Aerostructures Market Size

Aerostructures Market size exceeded USD 48.66 billion in 2020 and will grow at a CAGR of around 3.5% from 2021 to 2027. Positive trends associated with the commercial aircraft industry will create several opportunities for aerostructures.

Aerostructures are airframe components used to manufacture an aircraft. The aerostructure includes components such as nacelles & pylons, doors, fuselage, empennage and wings. The components are manufactures from materials such as aluminum, steel, titanium and composite. The industry is primarily growing on account of the increasing demand for commercial & military aircraft across the world. Passengers are mainly opting for air travel compared to other modes of transportation due to increased comfort and the ability to travel long distances in a short duration of time, thereby propelling the demand for commercial aircraft.

The demand for aircraft from emerging countries such as China, India, Vietnam, and Brazil is witnessing an upward trend owing to the growing middle-class population, rising disposable income, and increasing domestic and international tourism. For instance, in November 2020, Boeing anticipated the demand for new aircraft from China to exceed 8,500 in the next twenty years, which would worth USD 1.4 trillion.

Increasing military expenditure globally is projected to drive the aerostructures market demand. Recently, China increased its military expenditure by 6.8% reaching more than USD 200 billion. Furthermore, the rising tension in the Middle East is likely to increase the production of military aircraft for combat purposes. Defense companies are producing their aircraft locally to jump-start the local manufacturing of aircraft components. The growing aerospace & defense industry is poised to boost the demand for aerostructures.

New materials are designed and developed to lower the weight of the aircraft to a significant amount, thereby reducing fuel consumption and minimizing carbon emissions. However, the closure of several manufacturing units due to COVID-19 has negatively affected the aerostructures industry. Strict lockdown and imposition of social distancing measures have slowed down air travel and created challenges for the aircraft industry. In the long-run, the industry is predicted to bounce back by increased air passengers.