Pune, India, July 27, 2023 (GLOBE NEWSWIRE) -- The global aerostructures market size was valued at USD 107.07 billion in 2022 and is projected to reach a valuation of USD 115.26 billion in 2023. The market is expected to reach USD 183.24 billion by 2030 with a CAGR of 6.85% during the forecast period. Aerostructures are aircraft components that are responsible for the flight such as the fuselage, nacelle, and nose. Increasing demand and adoption for chevron nozzle exhaust, a part of the nacelle is expected to boost the market growth during the forecast period. Integration of 3D printing is set to create market opportunities for growth. Fortune Business Insights™ shares this information in its report titled “Global Aerostructures Market, 2023-2030.”
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List of Key Players Profiled in the Aerostructures Market Report:
- AAR Corp (U.S.)
- Bombardier Inc. (U.S.)
- SAAB AB (Sweden)
- Spirit AeroSystems Inc. (U.S.)
- Triumph Group Inc. (U.S.)
- Cyient Ltd (India)
- Elbit Systems Ltd (Israel)
- GKN Aerospace (U.K.)
- Leonardo SpA (Italy)
- The Boeing Company (U.S.)
- Airbus SAS (France)
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 6.85% |
| 2030 Value Projection | USD 183.24 billion |
| Market Size in 2023 | USD 115.26 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Aerostructures Market Growth Drivers | Growing Demand for Chevron Nozzle Supports Market Growth |
| Increasing Use of Composite Material to Drive Market Growth |
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https://www.fortunebusinessinsights.com/industry-reports/aerostructures-market-101663
COVID-19 Impact:
Disruptions In the Supply Chain, Led to The Obtainment of Raw Materials and Composites Difficult
The COVID-19 pandemic led to disruptions which led to a drastic decrease in the aircraft aerostructure. Disruptions in the supply chain led to the obtainment of raw materials and composites difficult. Halt on aviation operations due to the lockdown has led to a decrease in aircraft deliveries, subsequently leading to a decline in the production of aircraft components. In 2020, the commercial aviation industry witnessed a sharp decline in aircraft deliveries.
Segmentation
Fuselage Segment to Lead Due to High Costs of the Structure of Aircraft
On the basis of component, the market is divided into wings, nose, fuselage, nacelle and Pylon, empennage, and others. The fuselage segment dominated the market in the year 2022 due to high costs of the body structure of the aircraft.
Alloys Segment Held Dominant Share Due To High Demand For Such Material
On the basis of material, the market is classified into alloys, composite, and metals. The alloys segment held the largest market share in 2022 due to high demand for alloy material used in major aircraft components.
Fixed-Wing Held Dominant Share Due To Wide Availability And Production Prioritization
On the basis of application, the market is classified into fixed-wing and rotary-wing aircraft. The fixed-wing held the largest market share in the year 2020 due to wide availability and production prioritization of fixed-wing. Fixed wing segment is further segmented into commercial, military, business jet, and general aviation aircraft.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Usage of Chevron Nozzle in Modern Generation Aircrafts To Drive Market Growth
Increasing demand for chevron nozzle is anticipated to drive the global aerostructures market growth. Chevron nozzle is a triangular pattern exhaust nozzle extension that helps in the reduction of noise and is used on modern jets. It is used to reduce the levels of acoustics in the exhaust. This technology is adopted by the modern generation Boeing 747 & 787 and is found to reduce about 15 decibels of fan tones.
However, high cost associated with procuring the components are expected to hamper the market growth.
Regional Insights
Presence of Various OEM Manufacturers in North America To Drive Market Growth
North America is set to lead the global aerostructures market share due to the presence of major OEM manufacturers. The market was valued at USD 40.34 billion in the year 2022.
Asia Pacific is set to have the highest CAGR during the forecast period due to huge demand lately owing to a rise in UAV applications. The supportive government initiatives and the increasing defense budget is set to further fuel the market growth.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Aerostructures Market
- Impact of COVID-19 Pandemic on Global Aerostructures Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Potential Opportunities due to COVID-19 Outbreak
- Global Aerostructures Market Analysis, Insights and Forecast, 2017-2028
- Segmental Definitions
- Market Analysis, Insights and Forecast – By Component
- Wings
- Nose
- Fuselage
- Nacelle and Pylon
- Empennage
- Others
- Market Analysis, Insights and Forecast – By Material
- Alloys
- Metal
- Composite
TOC Continued…!
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Competitive Landscape
Market Players Have Been Focusing on Producing Lightweight Aircrafts
The market has various market players such as Airbus SAS, Bombardier Inc., SAAB AB, Triumph Group Inc., Cyient Ltd, and other market players. The market has various several global and regional players operating in this industry. They have varied product portfolios, focusing on producing lightweight aircraft structures for OEMs. The market is expected to be led by Leonardo SpA.
Key Industry Development
- May 2023: Massachusetts Institute of Technology unveiled a technological advancement and inexpensive development for enhancing the essential materials used today in aerospace and energy generation.
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