Asia Pacific Commercial Aircraft Aerostructures Market - Growth, Trends, Covid-19 Impact, And Forecasts (2023 - 2028)

Asia Pacific Commercial Aircraft Aerostructures Market - Growth, Trends, Covid-19 Impact, And Forecasts (2023 - 2028)

The Asia Pacific commercial aircraft aerostructures market is anticipated to grow at a CAGR of 4.79% during the forecast period.

The aviation sector across the Asia Pacific has witnessed a severe impact due to covid-19 pandemic. The International Air Transport Association (IATA) stated that in 2020, Asia-Pacific airlines recorded a revenue decline of USD 113 billion compared to last year due to the pandemic, which was the biggest drop of all the regions. The market showcased a strong recovery post covid due to increased air passengers, rising procurement of commercial aircraft, and growing aircraft modernization programs.

With the increase in air passenger traffic, the requirement for new aircraft has increased, which will be a driving factor for the growth of the market. According to CH Aviation, there has been an increase in global air fleet size in 2022, and the active air fleet in September 2022 has witnessed a 5% YoY growth. The active air fleet in the Asia-Pacific region in the month of September 2022 was 10,894, while it included 8,695 active and 2,199 aircraft.

With the aviation industry evolving technologically, aircraft manufacturing companies are researching and developing new, advanced, and composite materials that are used for manufacturing aircraft, which provide more strength and durability while weighing less. As the demand for commercial aircraft is increasing, despite the few restraints mentioned above, the market is expected to grow during the forecast period.

Asia Pacific showed the highest growth in the number of air travelers in the past few years. Growing spending on the aviation sector and the increased number of air passengers, especially in India and China, create demand for new commercial aircraft. According to the International Air Transport Association (IATA), Asia-Pacific airlines witnessed a 464.8 percent rise in September 2022 compared to the same period last year, which was the strongest year-over-year growth rate among all regions. Also, the passenger capacity rose by 165 percent in 2022. Furthermore, in 2022, there were 633 known projects at existing airports globally, with an aggregate investment of USD 565.7 billion. Out of these, Asia Pacific is among the largest spenders on airport infrastructure, with 228 ongoing infrastructure projects valued at USD 227 billion. Thus, growing investment in the aviation sector leads to rising demand for aircraft components which in turn drives the market growth.

Composite materials are widely used in aerospace in applications such as brackets, engine blades, nacelles, interiors, single aisle wings, propellers/rotors, and wide-body wings. The composite materials provide lightweight, high strength, and good fatigue resistance. These materials have exceptional strength and stiffness-to-density ratios and superior physical properties. A composite material consists of relatively strong, stiff fibers in a tough resin matrix. There are three main types of composites used in aerospace which are carbon fiber, glass, and aramid-reinforced epoxy. Composite materials have played a vital role in the weight reduction of aerostructures. Composite materials comprise more than 20% of the A380’s airframe. Glass-fiber-reinforced and carbon-fiber-reinforced polymers (CFRPs) are used extensively in fuselage sections, wings, doors, and tail surfaces.

For instance, in July 2021, Markforged, creator of the integrated metal and carbon fiber additive manufacturing platform, the Digital Forge, launched two composite materials, Onyx™ FR-A, and Carbon Fiber FR-A, for aerospace and other applications. Thus, the growing use of advanced composite materials that provide high stiffness, strength, and reduced weight of aerostructures boosts the growth of the market.

India, in the current scenario, is witnessing a significant increase in aircraft manufacturing, air passenger traffic, and commercial aircraft deliveries. Growth in air passenger traffic, coupled with governmental investments and support, as well as the need for aircraft with advanced aerostructures, is pushing the market to grow significantly in the coming years.

According to the data released by the Ministry of Civil Aviation in February 2023, the Indian aviation sector witnessed a total of 6,060 domestic aircraft movements, with 3026 departing and 3034 arriving flights carrying a total of 845,941 domestic passengers. In addition, there were 947 international aircraft movements, with 515 international flights landing in India and 432 flights departing from India and carrying a total of 162,991 passengers. Furthermore, India’s air passenger traffic witnessed growth by 47% on year to reach 123.2 million passengers in 2022, indicating a strong recovery from the dampened travel sentiment seen in 2021 and 2020 due to the COVID pandemic.

Moreover, there has been significant growth in aircraft deliveries in India in the past few years. Various Indian airline companies are now upgrading or replacing their fleet of old aircraft with new and advanced aircraft. For instance, in February 2023, Air India announced they would purchase a record number of passenger airplanes to compete for a greater share of the booming domestic and international air travel market. The order for Boeing airplanes includes 190 B737 MAX jets, 20 Boeing B787 Dreamliners, and ten widebody B777X planes for a total of 220 aircraft. In addition to the Boeing jets, Air India is ordering 250 airplanes from European manufacturer Airbus, including 210 A320 Neo narrow-body planes and 40 A350 wide-body aircraft.

Similar initiatives to foster the aviation manufacturing industry in India are anticipated to positively affect the commercial aircraft aerostructures market in the country during the forecast period.

The market is moderately fragmented and features several local players in addition to global technology providers. Some of the key players in the market are The Boeing Company, Lockheed Martin Corporation, Commercial Aircraft Corporation of China (COMAC), Airbus SE, and TATA Advanced Systems Ltd. Key players are focusing on the introduction of advanced technologies to reduce weight, improve reliability, and performance of the aerostructures. Also, key OEMs focus on business expansion through contracts, partnerships, and new product launches. For instance, in August 2022, Kaiser Aluminum signed a long-term contract with Boeing to supply sheet and light gauge aluminum plates for use in Boeing commercial aircraft products.

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