The global aerostructures market size is projected to grow from USD 52.17 Billion in 2016 to USD 75.97 Billion by 2022, at a CAGR of 6.47% during the forecast period. The base year considered for the study is 2015 and the forecast period is from 2016 to 2022.
The report provides an in-depth market intelligence regarding major market dynamics, such as drivers, restraints, opportunities, and industry-specific challenges that may influence the growth of the aerostructures market, along with an analysis of micromarkets with respect to individual growth trends, future prospects, and their contribution made to the overall market.
The report also covers competitive developments such as long-term contracts, agreements, and research & development activities in the aerostructures market, in addition to business and corporate strategies adopted by key market players.
Based on material, the composites segment of the aerostructures market is anticipated to grow at the highest CAGR from 2016 to 2022, owing to the increasing demand for composite aerostructures. The use of composites helps reduce the weight of the aircraft and improves fuel efficiency.
Among all components, the fuselage segment is projected to lead the aerostructures market from 2016 to 2022. Increase in aircraft deliveries is one of the most significant factors contributing to the growing demand for fuselage in the aerostructures market.
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Based on end-use, the aftermarket segment of the aerostructures market is projected to witness the highest growth during the forecast period, owing to the rise in aftermarket services offered by different manufacturers of aerostructures.
Based on platform, the rotary wing segment of the aerostructures market is projected to grow at the highest CAGR from 2016 to 2022, owing to the increasing demand for military and commercial rotary wing aircraft.
Asia-Pacific is expected to be the fastest-growing market for aerostructures during the forecast period
The aerostructures market in the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The growth of this market is mainly attributed to increase in outsourcing of aerostructure manufacturing to aircraft component suppliers in this region, owing to low labor and production costs. This has further driven exports of aerostructures in the Asia-Pacific region, thereby contributing to the growth of the aerostructures market.
Major players operating in the aerostructures market include UTC Aerospace Systems (U.S.), Leonardo S.p.A. (Italy), and Triumph Group, Inc. (U.S.), among others.
UTC Aerospace Systems (U.S.), another key player in the aerostructures market, signed an agreement with Lufthansa Technik AG (Germany) for the Maintenance, Repair, and Overhaul (MRO) services of nacelle systems on the Rolls-Royce Trent XWB engines that power the twinjet of Airbus A350 XWB aircraft in 2016. In the same year, UTC Aerospace Systems signed a similar contract with IndiGo Airlines to provide nacelle asset support and Maintenance, Repair, and Overhaul (MRO) services for the airline's fleet of new Airbus A320neo (new engine option) aircraft.
In 2016, Leonardo S.p.A. (Italy) received a contract from Airbus Group (Netherlands) to produce aerostructures for the new configuration of Airbus A321, which is a twin-engine, single-aisle aircraft capable of carrying 185 passengers in the typical two-class configuration or up to 220 persons in the economy version.
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