Press release
Aircraft Brackets Market will register Intensive growth by 2024 - Key players- AeroTEC, Triumph Group, Arconic, AIM Aerospace Inc., Spirit AeroSystems
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The aircraft brackets market place, based on application is segmented into fuselage, landing gear, engine mount, and wings. The increasing innovations in the aircraft brackets for lowering its weight contributes significantly towards increasing the aircraft efficiency. The requirement for high load bearing capability of the brackets for supporting the major aircraft components including landing gear and wings is further strengthening the aircraft bracket market expansion till 2024.
North America is expected to contribute significantly towards the aircraft brackets market size. This dominance is attributed to the presence of major aircraft manufacturers across the region focusing on introducing innovative and efficient flights, catering to the increasing air traffic demand. Further, the increasing military spending along with increasing adoption of light weight aircrafts for diversified operations is augmenting the industry share till 2024.
Based on distribution channel, the aircraft brackets market place is segmented into OEM and MRO. Increasing aircraft production requires industry participants to invest in light weight and innovative aircraft bracket solutions, providing a positive outlook for the industry expansion. The stringent regulations mandating the replacement and maintenance of aircraft components for maintaining the flight airworthiness is supporting the MRO expansion till 2024.
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Industry participants are continuously investing in R&D for introducing advanced bracket solutions for increasing their market share gaining an edge over the competition. For instance, Russian engineers and scientists from NUST MISIS are working on an innovative bionic bracket solution, that is manufactured by laser extension from the powder of titanium alloy. This bracket reduces the product weight by around 20% and offers improved aircraft weight savings of around a ton.
Based on aircraft, the aircraft brackets market place is segmented into military aircraft, regional jets, commercial aviation, and business aviation. Increasing demand for military aircrafts coupled with proliferating defense expenditures across the globe is positively influencing the market expansion till 2024. The requirement for improved quality, lower weight, and high precision components for aiding advanced flight operations is further augmenting the segment growth over the projected timeframe.
Based on material used in the aircraft brackets, the segment is categorized into steel, aluminum, and composites. The increasing usage of aluminum and composites for manufacturing aircraft brackets is attributed to the benefits offered by these materials including improved durability and superior corrosion resistance, augmenting the industry expansion over the study timeframe.
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The key players in the aircraft brackets market place include Premium AEROTEC, Tri-Mack Plastic Manufacturing, Triumph Group, Denroy Plastics, Arconic, AIM Aerospace, Stroco Manufacturing, and Spirit Aerosystems. Industry participants are engaged in joint ventures and partnerships for streamlining their business and expand their market share.
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