The aircraft fairing market size was USD 1.41 billion in 2020. The market is projected to grow from USD 1.46 billion in 2021 to USD 2.60 billion in 2028 at a CAGR of 8.59% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Aircraft Fairing Market, 2021-2028”. Factors such as covering gaps and spaces to reduce both form drag and interference drag and improving appearance will boost the growth of the market during the forecast period. Additionally, increasing passenger air traffic worldwide will increase the footprint of the market.
Impact of Russia-Ukraine War Implication
The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement. There is hardly any sector that the war has left untouched, especially aggravating the business landscape of sectors ranging from aerospace to oil & gas. Amidst prevailing challenges, stakeholders are gearing to turn adversities into opportunities. However, soaring military aid for Ukraine could provide impetus to stakeholders. Meanwhile, it is to be noted that the relevant sanction could augment operating costs and disrupt industries.
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List of Key Players Present in the Market
- Malibu Aerospace (U.S.)
- FACC AG (Austria)
- Daher (France)
- NORDAM (U.S.)
- Airbus (France)
- Boeing (U.S.)
- Avcorp (Canada)
- Barnes Group (U.S.)
- Royal Engineered Composites (U.S.)
- Fiber Dynamics Inc. (U.S.)
- FDC Composites (Canada)
- Kaman Aero systems (U.S.)
- SAAB AB (Sweden)
- Lockheed Martin (U.S.)
- Shin Maywa (Japan)
- Strata Manufacturing (UAE)
On the basis of platform, the market can be divided into commercial, military, regional, and general aviation.
By application, the market can be broken down into fuselage, engine, control surfaces, radars and antenna, and landing gear.
With respect to material, the market can be segmented into aluminum, composite, and alloys.
In terms of geography, the market can be categorized into North America, Europe, Asia Pacific, and the Rest of the World.
The market report for aircraft fairing aims to provide our readers with a detailed analysis by presenting critical attributes such as leading companies, product types, and leading product applications. Additionally, the report also focuses on the ongoing industry developments & future market trends in order to pack a comprehensive read for our users. The report also contains factors that are expected to impact the market in a positive/negative manner.
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Drivers & Restraints
Rising demand for Composite Aerostructures to Augment Market Growth
Factors such as increasing demand for lightweight aerostructures for doors, control surfaces, & fairings and rising requirements for short runway performance will boost the aircraft fairing market growth during the forecast period. Additionally, increasing attainment of modern generation of airplanes and rising demand for low-cost carriers will increase the footprint of the market. Also, rising orders for commercial aircrafts and rising military spending by emerging economies will fuel the market’s growth.
However, a severe backlog in orders for aircraft fairing will limit the market growth during the forecast period.
North America to Hold Largest Market Share due to Prominent Key Players
North America will witness the largest aircraft fairing market share during the forecast period due to increasing usage of aircraft for commercial aircrafts and increasing presence of key players. Additionally, the region houses sizeable aircraft fleets and vast assembly lines for a higher volume of production. These factors will increase the footprint of the market.
Europe will contribute a significant market share in terms of global revenue due to presence of prominent players and increasing investments towards R&D activities.
The Asia Pacific will witness considerable growth during the forecast period owing to expanding aviation sector.
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Product Development & Collaborations to Bolster Market Position
The market for aircraft fairing is highly fragmented and dominant players in the market are often found capturing the lion share. Dominant players are striving to design and develop the latest aerostructures including fairings, control surfaces, and other structural components. In February 2021, Boeing announced that they would add a new production line for manufacturing the complex vertical Fin of 737-max family aircraft at their plant in Hyderabad, India. Others are focused on expanding their production capabilities, mostly in the region of Asia. Players are also focused on expanding their reach by employing strategic integration such as mergers & acquisitions & various collaborations.
Key Industry Development
- April 2021: Tawazun Economic Council and Pilatus Aircraft Ltd agreed on an agreement with Strata Manufacturing (Strata) for a period of 7 years. Under the agreement, Pilatus will provide Strata with three additional work packages for the PC-24.
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