Aerostructures Market To Reach at a CAGR of 6.6% by 2031

Insider Market Research is thrilled to announce the publication of its latest report, titled “Global Aerostructures Market Size, Share, and Growth & Trends Analysis.” This report offers an in-depth look at the rapidly evolving Aerostructures market, exploring its size, share, and growth trends across various sectors and geographic regions from 2024 to 2031.

According to the report, the Global Aerostructures Market was valued at USD 114.8 billion in 2023 and is projected to soar to USD 124.4 billion by 2031, marking a staggering compound annual growth rate (CAGR) of 6.6% over the forecast period. 

Scope of the Report:

Aerostructures Market Dynamics:

Growth Driver:

1. Rising Air Travel Demand

The global increase in air travel demand, driven by economic growth and rising disposable incomes, has led to a surge in new aircraft orders. Airlines are expanding their fleets to accommodate the growing number of passengers, especially in emerging markets like Asia-Pacific and the Middle East. This demand directly translates to a higher requirement for aerostructures, as more aircraft are needed to meet the increased passenger volumes. Additionally, the trend towards replacing older, less fuel-efficient aircraft with newer models further boosts the demand for advanced aerostructures, contributing to market growth.

Restraining Factor:

1. High Production Costs

The production of aerostructures involves complex processes and the use of advanced materials, leading to high manufacturing costs. The need for precision and stringent quality standards in aerospace manufacturing further adds to these costs. Small and medium-sized enterprises (SMEs) in the aerospace supply chain often find it challenging to invest in the necessary technology and equipment, limiting their ability to compete. Additionally, fluctuations in raw material prices, particularly for composites and specialized alloys, can impact overall production costs. These financial barriers can hinder market growth, especially for new entrants and smaller players.

Opportunity Factor:

1. Emerging Markets

Emerging markets, particularly in Asia-Pacific and Latin America, present significant growth opportunities for the aerostructures market. Rapid economic development in these regions is driving increased air travel demand, leading to higher aircraft orders from both commercial airlines and defense sectors. Countries like China and India are investing heavily in their aerospace industries, including the development of indigenous aircraft programs. These markets offer vast potential for aerostructure manufacturers to expand their customer base and increase sales. Collaborations and joint ventures with local companies can also facilitate market entry and growth in these regions.

Aerostructures Market: Key Players

• AAR Corporation
• Triumph Group, Inc.
• FACC AG
• Saab AB
• GKN Aerospace Services Limited.
• Leonardo S.p.A.
• Boeing
• ELBIT SYSTEMS LTD.
• Airbus SE
• Spirit AeroSystems, Inc.