The aerostructures market has been witnessing significant growth in recent years driven by increasing demand for new aircraft from commercial and defense sectors. Aerostructures refer to structural components of an aircraft that provide the aircraft its strength and aerodynamic shape. This includes wings, fuselage, empennage, and nacelles among other parts. Advances in materials and manufacturing technologies have enabled development of lighter, stronger and more durable airframe structures offering greater fuel efficiency. Major aerostructure OEMs have been investing heavily in R&D to develop advanced composite and metallic materials fornext generation aircraft programs. Additionally, globalization of aircraft production with involvement of tier 1, 2 and 3 suppliers from across the world has created new opportunities for aerostructure manufacturers worldwide.
Market Dynamics:
Rising passenger and cargo traffic has driven increased demand for commercial aircraft which is a key growth driver for the aerostructures market. According to Airbus and Boeing, over 39,000 new passenger and freight aircraft will be needed over the next 20 years. Growth in air passenger traffic is expected to remain strong in Asia Pacific and Middle East regions specifically. On the other hand, military budget cuts in developed markets and delays in new aircraft programs pose challenges. However, opportunities lie in lightweight composite material adoption and expansion of tier 2 supplier base in emerging economies. OEMs are also exploring hybrid metal-composite designs and additive manufacturing to enable design complexities.
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