Global Aerostructures Market Report and Forecast 2024-2032

Global Aerostructures Market Outlook

The global aerostructures market is expected to grow at a CAGR of 6.3% during the period 2024-2032.

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The Global Aerostructures Market Likely to be Driven by Rising Global Demand for Air-services, Increasing Flight Volume and Advancements in Technology

The aerostructures market is expected to be driven by increased aircraft production across the globe, with key drivers including rising global population and demand for passenger and cargo air services, increased flight volume, industrial expansion, advancements in technology, rising personal income, and modernization of old aircraft. Due to growing wealth and population, developing economies would be a key factor driving the demand for aircraft. The various aircraft segments include civil and military aircraft, regional and business jets, jet fighters, freighters and helicopters. Key markets include North America, Europe and Asia Pacific. Developing economies such as China, India and Russia are expected to significantly influence market demand.

The air transport industry is expanding. Every year, airlines across the world transport billions of passengers and millions of tonnes of freight on millions of commercial flights. While this is an indicator of the considerable economic impact of aviation on the world economy, it is noteworthy that aviation accounts for over 3 per cent of the global gross domestic product (GDP). The aviation sector is rapidly growing is expected to grow at a quick pace. Innovations and technological advancements would enable novel business models and mobility services. Significant innovations include autonomous devices, artificial intelligence (AI), internet of things (IoT), ultralight materials, unmanned aircraft innovations, biometrics, robotics, block chain, alternative fuels and electric aircraft.

Aerostructure equipment market would, in turn be characterized by increased efforts of OEMs towards automation and development of enhanced tools and machines, cost-effective and functional tools and machines for smaller OEMs, and efforts to enhance engineering capacities and core competencies. Fulfilling cost targets and quality standards would warrant better technologies, hence, it is expected that novel technologies and innovations would emerge, which would lead to robust demand for advanced solutions. Such solutions (including fully-automated solutions) would, in turn, help boost the aerostructures market. Aerostructures refer to parts of an aircraft’s airframe. These include nacelles and pylons (inlets, fan cowls, thrust reversers, exhausts, engine build up), doors (passenger, cargo, landing gear, utility ramps), flight-controls (ailerons, flaps, slats and spoilers), empennage (rudders and elevators), naval composite structures, and specialized military flight structures.

Technological Developments Shaping the Aerostructures Industry

Global airframe design and aftermarket requirements have witnessed significant change owing to composites and additive manufacturing techniques. Biomimicry, winglets, laminar flow, and longer wing spans are essential elements in lowering fuel consumption and operating costs, and ensuring longer flights and higher maximum take-off weight. Demand for improvements in production rate, REACH compliance requirements, and non-conformities significantly affecting airframe structural design and build processes.

Growing Aerospace Industry in Countries like India Expected to Stimulate Market

In India, the aerospace industry is growing at a significant pace with increasing activity from civil aviation as well as defence sectors. There is growing demand for large aircraft from Indian carriers. Further, with India’s rising defence capital expenditure, the defence aerospace sector holds much potential, offering opportunities for new start-ups, and existing players to expand. These factors are expected to boost the market.

Global Aerostructures Market Segmentation

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By component, the market is segmented into:

• Wings
• Nose
• Fuselage
• Nacelle and Pylon
• Empennage
• Others

By material, the market is divided into:

• Alloys
• Metal
• Composite

By platform, the market is classified into:

• Fixed-Wing Aircraft (further broken down by type as given below) 
  • Commercial Aircraft
  • Military Aircraft
  • Business Jets 
  • General Aviation Aircraft
  • UAVs
• Rotary-Wing Aircraft (further broken down by type as given below)
  • Commercial and Civil Helicopters
  • Military Helicopters
  • UAVs

By aircraft, the market is segmented into:

• Commercial (further broken down by type as given below)
  • Narrow Body
  • Wide Body
• Regional
• Business
• Military
• Helicopter

By end-use, the market is classified into:

• OEM
• Aftermarket

By region, the market is segmented into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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Key Industry Players in the Global Aerostructures Market

The report presents a detailed analysis of the following key players in the market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Spirit AeroSystems, Inc.
• GKN plc
• RUAG International Holding AG
• Saab AB
• Airbus S.A.S.  
• Triumph Group, Inc.
• Collins Aerospace
• Elbit Systems Ltd.
• Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report