Commercial Airframe Component Market REPORT OVERVIEW
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The global commercial airframe component market size was 14950 million in 2022. As per our research, the market is expected to reach USD 20320 million by 2028, exhibiting a CAGR of 5.3% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
Commercial airframe components are essential parts and structures that make up the framework or body of commercial aircraft. These components are critical for the construction, operation, and maintenance of commercial airplanes. Commercial airframe components are typically manufactured using advanced materials, including aluminum alloys, titanium, composites, and high-strength steel, to meet safety, weight, and performance requirements. These components undergo rigorous testing and quality control processes to ensure they can withstand the stresses and demands of commercial aviation.
Some key commercial airframe components are Fuselage; the fuselage is the main body of the aircraft and houses the cockpit, passenger cabin, cargo area, and other essential systems. It provides structural integrity and aerodynamic shape to the aircraft. Wings are the primary lifting surfaces of the aircraft, responsible for generating lift to keep the airplane aloft. They typically consist of various components such as wing skins, spars, and ribs. The tail assembly includes the horizontal stabilizer, vertical stabilizer, and control surfaces like elevators and rudders. These components help stabilize and control the aircraft during flight.
COVID-19 IMPACT: Reduced Demand for New Aircraft resulted in Recession of the Market
COVID-19 had a life changing impact globally. The commercial airframe component market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected.
The pandemic disrupted global supply chains, causing delays and shortages of critical materials and components needed for airframe production. Lockdowns, factory closures, and transportation restrictions in various countries affected the ability to source and deliver components, leading to production bottlenecks. Many airlines faced severe financial challenges during the pandemic, with some even going bankrupt. This financial strain further reduced their ability to invest in new aircraft and airframe components.
One of the most significant impacts was the sharp decline in demand for new commercial aircraft. Airlines around the world grounded a significant portion of their fleets due to travel restrictions, quarantine measures, and decreased passenger demand. This resulted in many airlines deferring or canceling orders for new aircraft. As a result, manufacturers of commercial airframe components faced reduced orders and a slowdown in production. The market is anticipated to boost the commercial airframe component market share following the pandemic.
LATEST TRENDS
"Sustainability and Fuel Efficiency to Broaden Market Growth"
There is a growing focus on sustainability and fuel efficiency in the aviation industry. Airlines are seeking more fuel-efficient aircraft to reduce operating costs and environmental impact. This trend could drive demand for airframe components designed to enhance aerodynamics and reduce weight. Aircraft designers are placing a strong emphasis on lightweight structures to improve fuel efficiency and reduce emissions. This trend is driving innovation in the design and manufacturing of airframe components.
Manufacturers are increasingly using advanced materials, such as carbon composites, titanium alloys, and aluminum-lithium alloys, to create lighter and more durable airframe components. These materials can improve fuel efficiency and reduce maintenance costs. These latest developments are anticipated to boost the commercial airframe component market share.
Commercial Airframe Component Market SEGMENTATION
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- By Type
Based on type, the market is divided into Fuselage, Wing and Empennage.
- By Application
Based on application, market is segmented into Narrow-body, Wide-body and Regional jets.
DRIVING FACTORS
"Increase in Air Travel Demand to Boost Market Share"
The overall demand for air travel is a primary driver of the commercial airframe component market. An increase in passenger and cargo air travel leads to greater demand for commercial aircraft, which, in turn, drives the need for airframe components. Economic factors, such as GDP growth, consumer spending, and business activity, can influence air travel demand. A strong economy generally supports increased air travel and demand for airframe components.
"Technological Advancements to Boost Market Size"
Advances in materials science, manufacturing techniques, and design technologies enable the development of innovative airframe components that are lighter, stronger, and more durable. These advancements improve aircraft performance and fuel efficiency. Additive manufacturing, or 3D printing, is becoming more prevalent in the production of airframe components. It offers design flexibility, reduced lead times, and the ability to create complex geometries. This trend may continue to grow as the technology matures. The integration of advanced technologies into airframe components, such as digital systems for health monitoring and predictive maintenance, is driving innovation and demand for more sophisticated components. These factors are anticipated to drive the commercial airframe component market share.
RESTRAINING FACTORS
"Financial Instability of Airlines to Hamper Market Share"
Airlines' financial health can impact their ability to invest in new aircraft and components. Economic downturns or airline bankruptcies can lead to order cancellations and reduced demand. Developing advanced airframe components can be expensive and time-consuming. Companies may be hesitant to invest in research and development, especially for niche or specialized components. The factors are anticipated to hinder the growth of the commercial airframe component market share.
Commercial Airframe Component Market REGIONAL INSIGHTS
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"North America Holds the Major Share of the Global Market with Large Aircraft Fleets"
The major shareholder of the Commercial Airframe Component Market historically has been North America, primarily due to the presence of large aerospace manufacturers, a robust aviation industry, and significant defense contracts. It has one of the largest fleets of commercial aircraft in the world. Airlines in the United States and Canada operate extensive fleets of commercial planes, necessitating a steady demand for airframe components for maintenance and upgrades.
North America is home to some of the world's largest and most influential aerospace companies, including Boeing (United States) and Bombardier (Canada). These companies have a significant influence on the market due to their extensive commercial and military aircraft production.
KEY INDUSTRY PLAYERS
"Leading Players adopt Acquisition Strategies to Stay Competitive "
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
List of Market Players Profiled
- Avcorp Industries [Canada]
- Exelis [U.S.]
- Ferra Engineering [Australia]
- Precision Castparts [U.S.]
- Triumph Group [U.S.]
- HITCO Carbon Composites [U.S.]
- LISI Aerospace [France]
- RUAG Aerostructures [Switzerland]
- Sonaca [Belgium]
- TAL Manufacturing Solutions [India]
REPORT COVERAGE
This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share and restraints.This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 14950 Million in 2022 |
Market Size Value By |
US$ 20320 Million by 2028 |
Growth Rate |
CAGR of 5.3% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2022 |
Historical Data Available |
Yes |
Segments Covered |
Type and Application |
Regional Scope |
Global |
Frequently Asked Questions
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What value is the commercial airframe component market expected to touch by 2028?
The global commercial airframe component market is expected to reach USD 20320 million by 2028.
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What CAGR is the commercial airframe component market expected to exhibit by 2028?
The commercial airframe component market is expected to exhibit a CAGR of 5.3% by 2028.
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Which are the driving factors of the commercial airframe component market?
Increase in Air Travel Demand and Technological Advancements are drivers of this commercial airframe component market.
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Which are the top companies operating in the commercial airframe component market?
Avcorp Industries, Exelis, Ferra Engineering, Precision Castparts, Triumph Group, HITCO Carbon Composites, LISI Aerospace, RUAG Aerostructures, Sonaca and TAL Manufacturing Solutions are key companies operating in the commercial airframe component market.
