Aerostructures Market Size, Share & COVID-19 Impact Analysis, By Component (Wings, Nose, Fuselage, Nacelle and Pylon, Empennage, and Others), By Material (Alloys, Composite, and Metals), By Platform (Fixed-wing Aircraft (Commercial Aircraft, Military Aircraft, Business Jets, General Aviation Aircraft, and UAVs) and Rotary Wing Aircraft (Commercial & Civil Helicopters, Military Helicopters, and UAVs), By End-Use (Aftermarket and OEM), and Regional Forecasts, 2021-2028

The global aerostructures market size was USD 44.93 billion in 2020 and is projected to grow from USD 47.40 billion in 2021 to USD 80.48 billion in 2028 at a CAGR of 7.86% in the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with aircraft components witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a huge decline of -28.00% in 2020. The sudden rise in CAGR is attributable to this market's demand and growth, returning to pre-pandemic levels once the pandemic is over.

An aerostructures includes all the necessary components required to construct an airplane, such as flight control surfaces, fuselage, wings, nose, nacelle and arch, empennage, and others. The rise in aircraft deliveries by major aircraft manufacturers is expected to aid in market growth. For instance, in 2019, the Boeing Company delivered a total of 380 aircraft, whereas Airbus SE set a new record by delivering 863 fleets. Airbus SE predicts that in the next 20 years, the demand for new 39,000 commercial aircraft is expected to boost the market growth.

COVID-19 Results in Reduced Number of Commercial Aircraft Deliveries

The COVID-19 pandemic has created a massive impact on the aerospace and defense industry. In the first quarter of 2020, The Boeing Company and the Airbus SE registered the delivery of 70 and 196 aircraft, respectively.

• In 2019, during the same period, around 389 aircraft were delivered by both companies. This shows that there is a decline in aircraft deliveries owing to the pandemic across the globe. The decline in aircraft deliveries and new orders has affected the market.


• According to a released report by International Air Transport Association (IATA), in 2020, the number of commercial aircraft deliveries is estimated to be 800, which is half of the number initially planned at the beginning of the year.

LATEST TRENDS

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Increasing Adoption of 3D Printing in Aircraft Manufacturing to Favor Growth

Prominent manufacturers generally prefer lightweight materials such as superalloys and composites to reduce the overall weight of aerostructure manufacturing. As the demand for composite material in the aviation industry has drastically increased, manufacturers adopt advanced technologies such as 3D printing technology or additive manufacturing to ramp up their production capacity.

The implementation of 3D printing technology in manufacturing assists in making high-volume products in less time with improved quality and performance. Moreover, using this technology significantly helps to reduce the amount of consumed material while ensuring a limited generation of waste that results in a cost-effective manufacturing process. Thus, the growing adoption of 3D printing technology for manufacturing is expected to drive aerostructures market growth.

DRIVING FACTORS

Increasing Demand for UAVs to Propel Market Growth

The upsurge in demand for UAVs in military and commercial applications is the significant factor driving the growth of the aerostructures sector. The need for military unmanned vehicles is propelling due to the rise in border conflicts and disputes among neighboring countries. Therefore, the procurement of high-altitude long-endurance (HALE) and medium-altitude long-endurance (MALE) UAVs are increasing to enhance intelligence, surveillance, and reconnaissance (ISR) capabilities. These UAVs have high endurance, which is about 24 to 48 hours, and at a higher height that further helps to improve military mission abilities. Besides, UAVs made with composite materials provide better performance than traditional UAVs.

According to our research, the global market will expect to grow significantly and anticipate reaching a value of USD 68 billion by 2029. In this market, the high value is accounted for the delivery of military and defense UAVs. 

Increasing Adoption of Composite Components to Propel Market Growth

Nowadays, composite materials are highly preferred to manufacture the airframe of airplanes owing to their properties such as toughness, durability, and reliability. Glass-reinforced plastics (GRP) and fiber-reinforced plastics (FRP) are composites mainly used to fabricate the skin and outer layers of the aircraft. GRP composite materials are produced using glass fibers and contain vinyl, epoxy, and polyester composites.

FRP includes fibers and polymer resin. The fiber mainly provides strength to the material, and if related to polymer, it increases its inter-laminar shear strength. FRP possesses high-strength fibers with a polymer matrix. The significant property of this material over metals is that these composites are lightweight. Thus the use of composite material for aircraft structures reduces the overall weight of an aircraft. In March 2020, the National Composites Centre (NCC), based in the U.K., established a new R&D facility focusing on the utilization of advanced digital technologies to produce the airplane wings of the future.

RESTRAINING FACTORS

Hard to Recycle Composite Materials to Restrain Growth

The composite materials have various properties that make them an ideal choice for the development of aircraft structures. However, these materials have one disadvantage that is expected to hamper the market growth. Recycling composite material is very difficult as it is generally used in combination with different materials such as foam cores. Thus, anticipated to generate solid waste management issues in the forthcoming years.

SEGMENTATION

By Component Analysis

Fuselage Segment to Hold the Highest Aerostructures Market Share

Based on the component, the market is divided into wings, nose, fuselage, nacelle and pylon, empennage, and others.

Among these, fuselage registered the highest market share in 2020 and is expected to remain dominant during the forecast period. The fuselage is a crucial component of the aircraft that is used to cover an entire airplane.

The wing component segment is estimated to grow at the fastest rate during 2021-2028. This growth is due to the rising demand for composite aircraft wings to replace conventional metal wings. The conventional aircraft wings are manufactured by using metal. However, today airplanes wings are extensively being produced using composite materials.

By Material Analysis

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Rising Adoption of Lightweight Composite Material to Reduce Aircraft Weight Will Drive Market

In terms of material, the market is segmented into alloys, composite, and metals.

