smooth operations of aircraft by reducing the dragging of the aircraft; they increase the fuel efficiency and reduce the costs of the aerospace industry as well. Such beneficiary factors are propelling the end-users to adopt the aircraft fairings.
Value Chain Analysis:
The growth of the aircraft fairings industry is highly influenced by the increasing number of aircraft deliveries and the increasing adoption of UAVs in the military and commercial platforms. The manufacturers are also utilizing efficient composite materials for the development of these aircraft fairings and thereby propelling the overall growth of the aircraft fairings industry in recent times. The revenue from the commercial segment is making a large part of the total revenue of the industry and the narrow-bodied aircraft are gaining demand in the industry and thereby presenting favorable conditions for the overall growth of the aircraft fairings industry.
The advanced composite materials are used in the manufacturing of the aircraft fairings which offers higher efficiency and enhances the overall performance of the aircraft. Moreover, metallic materials such as aluminum, magnesium, and titanium alloys are providing higher stability for the aircraft fairings and thereby increasing the aircraft fairings market value.
Based on End-user:
Based on Platform:
Based on Material:
Based On Application:
Currently, the US is holding a higher market share in the aircraft fairings industry, and it was holding a market value of USD 420.1 million by the forecast period. The presence of a large number of prominent aircraft manufacturing companies across the country and the growing demand for aircraft due to the increasing passenger traffic is considered as the major drivers of aircraft fairings market growth.
On the other hand, the Asia-pacific region is also witnessing a higher market share as the prominent market players are adopting advanced technologies in recent times. A recent report from IATA that air travel across the Asian countries will be greater than North America and Europe which are considered as the biggest markets across the globe. Also, the region is procuring a large number of airlines for the military sector as well. Such factors are presenting a favorable environment for the growth of the aircraft fairings industry during the forecast period.
In the year 2020, The France government had announced their financial support plan of over USD 17 billion for the development of the aerospace sector, which is utilized for the aircraft manufacturing sector reconstruction, carbon-neutral aircraft development, and significant other developments.
In the year 2019, one of the leading market players, parker Hannifin corporation had declared their agreement with the exotic metals forming company LLC which is known for its designs and manufacturing high temperature and higher pressure air and exhaust management solutions for the aircraft.
This Report Has Covered:
|Market Size||USD 2,630 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||End User, Application, Platform and Material|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||FACC AG (Austria), ShinMaywa Industries, Ltd. (Japan), Strata Manufacturing (UAE), Malibu Aerospace LLC. (US), DAHER (France), Airbus S.A.S. (Netherlands), Boeing (US), CTRM Sdn. Bhd. (Malaysia), The NORDAM Group LLC (US), AAR (US), FDC Composites (Canada), Avcorp Industries, Inc. (Canada), Barnes Group, Inc. (US), Royal Engineered Composites (US), Fiber Dynamics, Inc. (US), Verdant (India), McFarlane Aviation, Inc. (US), KAMAN CORPORATION (US) and Arnprior Aerospace, Inc. (Canada)|
|Key Market Opportunities||
|Key Market Drivers||
Aerospace 3D printing market register a CAGR of 7.31% by 2020-2030
FACC AG (Austria), Strata Manufacturing (UAE), and ShinMaywa Industries, Ltd. (Japan) are some well-established aerospace 3D printing market players.
Increase in commercial applications of aerospace 3D printing solutions can drive the aerospace 3D printing market.
North America advanced 3D printer can thrive in the years to come.