Newark, NJ, Jan. 28, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global aircraft fairings market is expected to grow from USD 1.72 billion in 2019 to USD 2.98 billion by 2027, at a CAGR of 7.1% during the forecast period 2020-2027.
Some of the factors driving the aircraft fairings market are the increasing need to replace aging planes and their respective fairings with better composite materials for various benefits like weight savings, rise in procuring aircraft shipments, increasing number of modernization programs, civil as well as military, rising air travel across the world, expanding manufacturing of narrow-body aircraft globally, and the growing penetration of new-gen & lightweight aircraft.
Aircraft fairings are used to create a smooth aerodynamic outline of the place and lower drag by covering spaces & panel gaps between airplane parts. Aircraft fairings help in achieving exceptional operational efficiency along with lower fuel expenditure. However, aircraft fairings require timely & profound maintenance in order to function properly without in-flight failures. This is one of the few restraining factors hindering the growth of the aircraft fairings market.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the aircraft fairings market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Due to the lockdowns worldwide, air travel had been closed in many countries, slowing down the market.
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Key players operating in the global aircraft fairings market include Strata Manufacturing, FACC AG, NORDAM, Boeing, Barnes Group, Royal Engineered Composites, ShinMaywa, Malibu Aerospace, Airbus, Avcorp, and Fiber Dynamics Inc., among others. To gain a significant market share in the global aircraft fairings market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Airbus and Boeing are some of the biggest manufacturers and suppliers of aircraft fairings in the global market.
- For instance, in May 2018, Strata Manufacturing collaborated with Pilatus Aircraft Ltd. to produce fairings for the PC-24 super versatile jet.
- In January 2017, Strata Manufacturing teamed up with Siemens to create 3D print technologies for aircraft fairings in order to assist airlines in enhancing their design, including the development of complex parts.
The Business segment dominated the market and held the largest market share of 26.7% in the year 2019
Based on aircraft, the market has been categorized into business, regional, commercial, helicopters, and military. The business segment dominated the market and held the largest market share of 26.7% in the year 2019. Some of the factors that are fuelling the growth of this segment are the growing number of HNIs (High-Net-Worth Individuals), increasing manufacturing of business aircraft, and the rising use of composite materials, which are used to manufacture light aircraft.
The CFRP segment dominated the market and was valued at USD 0.46 billion in the year 2019
On the basis of material, the market has been segmented into GFRP, CFRP, metals & alloys, and others. The CFRP (Carbon Fiber Reinforced Plastics) segment dominated the market and was valued at USD 0.46 billion in the year 2019. CFRPs are prevalent in manufacturing due to their many advantageous properties such as having a low coefficient of thermal expansion, electrical & thermal conductivity, corrosion resistance, high strength & stiffness, making it easier to fly in high turbulence, and lightweight characteristics, which improve aerodynamics.
The Wing segment dominated the market and held the largest market share of 23.9% in the year 2019
Based on application, the global aircraft fairings market has been segmented into fuselage, wing, engine, landing gear, and empennage. The wing segment dominated the market and held the largest market share of 23.9% in the year 2019. This was primarily due to the need for a large number of fairings to be attached to the wings relative to other parts.
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Regional Segment Analysis of the Aircraft Fairings Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global aircraft fairings market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 44.7% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as well-established aircraft manufacturing facilities, increasing air travel, a growing number of American airlines, and the presence of key aircraft manufacturers such as Boeing, Airbus, Embraer, Bombardier, etc. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2020-2027. This growth is due to factors like a growing number of air travelers, increasing number of airports, purchase of UAVs (Unmanned Aerial Vehicles), and rising military aviation spending. Emerging economies like India, Brazil, and China are especially lucrative, considering their growth potential.
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About the report:
The global aircraft fairings market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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