Wilmington, Delaware:, Jan. 12, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Aerostructures Market by Component (Wings, Fuselage, Empennage, Control Surfaces, and Others), Material (Metals, Composites, and Alloys), and Aircraft Type, (Commercial Aircraft, Military Aircraft, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032”.
According to the report, the global aerostructures industry size generated $62.0 billion in 2022 and is anticipated to generate $114.8 billion by 2032, witnessing a CAGR of 6.6% from 2023 to 2032.
(We are providing aerostructures industry report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and Russia-Ukraine War Impact Analysis)
- 128 - Tables
- 85 - Charts
- 276 - Pages
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Prime determinants of growth
The growth of the global aerostructures market is driven by factors such as surge in global air passenger traffic and increase in aircraft demand and production, and advancements in materials engineering. However, regulatory compliance and the disruption in the supply chain hamper the growth of the market. On the contrary, rise in demand for maintenance, repair and overhaul (MRO) services for aging aircraft and surge in the development and adoption of electric aircraft are expected to offer remunerative opportunities for the expansion of the aerostructures market during the forecast period.
Aerostructures Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $62.0 Billion |
| Market Size In 2032 | $114.8 Billion |
| CAGR | 6.6 % |
| No. Of Pages in Report | 276 |
| Segments Covered | Component, Material, Aircraft Type, And Region. |
| Drivers | Surge In Global Air Passenger Traffic Increase In Aircraft Demand and Production Advancements In Materials Engineering |
| Opportunities | Rise In Demand for Maintenance, Repair, And Overhaul (MRO) Services for Aging Aircraft Surge In the Development and Adoption of Electric Aircraft |
| Restraints | Regulatory Compliance The Disruption in The Supply Chain |
Impact of Russia-Ukraine War Scenario
- On February 24, 2022, Russia initiated an invasion of Ukraine, marking a significant escalation in the ongoing Russo-Ukrainian War that commenced in 2014. The invasion of Ukraine by Russia and the subsequent sanctions imposed on the country have introduced numerous challenges for the aviation industry. For instance, as of March 25, 2022, 36 countries, including members of the European Union, the UK, and the U.S., have implemented airspace closures for Russian airlines.
- Moreover, uncertainty in financial markets caused by geopolitical tensions can impact investment decisions and consumer confidence. Aerospace firms may postpone or reassess expansion plans, research and development investments, or the initiation of new projects due to the unpredictable geopolitical landscape. Such tensions can also sway the demand for air travel and aviation services. Heightened uncertainty and security considerations might result in a decreased demand for new aircraft, prompting aerostructure manufacturers to adapt production levels in response to shifts in orders.
The wings segment to maintain its leadership status throughout the forecast period.
Based on component, the wings segment held the highest market share in 2022, accounting for more than one-fourth of the global aerostructures market revenue, and is estimated to maintain its leadership status throughout the forecast period, as manufacturers receive contracts from prominent aircraft makers to build and supply critical parts such as aerostructures for aircraft. However, the empennage segment is projected to manifest the highest CAGR of 8.3% from 2023 to 2032, owing to increase in focus on the development of aircraft and aerostructure components that are made up of environmentally friendly materials and technologies.
Recent Aerostructures Developments in the Industry:
- Supernal LLC and GKN Aerospace collaborate on high-voltage wiring and lightweight aerostructures (June 2023).
- Saab AB partners with Boeing for Boeing 787 Dreamliner cargo doors (September 2023).
- ELBIT SYSTEMS LTD. secures Boeing contract for large cargo doors (January 2023).
- Spirit AeroSystems partners with Honda Aircraft for composite fuselage (June 2023).
- Leonardo S.P.A. collaborates with Vertical Aerospace on carbon composite fuselage (February 2022).
- FACC AG expands Airbus partnership for A220 empennage components (September 2021).
- Boeing and Tata Boeing Aerospace develop complex vertical fin for 737 airplanes (February 2021).
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The metals segment to maintain its leadership status throughout the forecast period.
Based on the material, the metals segment held the highest market share in 2022, accounting for more than half of the global aerostructures market revenue, and is estimated to maintain its leadership status throughout the forecast period as there is a continued demand for traditional materials such as aluminum and titanium in aerostructures. Moreover, the composites segment is projected to manifest the highest CAGR of 7.7% from 2023 to 2032, owing to rise in the production of composite aerostructures due to their advantages such as lightweight, high strength, and corrosion resistance.
The commercial segment to maintain its lead position during the forecast period
Based on aircraft type, the commercial segment accounted for the largest share in 2022, accounting for nearly three-fifths of the global aerostructures market revenue, and is estimated to maintain its leadership status throughout the forecast period as there is a rise in the use of advanced manufacturing technologies, including additive manufacturing, to make certain components of commercial aircraft aerostructure. Moreover, the commercial segment is projected to manifest the highest CAGR of 7.2% from 2023 to 2032, owing to the need for new commercial aircraft due to rise in global air travel and increase in passenger demand.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-fourth of the aerostructures market revenue, and is expected to dominate the market during the forecast period, as there is rise in aircraft production, and increase in new aircraft orders. However, Europe is expected to witness the fastest CAGR of 8.2% from 2023 to 2032, owing to increased demand for various components, including aerostructures due to rise in the number of orders for new aircraft to expand the fleet and increase the capacity of the airlines.
Key Report Highlights:
- Analysis spans 16+ countries, breaking down values ($ million) by country (2022-2032).
- Methodology blends robust data, expert opinions, ensuring a holistic market perspective.
- Thorough review of 3,700+ product catalogs, reports, and industry sources enhance market insights.
- Aerostructures market, led by key players like Airbus, Boeing, exhibits slight fragmentation.
- Ongoing monitoring of major strategies—contracts, partnerships, expansions—by industry leaders.
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Leading Market Players: -
- Airbus SE
- ELBIT SYSTEMS LTD.
- Saab AB
- Spirit AeroSystems, Inc.
- Leonardo S.p.A.
- Triumph Group, Inc.
- AAR Corporation
- GKN Aerospace Services Limited.
- Boeing
- FACC AG
The report provides a detailed analysis of these key players in the global aerostructures market. These players have adopted various strategies such contract, partnership, agreement, expansion, product launch, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
Similar Reports We Have on Aviation Industry:
Fuselage Market Research Report 2023-2032
Aircraft Control Surface Market Research Report 2023-2032
Commercial Aircraft Wing Market Research Report 2023-2032
Aero Wing Market Research Report 2023-2032
Winglets Market Research Report 2023-2032
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