The global aerostructures market size was estimated at USD 63.48 billion in 2023 and is expected to grow at a CAGR of 7.4% from 2024 to 2030. The global rise in both passenger and cargo air travel has escalated demand for new aircraft, directly influencing the market growth. As airlines seek to expand their existing fleet size with more fuel-efficient and advanced aircraft, manufacturers are pushed to speed up production, benefiting suppliers of essential aerostructure components. This increase is driven by the expansion of emerging markets and the need to replace older aircraft with newer, eco-friendly models, promoting sustainable aviation.
Moreover, the continuous innovation in materials science and manufacturing processes, such as the use of composite materials and 3D printing, is revolutionizing the aerostructures market. These technologies offer significant advantages, including weight reduction, enhanced durability, and lower maintenance costs, leading to improved fuel efficiency and overall performance of aircraft. Adoption of such advancements allows manufacturers to meet stringent regulatory standards and customer expectations, fueling the market growth.
Gather more insights about the market drivers, restrains and growth of the Global Aerostructures Market
A substantial increase in defense budgets globally is another significant market growth driver. Many countries are investing in the enhancement of their defense capabilities, leading to a higher demand for military aircraft equipped with the latest aerostructures. This shift is particularly noticeable in regions with rising geopolitical tensions, where the modernization of air forces is a strategic priority, thus driving the market expansion.
Additionally, the trend towards outsourcing aerostructure manufacturing to third-party specialists is gaining importance among aircraft OEMs. This strategy allows OEMs to leverage the advanced capabilities, efficiency, and cost-effectiveness of dedicated aerostructure companies. Such collaborative partnerships enable faster production times, access to specialized expertise, and focusing on core competencies, collectively driving the growth of the aerostructure market.
Furthermore, with growing concerns over environmental impact and fuel efficiency, there is a rising trend for retrofitting and upgrading existing aircraft. Implementing new aerostructure technologies in older fleets can significantly enhance their performance and extend their operational lifespan. This demand for retrofits and upgrades presents a lucrative opportunity for aerostructure manufacturers, contributing to market growth as airlines look to comply with evolving regulatory standards and passenger expectations, propelling the market forward.
Regional Insights
The aerostructures market in North America accounted for the highest revenue share of nearly 34% in 2023. The growth of the North American market is primarily driven by technological advancements and a robust financial sector that facilitates substantial investments in R&D activities. Moreover, a strong emphasis on innovation and the adoption of new technologies across various industries, including healthcare, IT, and manufacturing, fuels economic expansion in this region.
Key Aerostructures Company Insights
Some of the key players operating in the market are Airbus SE; Spirit AeroSystems Inc.; and Saab AB.
Airbus SE is a global pioneer in the aerospace industry, renowned for its extensive range of highly advanced commercial aircraft, military, space, and helicopter products. Headquartered in Leiden, Netherlands, Airbus has grown into a leader in designing, manufacturing, and delivering innovative solutions for the aviation sector, consistently pushing the boundaries of technology to connect and protect people around the globe.Saab AB stands as a key player in the defense and security sector, offering an impressive portfolio that spans from military aircraft to submarines and radar systems. Founded in 1937 and headquartered in Linköping, Sweden, Saab AB is dedicated to meeting global security challenges with innovative solutions, thus ensuring a safer and more secure world.Bombardier Inc.; Cyient Limited; and Triumph Group, Inc. are some of the emerging participants in the aerostructures market.
Bombardier Inc., once a leading manufacturer in both the aerospace and transportation industries, has honed its focus to become a front-runner in the production of business jets. Headquartered in Montréal, Canada, and established in 1942, Bombardier has a reputation for innovation and quality, delivering luxurious and high-performance aircraft to meet the demands of global businesses and discerning individuals alike.Cyient Limited is a global engineering and technology solutions company that specializes in digital transformation and end-to-end outsourced services across industries such as aerospace and defense, telecommunications, rail transportation, semiconductor, geospatial, industrial, and energy. Established in 1991 and headquartered in Hyderabad, India, Cyient Limited leverages cutting-edge technology and deep domain expertise to solve complex challenges and enable clients to achieve their digital evolution objectives.Key Aerostructures Companies:
The following are the leading companies in the aerostructures market. These companies collectively hold the largest market share and dictate industry trends.
Airbus SESpirit AeroSystems Inc.Saab ABAAR CORP.Bombardier Inc.Triumph Group, Inc.Elbit Systems Ltd.The Boeing CompanyLeonardo SpACyient LimitedOrder a free sample PDF of the Aerostructures Market Intelligence Study, published by Grand View Research.