Aerostructures Market To Grow 8% Through 2032, Report Says

Frost and Sullivan says the global commercial aircraft aerostructures market should grow by a compound annual growth rate (CAGR) of 8.4% until 2032, rising from $45.4 billion in 2021 to $109.06 billion.

Spirit AeroSystems is the market leader, according to the consultancy’s December report, followed by Triumph Group, Airbus, Arconic and Leonardo. Their combined market share is 69%.

Nripendra Bahadur Singh, a Frost aerospace and defense research analyst, says sustainability will be a driving business theme over the 11-year forecast, especially when it comes to potentially increased use of composites in narrowbody aircraft and engines. But suppliers will nonetheless need to prove their business case before airframers Airbus, Boeing and others—all of whom have some degree of their own aerostructures capacity—will buy in.

Aerostructures suppliers must also continue low-cost footprint strategies offshore, and Singh suggests India as a potential source. “Aerostructures suppliers should provide the technology transfer expertise and help local partners manufacture products in the first phase of production to show their required quality standards,” the consultant says.

Finally, the Frost report observes that aerostructures companies will become closer partners with advanced air mobility (AAM) companies, as electric, hybrid and air taxi vehicles are increasingly pursued.

Looking around the world, the consultancy sees different regions providing different challenges and opportunities in the commercial aviation sector. Asia Pacific-based airlines will generate the greatest demand for new aircraft, Frost forecasts, primarily due to the increased need for air travel in China and India. With both countries’ airlines ordering narrowbody aircraft, linefit growth opportunities for nacelle suppliers continue.

U.S. and European airlines revamping their fleets by replacing older aircraft with more efficient ones will help airlines save on fuel and maintenance costs. But for aerostructures suppliers, it would mean fewer aftermarket opportunities, Frost notes.

The Russia-Ukraine war also acted as a demand dampener, with the conflict triggering stringent sanctions on Russia by the Western world. This reduced the production capability of Russian aircraft platforms, as Russian-built aircraft are highly dependent on Western components suppliers.