"Smart Market Solutions to Help Your Business Gain Edge over Competitors"
The global aircraft fairing market size was USD 1.41 billion in 2020. The market is anticipated to grow from USD 1.46 billion in 2021 to USD 2.60 billion in 2028 at a CAGR of 8.59% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market had exhibited a decline of 15.57% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
An aircraft fairing is a structure that reduces drag and produces a smooth outline on the aircraft surfaces, which intends to delay boundary layer separation. Fairing's primary functions are to cover spaces and gaps between aircraft parts to reduce both form drag and interference drag while improving appearance. The pod-like structure under an airplane's wings is a flap track fairing used in every aircraft in different dimensions and shapes. For Instance, Boeing and Airbus aircraft use similar flap fairings, while McDonnell Douglas aircraft, in particular, have unique vertical fairings that house the hydraulic actuators. Aircraft fairings are generally aluminum or composite material to reduce aircraft weight.
Aircraft fairing design and manufacturing is the critical phase of aircraft manufacturing. There are various aerodynamic and weight factors to be considered while designing the its components. This work provides the user with a basic surface of the aircraft fairing details, which can be used for any combination of fuselage and wing. For any designer, the need for an aircraft fairing structure depends on what type of aerodynamic advantage is needed. It depends on the kind of components to be placed inside the fairings. The product demand will increase with new aircraft deliveries and future orders. The aircraft fairing market share is expected to grow at a significant CAGR due to increase in passenger air traffic worldwide.
Market Players Experienced Revenue Losses During COVID-19 Pandemic
COVID-19 pandemic has severely impacted the aerospace industry. The reduction in travel demand has changed the dynamic of this industry. Passenger air travel has halted due to the need for social distancing. International travel was also restricted to contain its spread.
Major players such as Airbus and the Boeing Company reduced aircraft production in 2020. Commercial and military deliveries decreased in 2020 due to order cancellations and lockdown of countries. Aerostructure and fairing manufacturers faced huge revenue drops amid the pandemic.
Request a Free sample to learn more about this report.
Embracing 3D Printing for Aircraft Components and Parts to Augment Growth
Aerospace 3D printing is the simplest way to fabricate advanced composite and 3D printed metal parts from on-demand MRO and spare parts in commercial aviation to innovation in Urban Air Mobility. The aerospace industry leaders improve responsiveness to rapidly shifting supply chains and labor availability with additive manufacturing. In 2019, the aviation industry contributed approximately 16% of 3D printing’s USD 4.9 billion global revenues. For instance,
Increased Demand for Composite Aerostructures to Boost Market
Weight has always been of primary concern to aero-structures engineers who select high strength to weight ratio materials to meet payload requirements with short runway performance necessities. Any reduction in airframe weight provides relief to energy consumption. The rising demand for lightweight aerostructures such as doors, control surfaces, and fairings across the globe is the key factors responsible for the aircraft fairing market growth during the forecast period. For instance,
Rising Procurement of Lightweight Aircraft to Boost Market Growth
Rising acquisition of aircraft grew due to better attributes and improved fuel effectiveness. Moreover, with the rising fleet expansion demand and the growth of low-cost carriers, the market has witnessed a surge in commercial aircraft sector, which is supporting the surge in product demand. Moreover, the rising adoption for military trainer and fighter aircraft by various governments to expand defense competency is also likely to aid the market's growth.
Backlogs in Aircraft Orders May Hinder Market Growth
Accumulated orders with aircraft manufacturers is a major attribute that is accountable for impedances in contracted aircraft dispatches. Other than delayed orders, the impact of the coronavirus in early 2020 was a pivotal restraint for the entire aviation industry as it was afflicted with order cancellations, setbacks in aircraft deliveries, and remarkable losses. These factors triggered in global commercial aircraft deliveries that accounted for 723 aircraft, 42% than 2019 and 55.3% compare to 2018. This decline registered as the second consecutive year that faced a decrease in aircraft deliveries.
To know how our report can help streamline your business, Speak to Analyst
Commercial Segment to Dominate Market in 2020
Based on platform, this market is segmented into commercial, military, regional, and general aviation.
