Market value of aerostructures worth $ 74.0 billion by 2030 with a CAGR of 9%.

Future of market research

Latest Research Report on Aerostructures Market: Information by component (fuselage, flight control surfaces, wings, nose, nacelle and pylon and others), material (composite, alloys and metals), end use (OEM and aftermarket) , platform (Fixed wing and rotary wing) and region (North America, Europe, Asia-Pacific, Middle East and Africa and Latin America), forecasts up to 2030

New York, USA, August 15, 2022 (GLOBE NEWSWIRE) – Aerostructures market overview:

According to a comprehensive research report from Market Research Future (MRFR), “Aerostructures market Information by component, material, end use, platform and region – Forecast through 20230“, the market expects to reach $ 74.0 billion by 2030 with a CAGR of 9%.

Market synopsis

All major elements of the airframe or body of the aircraft are called the aerostructure. Aerostructures are the components that allow an airplane to function and withstand aerodynamic forces. They contain all the components that allow an airplane to fly. The primary goal of airplane designers is to develop a substantially solid structure that can safely withstand flight circumstances such as high speed, weather, and extreme heat and cold. The designers also want the aircraft to be as light as possible to maximize speed, range and fuel efficiency. This includes wings, propulsion systems, fuselages and flight control surfaces.

Aluminum, steel, titanium and composite materials make up the components. The industry is expanding mainly due to increased demand for commercial and military aircraft. Passengers prefer air travel to other means of transport due to the increased comfort and the ability to travel large distances quickly, increasing the demand for commercial aircraft. The market for new aircraft will gradually shift away from expanding the fleet and towards replacing older, less fuel efficient aircraft. As a result, around 39,000 new passenger and freight aircraft are expected to be delivered in the coming years.

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Scope of the report:

Report attribute

Details

Market size

74.0 billion dollars

CAGR

9% (2020-2030)

Reference year

2019

Forecast period

2020-2030

Historical data

2018

Forecast unit

Value (billions of dollars)

Report coverage

Revenue forecast, competitive landscape, growth factors and trends

Segments covered

By component, by material, by end use, by platform

Covered geographies

North America, Europe, Asia Pacific, the Middle East and Africa and Latin America

Key market factors

Production and delivery of commercial aircraft increased rapidly

Competitive market landscape:

The main players in the aerostructures market are:

  • Stelia Aerospace Group (France)

  • Triumph Group, Inc. (United States)

  • Cyient Ltd (India)

  • UTC aerospace systems (United States

  • Elbit Systems Ltd (Israel)

  • GKN Aerospace (UK)

  • AAR Corp. (United States)

  • Bombardier Inc. (Canada)

  • Ruag Group (Switzerland)

  • Saab AB (Sweden)

  • Spirit Aerosystems, Inc. (United States)

  • Leonardo SpA (Italy)

USP Covered Market:

Market Driver:

As an increasing number of customers prefer to fly to other types of transport, the production and delivery of commercial aircraft has rapidly expanded over the past few decades. Engineers can now produce new morphed aircraft wing layouts that can alter shape in flight thanks to advances in morphing technology. Aircraft speed increases due to lightweight materials, carbon emissions and improved fuel economy. As a result, the global market will experience significant growth in demand. One of the drivers of the aerostructure market is the modernization of military aircraft. The need for innovative composite materials in the aviation industry is skyrocketing, and manufacturers are turning to modern techniques such as 3D printing to increase capacity. The use of 3D printing technology in manufacturing will help in producing high volume items with superior quality and performance in less time.

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Market restrictions:

Due to many characteristics such as specific strength and material anisotropy that can be employed to optimize structural qualities, modern composite materials are widely used in major aerospace constructions. The material properties of these composites are not uniform and may change randomly within massive structures such as wings and fuselages. Consequently, due to the complexity of the failure mechanisms and the susceptibility to manufacturing errors, the expected useful life of the composite rotor and cell structures is unknown. In addition, air travel has been slowed down and the aviation sector has faced problems stemming from strict blocking and social distancing measures that will further hinder market growth. The increase in in-flight passengers is expected to help the industry recover in the long term.

COVID 19 analysis

The aerospace and defense industries have also been affected by the coronavirus pandemic. Only 70 and 196 aircraft were delivered by Boeing and Airbus companies respectively in the first half of 2002. However, in the same period, both companies delivered approximately 389 aircraft. This graph shows the decrease in aircraft deliveries caused by the covid-19 outbreak. As a result of the covid-19 pandemic, governments around the world have imposed the blockade and published social distancing rules, which have had a significant impact on numerous companies, including the aerospace sector. New materials were designed and built to significantly reduce the weight of the aircraft, reduce fuel consumption and reduce carbon emissions. However, the aerostructures industry has suffered from the withdrawal of several manufacturing plants due to COVID-19.

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Market segmentation

Based on the material

The composites segment is expected to have the highest CAGR rate throughout the forecast period.

Based on the end user

The OEM segment is expected to flourish in the aerostructures market during the forecast period.

Component based

The fuselage segment is expected to advance the market in the next period.

By platform

The fixed-wing segment is estimated to rise to the top over the forecast period.

Regional insights

North America has the highest market share and is expected to continue over the projection period. This is due to the expanding commercial airline sector in the region with the highest demand for aerospace and defense aircraft globally. In addition, market expansion is likely to be fueled by the rapid adoption of new manufacturing technologies and increased investment in research and development. Several major competitors in the industry would help the market to grow further.

During the projected period, Asia Pacific is expected to have the fastest growth. The increase can be attributed to the region’s increased focus on building aircraft manufacturing facilities. The industry is further fueled by favorable government initiatives and an expanding defense budget. The market is expected to increase due to increased economic space and sourcing initiatives in the region. Europe held the second largest denomination in the market. The increase is attributable to the increased demand for aircraft components from major aircraft manufacturing plants in Germany, Italy, the UK, France and other countries. Additionally, major players will continue to drive market growth over the projection period.

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Information on the future of market research:

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