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Aerostructures Market to Reach USD 74.54 Billion by 2027; Increasing Adoption of Additive Manufacturing in Aerospace to Surge Demand

October 08, 2020 | Aerospace & Defense

The global aerostructures market size is expected to reach USD 74.54 billion by 2027 owing to the increasing adoption of additive manufacturing (AM) that is redefining the way aerostructures are designed across the globe. Fortune Business Insights, in its latest report, titled, “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, 2020-2027.”, observes that the market stood at USD 62.40 billion in 2019 and is projected to exhibit a CAGR of 7.50% between 2020 and 2027.


Boeing Awarded $999 Million Contract by the U.S. Air Force to Develop A-10 Wings


In August 2019, Boeing beat an unnamed company to secure a contract worth USD 999 million from the U.S. Air Force. The contract aims at building replacement wings for over 100 A-10 Warthog fighter planes to keep them into action till the 2030s. The U.S. Air Force has instilled faith in Boeing’s capability to manufacture A-10 wins at an affordable operating cost.


Pam Valdez, Vice President for Boeing Global Services, said, “The Company’s established supply base, along with proven experience with handling the A-10 structures, and the in-depth knowledge of requirements of the U.S. Air Force will aid in delivering standard-quality wings to cater to the critical need of the defense services.” Such developments on the business front are expected to bode well for the growth of the global aerostructures market during the forecast period.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/aerostructures-market-101663


Increasing Adoption of 3D Printing in Aerostructures Design to Spur Demand


The growing concerns towards depleting fossil fuels are propelling the aerostructures manufacturers to develop lightweight aerospace materials such as alloys and aluminum. Technological advancement has further led the manufacturers to adopt additive manufacturing or 3D printing to ensure the production of quality materials that requires less consumption of time. In addition to this, the inclusion of this technology in design leads to a drastic reduction of plastic waste that is expected to boost market growth in the forthcoming years.


Eminent Companies Emphasize on Securing Contracts to Expand Their Product Portfolio


The global market is fragmented by the presence of major companies such as SAAB AB, Stelia Aerospace Group, and GKN Aerospace, among others. These companies are focusing on securing contracts to develop innovative aerostructures and consolidate their positions in the fiercely competitive global marketplace. The other key players are striving to maintain their presence and boost their sales revenue by adopting strategies such as merger and acquisition, partnership, and collaboration that will contribute to market growth.


Industry Development:



  • February 2019 – Aerostructures Assemblies India Pvt. Ltd. (AAI) secured a contract from Saab Ab. According to the company, the contract aims at building structural assembly for the Over Wing Doors (OWD) for the Airbus A321 Neo program.


List of the Companies Operating in the Global Market:



  • AAR Corporation (Illinois, the U.S.)

  • Bombardier Inc. (Montreal, Canada)

  • Cyient Ltd. (Hyderabad, India)

  • GKN plc (Redditch, the U.K.)

  • Leonardo S.P.A. (Italy)

  • RUAG International Holding AG (Bern, Switzerland)

  • Saab AB (Sweden)

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

  • STELIA Aerospace Group (France)

  • Triumph Group, Inc. (Berwyn, the U.S.)

  • Collins Aerospace, a Raytheon Technologies company (Charlotte, the U.S.)

  • Elbit Systems Ltd. (Haifa, Israel)

  • Other Players


Further Report Findings:



  • North America stood at USD 24.40 billion in 2019 and is expected to hold the highest position in the global aerostructures market during the forecast period. This is attributable to the growing commercial and business aviation industry that is driving the demand for advanced aerostructures design in the region.

  • The market in Asia-Pacific is expected to experience an exponential growth owing to the increasing government budget for upgrading aircraft for defense in the region between 2020 and 2027.

  • The composites material segment, based on materials, held a market share of 35.0% in 2019 and is anticipated to showcase a considerable growth in the forthcoming years. This is ascribable to the factors such as the increasing demand from composite to reduce the overall weight of aircraft platforms such as business jets, military aircraft, UAVs, and commercial aircraft.


Table of Segmentation:














































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



By Segmentation



By Component



  • Wings

  • Nose

  • Fuselage

  • Nacelle and Pylon

  • Empennage

  • Others



By Material



  • Alloys

  • Metal

  • Composite



By Platform



  • Fixed-wing aircraft




    • Commercial Aircraft

    • Military Aircraft

    • Business Jets Aircraft

    • General Aviation Aircraft

    • UAV’s




  • Rotary-wing aircraft




    • Commercial & Civil Helicopters

    • Military Helicopters

    • UAV’s




By End-Use



  • Aftermarket

  • OEM



By Region



  • North America (the U.S., Canada, and Mexico)

  • Europe (the U.K, Germany, France, Russia, and Rest of Europe)

  • Asia-Pacific (Japan, China, India, Australia, and Rest of Asia-Pacific)

  • Rest of the world (Brazil, South Africa, and UAE)


Aerostructures Market
  • PDF
  • 2019
  • 2016-2018
  • 150

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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