AEROSTRUCTURES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Regional Analysis

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Dominating Region: North America

North America is a dominant market and is expected to account for 42.1% market share in 2024. The industry growth can be attributed to factors such as the region's thriving aviation industry and strong presence of leading aerospace companies. Major aircraft manufacturers like Boeing have major production facilities and supply chains established in the region, driving significant demands for structural components. Government agencies have also provided support through favorable R&D funding and regulatory conditions.

Fastest-Growing Region: Asia Pacific

The Asia Pacific region exhibits the fastest growth and is expected to contribute 34.3% market share in 2024 led by countries seeking to expand their aviation sectors and domestic capabilities. Countries have unveiled initiatives promoting local assembly and production of aircraft. Leading global firms have consequently increased partnerships and investments to capitalize on the opportunities arising. The region has also emerged as an important manufacturing base, contributing to the growth of its supply chains.

Aerostructures Market Outlook for Key Countries

United States Aerostructures Market Trends

 The US aerostructures market has been experiencing significant changes in trends over the past few years that are impacting demand dynamics. With more airlines upgrading their fleets to newer, more fuel-efficient aircraft models like the Boeing 737 MAX and Airbus A320neo, this is driving increased requirements for advanced lightweight composite materials and complex integrated systems in components.

China Aerostructures Market Trends

The China aerostructures market has seen significant changes in recent years driven by trends within the domestic commercial aviation sector. As Chinese airlines continue to rapidly expand their fleets to meet rising local demand, there is a growing need for new aircraft to service these routes. Major carriers such as Air China, China Southern Airlines, and China Eastern Airlines have placed large orders with Airbus and Boeing totalling almost 2,000 new narrowbody and widebody planes through 2023.

India Aerostructures Market Trends

The India aerostructures market is experiencing significant growth due to rising demand in the commercial aerospace segment. Major global aircraft manufacturers have been increasingly sourcing aerostructure components from India to support their production lines. For example, Boeing has partnered with several tier-1 Indian suppliers to procure parts for its 737, 777 and 787 programs.

Japan Aerostructures Market Trends

This shift towards composite materials is occurring alongside a broader industry-wide push for aircraft electrification. All-electric or hybrid-electric propulsion concepts are being explored by Boeing, Airbus, and Japanese startup SkyDrive as a way to eliminate kerosene emissions over the long term. Some Japanese companies have gained expertise in carbon fiber composite manufacturing for automotive and transportation applications that is now being adapted for aerospace. For example, Toray Industries supplies carbon fiber to major airplane manufacturers and is developing ultralight composite batteries for aircraft electric taxiing systems and auxiliary power units.