The key players in the global aerostructures market are AAR Corp. (US), Bombardier Inc. (Canada), Cyient Ltd (India), Elbit Systems Ltd (Israel), GKN Aerospace (UK), Leonardo SpA (Italy), Ruag Group (Switzerland), Saab AB (Sweden), Spirit Aerosystems, Inc. (US), Stelia Aerospace Group (France), Triumph Group, Inc. (US), and UTC Aerospace Systems (US).
Global Aerostructures Market is expected to witness phenomenal growth during the forecast period due to an increase in demand for aircraft to meet the growing air passenger traffic in North America, Europe, and Asia-Pacific. Moreover, improvements in aircraft design are expected to drive the growth of the global aerostructures market. Aerostructures are critical aspects of aircraft design subjected to extreme weather conditions that could cause structural fatigue. Furthermore, advancements in material sciences have enabled the use of composites in aerostructures, thereby, improving design and functionality.
The global aerostructures market has been segmented on the basis of component, material, platform, end use, and region.
Based on component, the market has been segmented into fuselage, empennage, flight control surfaces, wings, nose, nacelle and pylon, and others. The fuselage segment was the largest segment in 2018 and empennage segment is projected to be the fastest-growing during the review period. The use of composite materials in manufacturing aircraft empennage is expected to stimulate market growth. Furthermore, investments in design improvements of empennage are projected to drive market growth during the forecast period.
Based on region, the global aerostructures market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America was the largest regional segment in 2018 and is estimated to be the fastest-growing regional market during the forecast period. High passenger traffic in the region is expected to drive the market growth in North America.