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.
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COVID-19 Pandemic to Impact Aviation Sector Negatively due to Lockdowns
The COVID-19 pandemic has severely impacted various sectors worldwide and the sector of aviation is no different. The entire dynamics of the aircraft fairing were interlocked as passenger travel was halted due to imposed lockdowns and the rising need for social distancing means. International and regional travels were also restricted, only cargo trade was allowed to move through. Additionally, commercial and military aircraft deliveries were suspended due to disruptions in supply chains and a faltering transport sector.
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.
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.
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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.
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.
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)
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