Market Size 2023 (Base Year) | USD 62.85 Billion |
Market Size 2032 (Forecast Year) | USD 114.87 Billion |
CAGR | 6.93% |
Forecast Period | 2024 - 2032 |
Historical Period | 2018 - 2023 |
A latest report by Market Research Store estimates that the Global Aerostructures Market was valued at USD 62.85 Billion in 2023 and is expected to reach USD 114.87 Billion by 2032, with a CAGR of 6.93% during the forecast period 2024-2032. The report Aerostructures Market overview, growth factors, restraints, opportunities, segmentation, key developments, competitive landscape, consumer insights, and market growth forecast in terms of value or volume. These structured details offer an all-inclusive market overview, providing valuable insights for investment decisions, business decisions, strategic planning, and competitive analysis.
Report Attributes | Report Details |
---|---|
Report Name | Aerostructures Market |
Market Size in 2023 | USD 62.85 Billion |
Market Forecast in 2032 | USD 114.87 Billion |
Growth Rate | CAGR of 6.93% |
Number of Pages | 174 |
Key Companies Covered | Leonardo S.P.A., Elbit Systems Ltd., Mahindra Aerostructures Pvt. Ltd., Saab AB, Triumph Group, Inc., AAR Corp., UTC Aerospace Systems, Bombardier Inc., GKN Aerospace, Stelia Aerospace Group, Spirit Aerosystems, Inc., Cyient Ltd., Spirit Aerosystems, Inc., Ruag Group, and Taneja Aerospace & Aviation Ltd. among others |
Segments Covered | By Component, By Material, By End Use, By Platform, And By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2023 |
Forecast Year | 2024 to 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The aerostructures market is set for rapid growth over the forecast period. In terms of revenue, the global aerostructures market accounted for USD 63 Billion in 2019 and is anticipated to reach around USD 98 Billion by 2026, growing at a CAGR of 6.5%.
Global Aerostructures Market: Overview
Aerostructures are crucial structural components required to build an airframe or aircrafts body frame. Aerostructures help an aircraft resist aerodynamic forces during flight, and thus provide all components that aid in the flight of an aircraft. Aerostructures on any aircraft body include empennage, wings, nacelle and pylon, fuselage, flight control surfaces, nose, and others. Increased deliveries of new aircraft, as well as demand for spare parts for older aircraft, are driving the global aerostructure industry.
Global Aerostructures Market: Growth Factors
The increasing demand for unmanned aerial vehicles (UAVs) in commercial and military applications is expected to drive the aerostructures market in the upcoming years. The increase in border wars and tensions between neighboring countries is fueling demand for military unmanned vehicles. As a result, the purchase of medium-altitude long-endurance (MALE) and high-altitude long-endurance (HALE) unmanned aerial vehicles (UAVs) is growing in order to improve reconnaissance (ISR), surveillance, and intelligence capabilities. These UAVs have a long-range of 24 to 48 hours and can fly at a higher altitude, which helps to increase military mission capabilities. Furthermore, composite-material UAVs outperform conventional UAVs in terms of performance. The growing use of composite components for manufacturing airframes of aircraft due to the properties of composites such as reliability, durability, and toughness is also anticipated to propel the market growth in the forecast period.
Global Aerostructures Market: Segmentation
The global aerostructures market is bifurcated into its component, material, end use, platform, and regions. Based on the component, the global market is divided into empennage, wings, nacelle and pylon, fuselage, flight control surfaces, nose, and others. The fuselage category dominated the component segment in 2019 and is anticipated to continue its dominance in the upcoming years. The dominance of the fuselage category can be attributed to the use of fuselage to cover the entire aircraft. During the forecast period, the wing category is expected to rise at the fastest pace. The need for composite aircraft wings to replace traditional metal wings is driving this development. Steel is used to make traditional aircraft wings. Today, however, composite materials are commonly used in the construction of aircraft wings.
Based on material, the market is bifurcated into composites, metals, and alloys. The metal category dominated the material segment in 2019 and is anticipated to continue its dominance in the upcoming years. The dominance of the metal category can be attributed to the wide use of metal parts in the existing aircraft airframe. During the forecast period, the composite category is set to augment at the highest pace. This is due to its use in the production of aircraft components. Composite-material aircraft components are lightweight, durable, robust, and have a lot of design versatility. These composite properties aid in improving aircraft performance and lowering total weight. The wings and fuselage of the Airbus 350 XWB and the Boeing 787, for example, are made of composite material.
Based on the end use category, the global market is divided into aftermarket and OEMs. The OEMs category dominated the end use segment in 2019 and is anticipated to continue its dominance in the upcoming years. The OEMs category is also anticipated to grow at the fastest rate in the forecast period. This is due to the growing need for unmanned aerial vehicles (UAVs) in a variety of applications, including medicine delivery, border surveillance, parcel delivery, city area monitoring, and more. Furthermore, the increasing demand for composite products to increase airplane service by advanced aerostructure part design is expected to drive market development.
Based on the platform, the global market is divided into rotary wing aircraft, and fixed wing aircraft. Geographically, the global aerostructures market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
Global Aerostructures Market: Regional Analysis
North America region dominated the global aerostructures market in 2019 with a market share of around 40% and is anticipated to continue its dominance in the upcoming years. This is due to the region's rising business and commercial aviation sector, which has the world's highest demand for aerospace and defense aircraft. In addition, industry growth is projected to be fueled by the rapid introduction of new manufacturing technology and substantial investment in research and development activities. The participation of many major industry players such as Spirit Aerosystems Inc., Triumph Group, and Bombardier Inc. among others, will help the market expand even further. Furthermore, over the last few years, North America has seen an increase in aircraft deliveries in both commercial and defense applications, which is projected to fuel the region's aerostructure industry.
The Asia Pacific aerostructures market is anticipated to grow at a significant rate in the forecast period. The growth of the Asia Pacific region can be attributed to the region's increased emphasis on the construction of aircraft manufacturing facilities. The market's growth is being fueled by encouraging government policies and a growing defense budget. The region's increased commercial and military aircraft production and procurement programmes are expected to fuel the market's growth. For example, in December 2018, the Boeing Company and the Commercial Aircraft Corporation of China formed a joint venture to build the first 737 aircraft in China. The Boeing Company spent about USD 33 million in the joint venture and now owns a significant portion of it.
Europe aerostructures market followed North America market in 2019 and is expected to grow at a healthy growth rate in the upcoming years. This is due to increased demand for aerostructures components from main Airbus SE and ATR aircraft manufacturing facilities in Germany, U.K., France, and Italy. Furthermore, leading manufacturers such as GKN Aerospace, Leonardo S.P.A., and Saab AB, among others, are present in the field, fueling the market growth over the projected period.
Global Aerostructures Market: Competitive Players
Some of the key players in the aerostructures market are Leonardo S.P.A., Elbit Systems Ltd., Mahindra Aerostructures Pvt. Ltd., Saab AB, Triumph Group, Inc., AAR Corp., UTC Aerospace Systems, Bombardier Inc., GKN Aerospace, Stelia Aerospace Group, Spirit Aerosystems, Inc., Cyient Ltd., Spirit Aerosystems, Inc., Ruag Group, and Taneja Aerospace & Aviation Ltd. among others.
Global Aerostructures Market: Regional Segment Analysis
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