The metal segment held the highest shares in 2020 due to its wide usage in the airframe of the existing airplane.

The composite material will witness the fastest growth rate during the forecast period. The growth is due to rising adoption for the development of the aircraft component. The aircraft components built with composite materials offer high design flexibility, strength, durability, and low weight. These properties of the composites help to improve aircraft performance and reduce the overall weight. For instance, aerostructures components such as the wings and fuselage of the Boeing 787 and Airbus 350 XWB are composite materials.

By Platform Analysis

High Utilization of Fixed-Wing Military and Commercial Aircraft Propel Market Growth

Based on the platform, the market is segmented into fixed-wing aircraft and rotary-wing aircraft.

Among these, the fixed-wing aircraft segment is expected to experience fast-paced growth during the forecast period. The segment covers commercial aircraft, military aircraft, business jets, general aviation aircraft, and UAVs to favor market growth. Moreover, the rising procurement of military UAVs such as MALE and HALE for ISR applications supports the expansion of the market during the forecast period.

By End-Use Analysis

Increasing Demand for Composite Aircraft Component to Drive OEM Segment

In terms of end-use, the market is segmented into OEMs and aftermarkets.

The OEM segment registered the largest market share in the base year and is anticipated to grow with the fastest growth rate during the forecast period. This is attributable to the increasing demand for UAVs in various applications such as border surveillance, city area monitoring, medicine delivery, parcel deliveries, and others. Moreover, the growing composite product demand to improve airplane operation with innovative components design is expected to boost the market's growth.

The aftermarket segment is anticipated to experience considerable growth in the market in the forthcoming years owing to the rising number of local aerostructures aftermarket services providers in high-growth regions.

REGIONAL INSIGHTS

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North America to Dominate Market Owing to Fast-Paced Adoption and Utilization of Technology

The global market is divided into North America, Europe, Asia Pacific, and the Rest of the world in terms of geography.

North America held the highest share in the market and is estimated to dominate the global market during the forecast period. This is attributable to the growing business and commercial aviation industry in the region with the largest global aerospace and defense aircraft demand. Besides, the fast-paced adoption of advanced manufacturing technologies and a significant investment in research and development activities are expected to drive market growth. The presence of several key players involved in the market, such as Bombardier Inc., Triumph Group, Inc., and Spirit Aerosystems, Inc., among others, will further favor market growth.

The Asia Pacific is expected to showcase the fastest growth in the region during the forecast period. The growth can be attributed to the rising focus on developing aircraft manufacturing facilities in the region. The supportive government initiatives and the increasing defense budget are further fueling the growth of the market. The upsurge in the commercial and military aircraft development and procurement programs in the region is anticipated to boost the market's growth. For instance, in December 2018, the Boeing Company established the first 737 aircraft manufacturing plant in China under the joint venture with the Commercial Aircraft Corporation of China. The Boeing Company invested around USD 33 million to own a large stake in the joint venture.

Europe held the second-largest market share in 2020. The growth is due to the rising aircraft component demand from key aircraft manufacturing facilities of Airbus SE and ATR from countries such as Germany, Italy, France, the U.K, and others. Moreover, key players such as Saab AB, Leonardo S.P.A., and GKN Aerospace, among others, further fuel the market growth during the forecast period.

The rest of the world will showcase a moderate growth in the market during 2021-2028 owing to the limited number of aircraft part manufacturers in the region. Despite this, countries such as UAE are experiencing significant demand for premium aircraft that are expected to support the market growth.

KEY INDUSTRY PLAYERS

Major Companies to Focus on Adopting Advanced Manufacturing Technologies and Strengthen their Market Position

The global market is dominated by key manufacturers such as GKN Aerospace AAR Group, SAAB AB, Leonardo S.P.A., and Stelia Aerospace Group. These players have adopted industry automation and robotics technologies to improve the manufacturing capabilities and strengthen the brand portfolio by offering a quality product to the end-user.

LIST OF KEY COMPANIES PROFILED:

• AAR Corporation (Illinois, U.S.)


• Bombardier Inc. (Montreal, Canada)


• Cyient Ltd. (Hyderabad, India)


• GKN plc (Redditch, U.K.)


• Leonardo S.P.A. (Rome, Italy)


• RUAG International Holding AG (Bern, Switzerland)


• Saab AB (Stockholm, Sweden)


• Spirit AeroSystems Holdings Inc. (Wichita, U.S.)


• STELIA Aerospace Group (Toulouse, France)


• Triumph Group, Inc. (Berwyn, U.S.)


• Collins Aerospace (Charlotte, U.S.)


• Elbit Systems Ltd. (Haifa, Israel)

KEY INDUSTRY DEVELOPMENTS:

• August 2021- Boeing has awarded a contract to Mahindra aerostructure to manufacture inlet outer barrel components and sub-assemblies of B737 aircraft.


• January 2021- Raytheon technologies awarded a contract to CPI aerostructure to manufacture structural assemblies on an undisclosed platform.


• March 2021- Magellan aerospace corporation announced a contract with Boeing commercial airplanes to extend the supply of landing gear kits and other complex structural components for the 737, 767, and 777 aircraft.


•  June 2021- Magellan aerospace corporation announced an agreement with Airbus on an extension of the contract to supply aluminum and titanium structural wing components from Magellan UK's facilities located throughout Europe and India. This contract renewal comprises precision machined details and assemblies for use on the A320 and A330 aircraft.

REPORT COVERAGE

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The global aerostructures market research report provides a detailed analysis of the market. It encompasses key aspects of this industry such as R&D capabilities and optimization of the manufacturing process. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the market's growth over recent years.

Report Scope & Segmentation