Aerostructures Market to Hit $114.8 Billion by 2032, Driven by Strong Growth in Commercial Segment

According to a new report published by Allied Market Research, titled, "Aerostructures Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, by Material, by Aircraft Type : Global Opportunity Analysis and Industry Forecast, 2023-2032". The research provides a current evaluation of the global market landscape, highlighting recent trends, key drivers, and the overall market environment. The study examines the main factors influencing industry expansion, analyzing both its growth drivers and restraints. Additionally, it sheds light on factors expected to offer promising opportunities for development of industry in the future. The aerostructures industry was valued at $62 billion in 2022, and is estimated to garner $114.8 billion by 2032, growing at a CAGR of 6.6% from 2023 to 2032.

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The growth of the global aerostructures market is driven by factors such as surge in global air passenger traffic and increase in aircraft demand and production, and advancements in materials engineering. However, regulatory compliance and the disruption in the supply chain hamper the growth of the market. On the contrary, rise in demand for maintenance, repair and overhaul (MRO) services for aging aircraft and surge in the development and adoption of electric aircraft are expected to offer remunerative opportunities for the expansion of the aerostructures market during the forecast period.

The aerostructure sector places greater emphasis on the use of lightweight components that preserve or enhance system integrity. Advanced materials, such as carbon fiber-reinforced polymers in composites, are known for their impressive strength and weight. This emphasis on lighter air contributes to increased fuel efficiency by reducing overall aircraft weight, reducing fuel consumption and operating costs Improved load capacity is in business facilitates the production of aircraft with improved performance, including better durability, corrosion resistance and fatigue. Companies such as Collins Aerospace are involved in the design and operation of multifunctional structures. These systems encompass multiple functionalities in one package, such as acoustic attenuation of aerodynamic surfaces with embedded electro-icing or composite flight control surfaces with embedded sensing technology.

The rising worldwide interest in air travel has resulted in a heightened requirement for commercial aircraft. This upswing in demand significantly influences the aerostructure market, encompassing the manufacturing of wings for diverse categories of commercial airplanes. In addition, the rise in global air travel is a driving factor for the rise in demand for new aircraft. As airlines aim to modernize and enlarge their fleets, there is a corresponding increase in the necessity for advanced aerostructures. Escalating defense expenditures across different nations stimulate the need for military aircraft, encompassing sophisticated wing structures. Moreover, manufacturers receive contracts from prominent aircraft makers to build and supply critical parts for aircraft. For instance, in November 2023, Aequs, a Karnataka-based company, has been awarded a contract by Airbus. The contract involves the supply of critical parts for wings and fuselage components of aircraft.

The aerostructures market is segmented on the basis of component, material, aircraft type, and region. ivided by component into wing, fuselage, empennage, control surface and so on. The aerostructures market is segmented by material into metals, composites and alloys. The market is classified into commercial aircraft, military aircraft and others according to type of aircraft. By region, the aerostructures market is analyzed in North America, Europe, Asia Pacific and LAMEA.

Based on component, the wings segment held the highest market share in 2022, accounting for more than one-fourth of the global aerostructures market revenue, and is estimated to maintain its leadership status throughout the forecast period, as manufacturers receive contracts from prominent aircraft makers to build and supply critical parts such as aerostructures for aircraft. However, the empennage segment is projected to manifest the highest CAGR of 8.3% from 2023 to 2032, owing to increase in focus on the development of aircraft and aerostructure components that are made up of environmentally friendly materials and technologies.

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Based on the material, the metals segment held the highest market share in 2022, accounting for more than half of the global aerostructures market revenue, and is estimated to maintain its leadership status throughout the forecast period as there is a continued demand for traditional materials such as aluminum and titanium in aerostructures. Moreover, the composites segment is projected to manifest the highest CAGR of 7.7% from 2023 to 2032, owing to rise in the production of composite aerostructures due to their advantages such as lightweight, high strength, and corrosion resistance.

Based on aircraft type, the commercial segment accounted for the largest share in 2022, accounting for nearly three-fifths of the global aerostructures market revenue, and is estimated to maintain its leadership status throughout the forecast period as there is a rise in the use of advanced manufacturing technologies, including additive manufacturing, to make certain components of commercial aircraft aerostructure. Moreover, the commercial segment is projected to manifest the highest CAGR of 7.2% from 2023 to 2032, owing to the need for new commercial aircraft due to rise in global air travel and increase in passenger demand.

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-fourth of the aerostructures market revenue, and is expected to dominate the market during the forecast period, as there is rise in aircraft production, and increase in new aircraft orders. However, Europe is expected to witness the fastest CAGR of 8.2% from 2023 to 2032, owing to increased demand for various components, including aerostructures due to rise in the number of orders for new aircraft to expand the fleet and increase the capacity of the airlines.

Key players operating in the global aerostructures market include ELBIT SYSTEMS LTD., Airbus SE, Saab AB, Spirit AeroSystems, Inc., Leonardo S.p.A., Triumph Group, Inc., GKN Aerospace Services Limited., Boeing, and FACC AG, AAR Corporation. The companies are adopting strategies such as contract, partnership, expansion, and others to improve their market positioning.

Key Benefits For Stakeholders:

➢ This report provides a quantitative analysis of the aerostructures market segments, current trends, estimations, and dynamics of the aerostructures market analysis from 2022 to 2032 to identify the prevailing market opportunities.
➢ The aerostructures market research is offered along with information related to key drivers, restraints, and opportunities.
➢ Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
➢ In-depth analysis of the market segmentation assists to determine the prevailing aerostructures market opportunities.
➢ Major countries in each region are mapped according to their revenue contribution to the global aerostructures market.
➢ aerostructures market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
➢ The report includes the analysis of the regional as well as global aerostructures market trends, key players, market segments, application areas, and market growth strategies.

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