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(Publishing-NewsWire.com, December 08, 2021 ) The report "Aerostructures Market by Component (Fuselage, Empennage, Flight Control Surfaces, Wings, Nose, Nacelle & Pylon), Material (Composite, Alloys, Metals), End-Use (OEM, Aftermarket), Platform (Fixed & Rotary Wing), and Region - Global Forecast to 2022", The aerostructures market 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.
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Factors such as increase in outsourcing of aerostructure manufacturing by OEMs to tier 1 and tier 2 suppliers and rise in adoption of composite aerostructures by the general and commercial aviation sectors are driving the growth of the aerostructures market.
Based on material, the composites segment is projected to grow at the highest CAGR during the forecast period
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.
Based on component, the fuselage segment is expected to lead the aerostructures market during the forecast period
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.
Based on end-use, the aftermarket segment is expected to grow at the highest CAGR during the forecast period
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 is anticipated to grow at the highest CAGR during the forecast period
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.
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