Aerostructures Market size is likely to surpass USD 55 billion by 2027, according to a new research report by Global Market Insights Inc.
Multiple factors such as growth in the global commercial aircraft market, increasing air traffic, and the growing middle-class population preferring air travel due to low air travel fares is boosting he aerostructures industry growth. Emerging economies are significantly fueling the development of commercial aircraft. Countries including China, India, Brazil, and Malaysia are expanding their aircraft fleet, thereby driving the demand for aerostructures.
Due to improving global connectivity, airline companies are expanding their network to reach all parts of the globe. The expansion will drive the demand for developing new aircraft, in turn, driving the product demand. The COVID-19 pandemic is poised to have a short-term impact on the aerostructures market. Strict lockdown measures and social distancing norms have reduced the demand for air travel significantly. However, with the lifting of lockdown measures, the industry will return to normalcy.
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Browse key industry insights spread across 210 pages with 276 market data tables & 21 figures & charts from the report, “Aerostructures Market Size By Component (Nacelles & Pylons, Doors, Fuselage, Empennage, Wings), By Material (Metal, Composite, Alloys), By Aircraft (Commercial [Narrow-body, Wide-body], Regional, Business, Military, Helicopter), By End-user (Line Fit, Retrofit), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Wings component segment is projected to witness around 4% CAGR through 2027. Aircraft wings are witnessing huge potential owing to the rising demand in performance and production rates of new aircraft. Moreover, better aircraft stability, wing flight control surfaces, and usage of the latest technologies, such as 3D printings, will further drive the cost of wings. The growing demand for commercial aircraft is driving the demand for aircraft wings.
Composite materials to generate over USD 400 million in aerostructures market by 2027. Composite materials are used for the production of aerostructures due to their properties such as durability, lightweight, toughness, and reliability. Moreover, the cost of composites is declining owing to their increased adoption in various industries, improving their penetration in the industry.
The commercial segment is anticipated to see significant growth from 2020 to 2027. Increased domestic and international air travel is driving the demand for commercial aircraft. The aviation industry players are increasing their production output to meet arising aircraft demand from airliners. The growing population in conjunction improving living standards in emerging nations is increasingly preferring air transport over domestic travel. Growing passenger numbers will drive the demand for aircraft, thereby driving the demand for aerostructures.
Asia Pacific to bank upon growing passenger traffic
The Asia Pacific aerostructures market size is estimated to grow at 3% CAGR through 2027. Growing air travel is primarily driving the demand for commercial aircraft in the region. Countries including China, India, Vietnam, and Malaysia are among the fastest-growing aviation markets in the world. The demand for air travel from China and India is set to increase on account of the increasing middle-class population and supportive government initiatives for more convenient & inexpensive air travel. Growing tourism activities in South Asian countries are fueling the demand for commercial aircraft.