Aerostructures Market Analysis

Aerostructures Market Analysis

Aerostructures market from fuselage components is estimated to witness a 3% CAGR through 2027 impelled by increasing aircraft production. The aviation industry participants are increasing their manufacturing capacity to reduce the previous production backlog. A fuselage is the main part of the aircraft body, which is utilized for carrying passengers and crew members. Growing aircraft production in the commercial sector and military will augment the demand for fuselage.

In 2020, Alloys material segment held over 50% market share as these reduce overall aircraft weight and aid in improving performance. Alloys are widely utilized in aerostructures led by their excellent fatigue, low-density, cryogenic toughness, and high specific modulus properties. Government regulations are compelling the aircraft industry to reduce fuel consumption, in turn, minimizing carbon emissions. Companies are therefore working on developing lightweight alloys that are best suited to reduce the overall weight of the aircraft.

The aerostructures market from military application generated above USD 4 Billion revenue in 2020. Military expenditure is on the rise globally owing to increasing geopolitical rifts among various nations. According to the Stockholm International Peace Research Institute (SIPPI), the global military expenditure crossed USD 1.9 trillion in 2019 and is poised to increase in the coming years. Countries are working on modernizing their existing military aircraft fleet to improve their aerial defense capabilities. Technological advancements in military aircraft are further driving the demand for aerostructures.

The line-fit segment is set to expand at around 3.5% CAGR from 2021 to 2027. Tier 1 companies are increasing their production capacities to meet the growing demand for aircraft from various emerging economies and are replacing old aircraft in various developed countries. According to Boeing, the aerospace industry will require over 35,000 aircraft units by 2038 owing to increasing air traffic. The airline operators are continuously expanding their fleet size to meet consumer demand.

North America captured more than 45% of the aerostructures market share and is attributed to the presence of big industry players such as UTC Aerospace Systems, Spirit AeroSystems, and AAR Corporation in the region. Moreover, in the last few years, North America has delivered more aircraft than any other region and is expected to keep providing MRO services & airframe-related solutions.