Aerostructures Market By Component (Wings, Fuselage, Empennage, Control Surfaces, Others), By Material (Metals, Composites, Alloys), By Aircraft Type (Commercial, Military, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The rise in global air travel is a driving factor for the rise in demand for new aircraft. As airlines aim to modernize and enlarge their fleets, there is a corresponding increase in the necessity for advanced aerostructures. Leading aerospace manufacturers such as Boeing and Airbus are expected to witness increased demand for commercial aircraft, leading to escalated production rates to meet these orders. Therefore, the surge in production directly influences the demand for aerostructures. The evolution of technologically sophisticated aircraft, characterized by fuel efficiency and environmental sustainability, frequently necessitates cutting-edge aerostructures. Novel materials and designs play a crucial role in enhancing aerodynamics, fuel efficiency, and overall aircraft performance.
Asia-Pacific is studied across China, India, Japan, South Korea, and the rest of Asia-Pacific. The demand for air travel in the Asia-Pacific region has witnessed significant growth. Factors such as economic advancement, the expanding middle class, and heightened urbanization are driving an increase in passenger numbers. In response to this demand, airlines within the region are expected to make investments in new aircraft, consequently boosting the need for aerostructures.
According to the Boeing's Commercial Market Outlook (CMO) report 2023, China is projected to become the largest domestic aviation market globally within the next two decades. The report anticipates that China will contribute to 20% of the global demand for airplanes by 2042. Aviation providers in the country are expected to place orders for over 8,500 new jets by 2042, which is expected to drive the growth of the aerostructures market.
Moreover, there has been a rise in aircraft orders in various countries of the region. For instance, according to Airbus's forecast released in July 2023, China is anticipated to require more than 9,440 new passenger and freight planes by 2042. The forecast attributes this demand to the rapid growth in passenger traffic, projecting a 5.2% annual growth rate over the next two decades. Moreover, this demand from China constitutes over 23% of the global requirement, estimated at about 40,850 new aircraft in the next 20 years. According to Airbus’ latest India Market Forecast 2022, India is anticipated to witness a demand for 2,210 aircraft over the next 20 years, driven by a projected annual growth rate of 6.2% in passenger traffic. The significant request for new airplanes in China indicates a requirement for elevated aircraft production. Aerostructures constitute integral elements of aircraft, thus the increased demand for planes will result in a notable rise in aerostructures production.
The aerostructures market is segmented on the basis of component, material, aircraft type, and region. Based on component, it is segmented into wings, fuselage, empennage, control surfaces, and others. On the basis of material, it is classified into metals, composites, and alloys. By aircraft type, it is categorized into commercial aircraft, military aircraft, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some major companies operating in the market include Airbus SE, ELBIT SYSTEMS LTD., Saab AB, Spirit AeroSystems, Inc., Leonardo S.p.A., Triumph Group, Inc., AAR Corporation, GKN Aerospace Services Limited., Boeing, and FACC AG.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the aerostructures market analysis from 2022 to 2032 to identify the prevailing aerostructures market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the aerostructures market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global aerostructures market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy ComponentOthers
Wings
Fuselage
Empennage
Control Surfaces
By MaterialMetals
Composites
Alloys
By Aircraft TypeCommercial
Military
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersELBIT SYSTEMS LTD.
Saab AB
Leonardo S.p.A.
Triumph Group, Inc.
GKN Aerospace Services Limited.
Boeing
FACC AG
Airbus SE
Spirit AeroSystems, Inc.
AAR Corporation
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