Press release
Aerostructures Market to Reach USD 106.34 Billion by 2030 with 8.7% CAGR
Aerostructures Market
The global aerostructures market is on a trajectory of significant growth, driven by escalating demand in both commercial and defense aviation sectors. In 2023, the market was valued at approximately USD 59.30 billion and is projected to reach USD 106.34 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.7 % during the forecast period.
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Aerostructures Market Competitive Landscape and Regional Demand
The aerostructures market is characterized by a dynamic competitive landscape, with key players such as Spirit AeroSystems, GKN Aerospace, UTC Aerospace Systems, and AAR Corp. leading the industry. These companies are recognized for their technological expertise and comprehensive product portfolios. Strategic initiatives, including mergers, acquisitions, and partnerships, are commonly employed to strengthen market positions and expand geographic reach.
North America dominated the aerostructures market with a market share of 37.62% in 2023, attributed to the presence of leading aerostructure manufacturers and increasing aircraft deliveries in both commercial and defense applications. Asia Pacific is anticipated to witness significant growth, driven by increasing demand for aircraft in defense and general aviation sectors, particularly in emerging economies like China and India.
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Vietnam: Aerostructures Market Opportunities
Vietnam has approved the merger between Korean Air and Asiana Airlines, reflecting its supportive stance towards regional aviation consolidation. This approval signifies potential growth opportunities in Vietnam's aerostructures market, as the merger is expected to enhance the regional aviation sector.
Thailand: Trends in Aerospace Manufacturing
Thailand's approval of the Korean Air-Asiana Airlines merger indicates its commitment to strengthening the aviation industry. This development is expected to stimulate growth in Thailand's aerostructures market, aligning with global trends in aerospace manufacturing.
Japan: Advancements in Aerostructures
Japan's Fair Trade Commission approved the Korean Air-Asiana Airlines merger on January 31, 2024, reflecting its support for advancements in the aviation sector. This approval is anticipated to foster growth in Japan's aerostructures market, promoting technological advancements and industry consolidation.
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South Korea: Consolidation in Aerostructures Industry
South Korea's Fair Trade Commission granted conditional approval for the Korean Air-Asiana Airlines merger on December 26, 2023. This consolidation is expected to create one of Asia's largest airlines, potentially driving demand in the aerostructures industry due to increased aircraft production and maintenance requirements.
Singapore: Aerostructures Market Growth
Singapore's approval of the Korean Air-Asiana Airlines merger underscores its strategic role in the regional aviation market. This development is likely to contribute to the growth of Singapore's aerostructures market, enhancing its position as a key aerospace hub.
United States: Trends in Aerostructures
The U.S. Department of Justice approved the Korean Air-Asiana Airlines merger on December 2, 2024, after initial antitrust concerns. This approval is expected to influence trends in the U.S. aerostructures market, potentially leading to increased collaborations and technological innovations.
China: Opportunities in Aerostructures
China's Ministry of Commerce approved the Korean Air-Asiana Airlines merger on December 26, 2022. This approval may open up new opportunities in China's aerostructures market, fostering collaborations and supply chain enhancements within the aerospace sector.
Europe: Aerostructures Market Expansion
The European Commission granted conditional approval for the Korean Air-Asiana Airlines merger on February 13, 2024. This development is anticipated to expand the aerostructures market in Europe, encouraging industry consolidation and competitiveness.
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Key Recent Developments
United Kingdom: Senior Plc, a British engineering company, is in advanced talks to sell its aerostructures business, aiming to turn it profitable by 2025. This strategic move reflects the company's efforts to maximize shareholder value and adapt to changing market dynamics.
India: Larsen & Toubro Ltd (L&T) plans to expand its aerospace division in response to India's growing private space sector. Leveraging its long-standing relationship with ISRO, L&T aims to capitalize on new opportunities in aerospace manufacturing.
In conclusion, the global aerostructures market is poised for substantial growth, driven by increasing demand in the aviation sector and strategic industry developments across various regions.
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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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