The commercial segment held dominant share in 2020. However, the commercial segment has come a long way in advancements and development. The commercial segment is expected to rule the market during the forecast, owing to the rise in procurement for modern generation aircraft. Modern airplanes are light in weight and have taken passenger comfort as the top priority.
The military aircraft segment is anticipated to grow at the highest CAGR in the near future. The rapid growth of the segment can be attributed to the increasing procurement of multi-role, combat, and transport aircraft. Moreover, high military budgets in developed and developing economies are major factors responsible for segment growth during the forecast period.
Advancements in Structural Components to Compel Fuselage Segment to Dominate Market in 2020
Based on application, the market is segmented into fuselage, engine, control surfaces, radars and antenna, and landing gear.
The fuselage segment held the highest market share in 2020 and is expected to perform the same during the forecast with the highest CAGR. This growth is attributed to advancements in structural parts and components with less weight and more efficiency.
The landing gear segment is one of the emerging segments due to adopting a lighter and more robust landing gear. The players involved in the production business are manufacturing strong and more lightweight landing gear without compromising its functions, operations, performance, safety, and maintenance requirements. Thus higher growth numbers are expected during the forecast period.
Composite Segment to Rule Market Due to Exceptional Properties
Based on material, the market is segmented into aluminum, composite, and alloys.
The composite segment held the most significant market share in 2020. The rising demand for lightweight and fuel-efficient aerostructures, power plants, and other global systems is one of the major factors responsible for the segment growth during the forecast period. Moreover, the key companies involved in this market derive their significant share of the revenue from selling composite parts and components.
The aluminum segment is estimated to witness sluggish growth. This decline is attributed to the decreased demand for metal aero structures due to its high operating and maintenance cost.
North America Aircraft Fairing Market Size, 2020 (USD Million)
To get more information on the regional analysis of this market, Request a Free sample
The global market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America stood at USD 540.0 million in 2020. This large share is due to several prominent players such as the Boeing Company and Malibu Aerospace. Additionally, the market growth of in the region is due to the increasing aircraft usage for air travel and cargo operations. Known airline operators and cargo operators such as Delta, American airlines, Fed-x and Ups hold the fleet majority. In addition, the region has vast assembly lines for all sized aircraft for different applications.
The Europe aircraft fairing market will grow moderately due to dominant players and OEMs such as Leonardo Spa, Saab AB, and Airbus. These companies hold a major share in the aero structure market. Thus, higher growth numbers are anticipated in the forthcoming years.
The market in Asia Pacific region will hold a substantial growth rate during the forecast period. Emerging countries, such as China and Japan, are expected to occupy the major market share in this region. The Indian aviation industry is witnessing rapidly expanding commercial aviation sector, and will witness the fastest-growing aerostructures market, including fairings and other control surfaces over the same period.
The market in Middle East & Africa is expected to grow substantially due to the rising demand for general aviation and commercial aircraft due to the region's growing tourism. Moreover, the presence of Strata Manufacturing in the UAE is one of the crucial factors responsible for market growth in future.
Key Players Are Focused on Providing Lightweight Aircraft Fairings and Other Structural Parts
The competitive landscape of the market depicts the domination of selected players such as Boeing, Airbus, and Strata Manufacturing. These companies design and develop advanced aerostructures, including fairings, control surfaces, and other structural components. Moreover, these companies are expanding their geographic reach in Asian countries. For instance, in February 2021, Boeing announced that it would be adding a new production line at the Hyderabad facility of its joint venture with the Tata Group, Tata Boeing Aerospace Limited (TBAL), to manufacture complex vertical Fin for 737-max family aircraft.
An Infographic Representation of Aircraft Fairings Market
To get information on various segments, share your queries with us
The market research report provides a detailed analysis of the market and focuses on critical aspects such as leading companies, product types, and leading product applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the market's growth in recent years.
Value (USD Billion)
Fortune Business Insights says that the global market size was USD 1.41 billion in 2020 and is projected to reach USD 2.60 billion by 2028.
The market will exhibit steady growth of 8.59% during the forecast period (2021-2028).
The commercial aircraft segment is expected to be the leading segment in this market during the forecast period.
Airbus is the leading player in the global market.
North America dominated the market share in 2020
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- Global hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry