New York, United States , July 24, 2023 (GLOBE NEWSWIRE) -- The Global Aerostructures Market Size is to grow from USD 61.7 billion in 2022 to USD 116.4 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.5% during the projected period. Technological advancements in aerostructures, expansion of MRO services, and a decrease in the cost of composite materials are driving the aerostructures industry.
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Propulsion systems, flight control surfaces, wings, fuselages, and empennage are all examples of aerostructures on any aircraft body. The structural components of an aircraft's airframe or body are referred to as aerostructures. Aerostructures help an aircraft withstand aerodynamic forces during flight and thus include all of the components that help an aircraft fly. Leading manufacturers generally prefer lightweight materials such as superalloys and composites to reduce the overall weight of aerostructure manufacturing. Manufacturers are turning to advanced technologies such as 3D printing and additive manufacturing to increase production capacity as demand for composite materials in the aviation industry has increased significantly. The increased deployment of commercial aircraft around the world is one of the key factors expected to drive growth in the global aerostructures market. Growing passenger mobility has resulted in a significant increase in the deployment rate of commercial aircraft in recent years, which is powerfully driving and supporting the global aerostructure market's growth. Furthermore, issues related to composite materials, such as material recycling, are expected to limit the growth of the global aerostructure market during the forecast period.
Browse key industry insights spread across 200 pages with 131 Market data tables and figures & charts from the report on the, "Global Aerostructures Market Size, Share, and COVID-19 Impact Analysis, By Material (Composites, Alloys & Superalloys and Metals), By Aircraft Type (Commercial Aviation, Business & General Aviation, Military Aviation, UAVs and AAM), By End User (OEM, Aftermarket), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The composites segment is expected to grow at the fastest pace in the global aerostructures market during the forecast period.
The global aerostructures market is divided into three segments based on material: composites, alloys & superalloys, and metals. The composites segment is projected to expand at the fastest rate in the global aerostructures market throughout the forecast period. The composite material will grow at the fastest rate during the forecast period. The rise is due to increased acceptance of aircraft component development.
The UAVs segment is expected to grow at the highest pace in the global aerostructures market during the forecast period.
The global aerostructures market is classified into commercial aviation, business & general aviation, military aviation, UAVs, and AAM. UAVs are projected to expand at the fastest rate in the global aerostructures market during the forecast period. The growing use of unmanned aerial vehicles (UAVs) for military and commercial purposes is driving up demand for UAVs.
The OEM segment is expected to hold the largest share of the global aerostructures market during the forecast period.
The global aerostructures market is divided into OEM and aftermarket segments based on end user. The OEM segment is projected to account for the majority share of the global aerostructures market throughout the forecast period. The increasing demand for composite products to improve aircraft performance through innovative component design is expected to drive market growth.
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North America is anticipated to hold the largest share of the global aerostructures market over the predicted timeframe.
North America is expected to hold the greatest share of the global aerostructures market in the coming years. This is due to the region's growing business and commercial aviation industries, as well as the region's high global demand for aerospace and defense aircraft.
Asia Pacific is anticipated to expand at the fastest rate in the global aerostructures market throughout the forecast period. Growth can be attributed to a greater emphasis on developing aircraft manufacturing facilities in the region. Supportive government initiatives and an increased defense budget are fueling the market even more.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Aerostructures Market include Airbus SE, FACC AG, Elbit System Ltd., ST Engineering, Ruag Holding AG, AAR Corporation, Bombardier Inc., Cyient Ltd., GKN plc (Redditch, Leonardo S.P.A., Saab AB, Spirit AeroSystems Holdings Inc., STELIA Aerospace Group, Triumph Group, Inc., and Among Others.
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Recent Developments
In March 2023, Spirit AeroSystems Inc. and Joramco have agreed to become Spirit-authorized MRO centres. They will first provide nacelle services to selected players and their products under this agreement.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Aerostructures Market based on the below-mentioned segments:
Global Aerostructures Market, By Material
- Composites
- Alloys & Superalloys
- Metals
Global Aerostructures Market, By Aircraft Type
- Commercial Aviation
- Business & General Aviation
- Military Aviation
- UAVs
- AAM
Global Aerostructures Market, By End User
- OEM
- Aftermarket
Global Aerostructures Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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