Selbyville, Delaware, March 25, 2021 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on the aerostructures market which estimates the market valuation for aerostructures will cross US$ 55 billion by 2027. Growing aircraft production to meet the rising demand of the aerospace industry will drive the market growth.
The aerostructures market is on an upward trajectory owing to increased deliveries of commercial aircraft around the world. With the surge in passengers opting for air travel, the commercial aerospace industry is observing rapid growth in the deployment of commercial aircraft. The growing demand from domestic & regional flyers is also expected to drive the demand for aircraft production, further propelling the market for aerostructures.
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Empennage is estimated to see around 3.5% CAGR in aerostructures market through 2027. Empennage provides stability to the aircraft during flight. It is also known as the tail of the aircraft or tail assembly. Growing commercial aircraft production will increase the demand for empennage, thereby propelling the growth of aerostructures during the projected period.
Metal segment will witness significant growth in the aerostructures market size. Aluminum and titanium are widely used metals in the designing & development of aerostructures. These metals are lightweight compared to other metals or steel, thus increasing fuel efficiency and aiding in carrying more weight on an aircraft.
The regional aircraft segment is projected to expand at over 3% CAGR during 2021 to 2027. Growing middle-class population and increasing per capita income are driving regional air travel in various emerging countries including China, India, Brazil, and Vietnam. Governments around the globe are introducing various initiatives to boost regional air travel. For instance, the Government of India introduced UDAN, which is a regional airport development and regional connectivity scheme that aims to make air travel more affordable.
The retrofit segment will witness steady growth over the forecast timeframe. Constant maintenance & repair of aerostructures aims to meet the strict standards set by the aerospace authorities to maintain healthy aircraft conditions and ensure passenger safety. Growing maintenance work on aerostructures will further drive the demand for aerostructures during the projected period.
Europe is likely to hold about 30% of the aerostructures market share in 2027. The region is primarily focused on aviation manufacturers developing fuel-efficient aircraft, thereby complying with strict emission standards enforced across Europe. For instance, Eclipse 550 from Eclipse Aerospace consumes less than 60 gallons of fuel every hour due to its lightweight and is the most fuel-efficient business jet in Europe. The growing demand for business jets in the region will further propel the market size.
Some major findings of the aerostructures market report include:
- Increasing preference for air travel due to the growing middle-class population and low-ticket fares in emerging economies is aiding the aerostructures industry growth.
- Alloys are primarily used in aerostructure designing due to their added advantage of high-strength and low fatigue over conventional metals such as steel and aluminum. Moreover, the risk of corrosion and structural damage due to extreme pressure is reduced with the utilization of alloys in airframe structures.
Key manufacturers of aerostructures are Spirit AeroSystems, AAR Corporation, Saab AB, Leonardo S. P. A., Cyient Ltd., Collins Aerospace, GKN plc., STELIA Aerospace Group, Triumph Group, Inc., Safran SA, Mahindra Aerostructures Pvt. Ltd., and Elbit Systems Ltd.
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Partial chapters from the report table of contents (ToC):
Chapter 2. Executive Summary
2.1. Aerostructures industry 360⁰ synopsis, 2017 - 2027
2.1.1. Business trends
2.1.2. Component trends
2.1.3. Material trends
2.1.4. Aircraft trends
2.1.5. End-user trends
2.1.6. Regional trends
Chapter 3. Aerostructures Industry Insights
3.1. Industry segmentation
3.2. Industry ecosystem analysis
3.2.1. Raw material supplier
3.2.2. Manufacturers
3.2.3. Profit margin analysis
3.2.4. Distribution channel analysis
3.2.5. Value chain disruptions due to COVID-19
3.2.6. Vendor matrix
3.2.6.1. List of raw material suppliers
3.2.6.2. List of manufacturers/distributors
3.3. Raw material analysis
3.4. Technology landscape
3.5. Pricing analysis (including COVID-19 impact)
3.5.1. Cost structure analysis
3.6. Regulatory landscape
3.6.1. North America
3.6.2. Europe
3.6.3. APAC
3.6.4. LATAM
3.6.5. MEA
3.7. Industry impact forces
3.7.1. Growth drivers, by region
3.7.1.1. Growing demand for air travel around the world
3.7.1.2. Increasing commercial aircraft production
3.7.1.3. Government initiatives to boost regional connectivity
3.7.2. Industry pitfalls & challenges
3.7.2.1. Adverse impact of pandemic on aircraft industry
3.8. Innovation and sustainability
3.9. Industry megatrends
3.10. Growth potential analysis
3.11. Porter's analysis
3.11.1. Buyer power
3.11.2. Supplier power
3.11.3. Industry rivalry
3.11.4. Threat of substitutes
3.11.5. Threat of new entrants
3.12. Competitive landscape
3.12.1. Company market share analysis, 2019
3.12.2. Key stake holders
3.12.3. Strategy dashboard
3.13. PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.