"Smart Market Solutions to Help Your Business Gain Edge over Competitors"
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.
Request a Free sample to learn more about this report.
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.
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.
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.
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.
To know how our report can help streamline your business, Speak to Analyst
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.
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.
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.
North America Aerostructures Market Size, 2020 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
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.
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.
An Infographic Representation of Aerostructures Market
To get information on various segments, share your queries with us
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.
ATTRIBUTE | DETAILS |
Study Period | 2017-2028 |
Base Year | 2020 |
Estimated Year | 2021 |
Forecast Period | 2021-2028 |
Historical Period | 2017-2019 |
Unit | Value (USD Billion) |
| Component; Material; Platform; End-Use, and Geography |
By Segmentation | By Component
|
By Material
| |
By Platform
| |
By End-Use
| |
By Geography
|
Fortune Business Insights says that the global market size was USD 44.93 billion in 2020 and is projected to reach USD 80.48 billion by 2028.
Growing at a CAGR of 7.86%, the market will exhibit steady growth in the forecast period (2021-2028).
The composite material segment is anticipated to be the leading segment in this market during 2021-2028.
Growing worldwide deliveries of UAVs and increased adoption of composite aerostructure components are major factors driving the markets growth.
AAR Corporation, Saab AB, Bombardier Inc., STELIA Aerospace Group, Leonardo S.P.A., and GKN plc are major global market players.
North America dominated the market share in 2020.
The market key players are focusing on adopting advanced manufacturing technologies to meet the end-users demand.
Related Reports