Aircraft Aerostructures Market Growth Analysis | 2019-2024
Aircraft Aerostructures Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2019-2024
As per Stratview Research, the global aircraft aerostructures market is projected to grow at a healthy rate over the next five years to reach US$ 82.9 billion in 2024. Increasing commercial and regional aircraft deliveries, increasing production rates of the next-generation aircraft (B787 and A350XWB) programs, increasing penetration of composites in aircraft structures, and advancements in the technologies are some major factors that are underpinning the growth of the market.
Aerostructures are the most vital parts of an aircraft. The demand and growth of the aerostructures market are highly governed by commercial aircraft deliveries. Advancements in design, materials, and processes have assisted the industry to grow faster, meeting airlines’ needs. Aerostructure holds the largest share of more than 30% in the overall aircraft production value, followed by aero-engines, avionics, systems & electronics, and interiors. The growing wealth of emerging economies, which is triggering accessibility to air traffic, is a preeminent factor leading to a rise in passenger traffic or trips per capita across the globe. This, in turn, is leading to the demand for newer aircraft, which is pushing the global aerostructures market.
A trend that will most probably be impacting the competitive dynamics of the market, is expected shift in the manufacturing of aerostructures from tier players to OEMs. The year 2018 witnessed a large number of high-value M&A activities in the industry. Major tier players acquired other tier players with an aim to capture a larger chunk of the market. However, this led to the announcement made by Boeing and Airbus to increasingly backward-integrate themselves by making crucial components including aerostructures for their upcoming programs. Recent market consolidation at tier-I level due to a large number of mergers & acquisitions among tier players has compelled both the airframers to go back with their former strategy of making crucial parts in-house. This consolidation at tier level may curtail the bargaining power of OEMs to some extent. Also, the major tier-I players generally enjoy higher margins than OEMs, which is another factor pushing OEMs to increasingly produce crucial aircraft parts in-house. Boeing’s move of making wings for its upcoming aircraft program B777x in-house is one of the major examples of such a shift that is taking place in the market.
The market is segmented based on the aircraft type as narrow-body aircraft, wide-body aircraft, very large-body aircraft, regional aircraft, general aviation, helicopter, military aircraft, and UAV. Narrow-body aircraft is likely to remain the largest segment of the aircraft aerostructures market during the forecast period. Increasing production rates of the key programs such as B737 and A320 family; market entry of new players such as COMAC and Irkut; and introduction of variants of existing and upcoming aircraft programs such as B737 max, A320neo and COMAC C919, are likely to create a strong demand for aerostructures in the narrow-body aircraft segment. Wide-body aircraft is likely to remain the second-largest segment during the forecast period and is expected to grow at an impressive rate during the forecast period.
The market is segmented as metal aerostructures and composite aerostructures. Metal aerostructure is likely to remain the larger segment, whereas composite aerostructure is likely to witness higher growth over the next five years. Airliners are aggressively seeking lightweight composite parts/structures that can contribute to their goal of achieving higher fuel efficiency and reducing emissions. This has resulted in an increased demand for composite aerostructures. A350XWB and B787 are the growth engines for composite aerostructures. Fuselage and wings of the A350XWB and B787 programs are the major applications made of composites instead of metals, unlike other aircraft.
The market is segmented as fuselage, wings, empennages, nacelles & pylons, and others. The fuselage is projected to remain the largest application segment of the market during the forecast. Fuselage is the principal component of an aircraft as it covers the main body section of an aircraft. A typical narrow-body aircraft's fuselage has length of about 33.6 meters and height of about 4 meters. Wings are likely to experience the highest growth in the aircraft aerostructures market due to a gradual shift from metal to composite wings in the modern aircraft models. Upcoming aircraft program B777x is an example of such shift as it has composite wings instead of metal wings.
North America is projected to remain the largest market during the forecast period, driven by the USA. The country is the hub of the aerospace industry with the presence of several tier players and aircraft OEMs. Asia-Pacific is likely to depict the highest growth during the forecast period. The region is likely to remain the most eye-catching market in the foreseeable future, mainly driven by the upcoming commercial and regional aircraft, such as C919 and MRJ, and the opening of assembly plants in China by Boeing and Airbus, and the largest commercial aircraft fleet size.
Trend & Forecast Period
Size in 2024
US$ 82.9 billion
North America, Europe, Asia-Pacific, Rest of the World
The USA, Canada, Mexico, France, Germany, the UK, Spain, Russia, China, Japan, India, Latin America, the Middle East and Others
Figures & Tables
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The Aircraft Aerostructures Market is segmented in the following ways:
By aircraft type:
By material type:
By application type:
By sales channel type:
The supply chain of this market comprises raw material suppliers, tier players, OEMs, distributors, and airlines.
The key aerostructure manufacturing companies are-
Development of lightweight structures, speeding up of production rates, mergers & acquisitions, and collaborations with OEMs for the joint development of aerostructures are some of the strategies adopted by the major players in order to gain a competitive edge in the market.
For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. We leverage multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.
This report, from Stratview Research, studies the aircraft aerostructures market over the trend period of 2013 to 2018 and forecast period of 2019 to 2024 with high emphasis on accurate market data, insights and competitive landscapes. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
The following are the key features of the report:
Driven by a number of factors like increasing commercial and regional aircraft deliveries, the market is projected to reach an estimated value of US$ 82.9 billion in 2024.
Spirit AeroSystems Inc., GKN PLC, UTC Aerospace Systems, Premium Aerotech GmbH, Triumph Group, Mitsubishi Aircraft Corporation, STELIA Aerospace S.A.S., Safran SA, Leonardo SPA, Kawasaki Heavy Industries Ltd, FACC AG, Korean Aerospace Industries, Ltd., and Subaru Corporation. are among the key players in the market.
North America is expected to remain the largest market during the forecast period of 2019-2024, driven by the USA. The country is the hub of the aerospace industry with the presence of several tier players and aircraft OEMs.
Asia-pacific is expected to witness the highest growth in the market during the next five years.
Narrow-body aircraft is expected to remain the largest aircraft type in the market in the coming years.
Fuselage is expected to remain the largest application type in the market during the forecast period.
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