Aerostructures Market to increase by USD 23.71 billion from 2023 to 2028; Growing air passenger traffic to drive the growth- Technavio

NEW YORK, Nov. 20, 2023 /PRNewswire/ -- The aerostructures market size is expected to grow by USD 23.71 billion from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of  6.78% during the forecast period. The market is segmented by End-user (OEM and Aftermarket), Platform (Fixed wing aircraft and Rotary wing aircraft), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

Growing air passenger traffic is notably driving the market growth. The global economic development in countries like India, China, and Indonesia has led to a significant increase in air passengers worldwide. Additionally, the growth in the tourism industry has also contributed to this trend. According to the latest data from the World Bank Group, the number of registered carrier departures has been continuously rising.

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Key Highlights:

• The report recognizes the following as some of the key players in the aerostructures market: Aernnova Aerospace SA, Airbus SE, Albany International Corp., Cyient Ltd., DAHER, Elbit Systems Ltd., FACC AG, Groupe Industriel Marcel Dassault, Leonardo Spa, Magellan Aerospace Corp., Mahindra and Mahindra Ltd., Melrose Industries Plc, Muhr und Bender KG, Raytheon Technologies Corp., RUAG International Holding Ltd., Saab AB, Safran SA, Singapore Technologies Engineering Ltd., Spirit AeroSystems Inc., The Boeing Co., and The Nordam Group LLC
• Aerostructures Market is fragmented in nature.
• Market to observe 6.34% YOY growth in 2024.

Market Dynamics:

Trend & Challenges

The adoption of folded wings in commercial aircraft is an emerging trend shaping the market growth. The development of foldable wings for commercial aircraft has led to significant improvements in aircraft design. With this new wing configuration, the wings can be folded above the fuselage, taking up less space inside a hangar. For example, Boeing, one of the world's leading aircraft manufacturers, has been designing large-span and high-efficiency wings.

Volatility in prices of raw material used for aerostructure components is a significant challenge hindering the market growth. The prices of raw materials, such as steel, aluminum, and plastic, used to produce aerostructure components, are unstable due to their volatile nature. Moreover, factors like high demand-to-supply ratio, taxes, duties, and extra tariffs, and production interruptions in metal ore-mining nations can cause an escalation in raw material costs.

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Keg Segments:

• The OEM segment is estimated to witness significant growth during the forecast period. This segment includes companies that directly design, manufacture and sell aerostructure components to airline operators, government agencies and other end-users. Aircraft OEMs are also responsible for installing the aerostructure components on aircraft during the initial stages and providing maintenance and repair services throughout the lifespan of the aircraft. These companies work closely with aircraft manufacturers (OEMs) to integrate the aerostructure components into the aircraft design and ensure that they meet all the necessary safety and performance standards.

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The commercial aircraft gas turbine engine market size is estimated to grow at a CAGR of 19.85% between 2022 and 2027. The commercial aircraft gas turbine engine market size is forecast to increase by USD 54,760.35 million.  

The Aero-Engine Coating Market size is estimated to grow by USD 118.35 million from 2023 to 2027 and the market's growth momentum will accelerate at a CAGR of 6%. 

Excustive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Platform

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio