Aerostructures Market to Surpass USD 101.89 Billion by 2030 Driven by Rising Demand for Air Travel and Major Technological Advancements | Research by SNS Insider

As per SNS Insider’s research, the aerostructures market is thriving due to a combination of factors, including increased air travel demand, environmental concerns, technological innovations, military modernization, and emerging markets.

Pune, Oct. 05, 2023 (GLOBE NEWSWIRE) -- “The SNS Insider report indicates that the Aerostructures Market reached USD 57.13 billion and is projected to achieve USD 101.89 billion by 2030, with a projected compound annual growth rate of 7.5% from 2023 to 2030.”

Market Overview

Aerostructures refer to the critical components and structures that make up the external framework and surfaces of an aircraft. These components play a fundamental role in ensuring the aerodynamic performance, structural integrity, and overall safety of an aircraft. Aerostructures are meticulously designed and manufactured to meet stringent standards and regulations set by aviation authorities to ensure the reliable operation of airplanes and other aerospace vehicles.

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Market Analysis

The aerostructures market is a dynamic and ever-evolving sector within the aerospace industry. The increasing global population, urbanization, and expanding middle-class income levels are driving the demand for air travel. As more people choose to fly, airlines are investing in new aircraft, creating a constant need for innovative and efficient aerostructures to enhance fuel efficiency, reduce maintenance costs, and improve passenger comfort. Rapid advancements in materials science, composite technologies, and manufacturing processes are revolutionizing aerostructures. The integration of carbon fiber-reinforced composites, additive manufacturing, and other cutting-edge technologies is enabling the development of lighter, stronger, and more cost-effective components, further driving market growth. Governments worldwide are investing in the modernization of their military fleets, leading to increased demand for advanced aerostructures for fighter jets, transport planes, and UAVs. These platforms require aerostructures that are not only robust but also capable of accommodating advanced electronics, sensors, and weaponry.

Major Players Listed in this Report are:

  • Airbus SE
  • Saab AB
  • Bombardier Inc
  • AAR Corp
  • Spirit AeroSystems Inc.
  • Leonardo S.P.A
  • Raytheon Technologies Corporation
  • Triumph Group Inc.
  • Elbit Systems Ltd. & Other Players

Aerostructures Market Report Scope:

Report Attributes Details
Market Size in 2022  US$ 57.13 Billion
Market Size by 2030  US$ 101.89 Billion
CAGR  CAGR of 7.5% From 2023 to 2030
Base Year  2022
Forecast Period  2023-2030
Historical Data  2019-2021
Key Regional Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)

Key Takeaway from Aerostructures Market Study

  • In the world of rotary-wing aircraft, the rotary-wing segment is poised to assert its dominance in the market. Helicopters, tiltrotors, and other rotary-wing aircraft have unique design requirements and performance characteristics that set them apart from their fixed-wing counterparts, making the rotary-wing segment a key player in the industry.
  • In the ever-evolving aerospace industry, one segment has consistently proven its dominance - the metals segment. Aerostructures, the vital components that form the skeleton of an aircraft, play a pivotal role in ensuring the safety, performance, and efficiency of aviation vehicles. Among these aerostructures, those composed of metal materials have asserted their supremacy in various ways.

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Recent Developments

  • General Atomics, a leading American aerospace and defense technology company, has joined forces with Bharat Forge Limited, a prominent Indian engineering conglomerate, in a strategic partnership aimed at manufacturing cutting-edge aerostructures for the global aerospace industry.
  • In a significant development for India's defense sector, GE Aerospace, a renowned global leader in aviation technology, has recently inked a Memorandum of Understanding (MOU) with Hindustan Aeronautics Limited (HAL) to embark on a collaborative effort aimed at co-producing advanced jet engines for the Indian Air Force (IAF).

Market Dynamics Analysis

The dynamics of the aerostructures market are characterized by a complex interplay of drivers, restraints, challenges, and threats that significantly impact its growth and evolution. On the driver's side, the increasing demand for fuel-efficient and lightweight aircraft is propelling the market forward, as these components play a pivotal role in achieving these objectives. Moreover, the surging air travel passenger traffic, particularly in emerging economies, is driving the need for new aircraft production and, subsequently, aerostructures. Advancements in materials and manufacturing technologies also act as catalysts, enabling the production of more durable and cost-effective aerostructures. However, amidst these opportunities, several restraints such as stringent regulatory standards, high initial capital requirements, and supply chain complexities pose challenges for market participants. Additionally, the COVID-19 pandemic has disrupted global aviation, resulting in reduced demand and production delays, further complicating the industry's recovery. Threats in the form of trade tensions, geopolitical uncertainties, and market consolidation also loom large, potentially impacting the market's stability and growth trajectory. Consequently, stakeholders in this industry must navigate this dynamic landscape with adaptability and innovation to secure their foothold in the evolving aerospace sector.

Aerostructures Market Key Segmentation:

By Component

  • Nacelle and Pylon
  • Fuselage
  • Wings
  • Flight Control Surfaces
  • Nose
  • Others

By Material

  • Metals
  • Alloys
  • Composite

By End-Use

  • Aftermarket
  • OEM

By Platform

  • Rotary Wing
  • Fixed Wing

Key Regional Developments

North America, particularly the United States, remains a dominant force in the aerostructures market. The presence of major aerospace companies like Boeing and Lockheed Martin, coupled with a strong focus on innovation and research, ensures that this region continues to be a leader in aerostructure manufacturing. Europe is a major hub for aerostructures, with companies like Airbus and Dassault Aviation headquartered here. The European Union's emphasis on sustainability and carbon-neutral aviation is driving innovations in lightweight aerostructures. The rapid growth of the aviation industry in Asia Pacific has led to an increased demand for aerostructures. Local manufacturers are expanding their capabilities to meet this demand, while also eyeing the international market.

Impact of Recession on Aerostructures Industry Growth

The ongoing recession has presented unique challenges to the aerostructures market, primarily stemming from reduced air travel, supply chain disruptions, financial constraints, and shifting demand. However, it also offers opportunities for companies to adapt, innovate, and explore new markets, with the potential for government support to aid in the recovery process. The path forward for aerostructure manufacturers will require resilience, adaptability, and a strategic outlook to navigate these challenging times successfully.

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Table of Contents

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Aerostructures Market Segmentation, By Component

9. Aerostructures Market Segmentation, By Material

10. Aerostructures Market Segmentation, By End-Use

11. Aerostructures Market Segmentation, By Platform

12. Regional Analysis

13. Company Profile

14. Competitive Landscape

15. USE Cases and Best Practices

16. Conclusion

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