Aircraft fairings is a structure used to create a smooth outline and lower the drag. These structures act as a envelop for the gaps and voids present between the parts of an aircraft. These fairings reduce form drag and interference drag and improve the overall appearance. Composite materials on aircraft fairing have significantly increased over the past decade, resulting in enhanced fuel efficiency and lower costs for the aerospace industry. The requirement to replace the existing and outworn fleets with a better composite material used in the aircraft fairings are anticipated to drive the market. According to the Insure Insights, the global aircraft fairings market is projected to grow at a CAGR of 5.4% during the forecast period.
Top Driver: Increasing Global Production of Commercial Aircraft and Increasing Adoption and Deployment of New Combat Jets
Increasing global production of commercial aircraft, development of new generation airplanes, a significant expansion in global commercial airplane fleet size, increasing demand for the aerodynamic structure of an airplane to increase the speed, accuracy, and safety, and growing demand for lightweight components, are few of the prominent factors driving the growth of the market. Besides, increasing adoption and deployment of new combat jets by different countries in their defense forces boosted by growing awareness to build-up the military forces is also another significant factor growing the demand for aircraft production and thereby driving the market growth.
Commercial Segment is Expected to Anticipate the Market Immensely in the Future
On the basis of platform, the aircraft fairings market is segmented into commercial, military and general aviation. The commercial segment is expected to be the largest segment owing to the increasing demand for commercial aircrafts due to the growing passengers. Furthermore, the rising demand for narrow body aircrafts have also anticipating the segment immensely. On the basis of application, the Flight Control Surface, Fuselage, Engine, Cockpit, Landing Gear. On the basis of material Composite, Metallic, Alloy.
Rising Growth Rate Of The Aviation to Benefit Asia Pacific Market
Asia Pacific region is anticipated to gain highest CAGR in the coming years. The growth in the deliveries of commercial aircraft and the surge in procurement of military aircraft by various countries in the region are the reasons behind the growth of the market. There is a rise in the growth rate in the aviation market, in the near future. The increase in the rate of growth in terms of passenger traffic, the airlines in the region need to procure new aircraft to cater to the increasing demand.
Players to Focus on Aircraft Fairings Market
The global market is expected to stay fragmented with the increase in the number of new entrants in the coming years. ShinMaywa, Strata Manufacturing, Malibu Aerospace, FACC AG, Daher NORDAM, Airbus, Boeing, Avcorp, and Barnes Group, Royal Engineered Composites, Fiber Dynamics Inc., FDC Composites, and Kaman Aerosystems among others could be at the forefront of the competition in the global market.
Boeing: In October 2018, Boeing announced that it had completed its acquisition of KLX Aerospace Solutions to enhance its growing services business and deliver greater value to its customers. The acquisition positions Boeing to compete and win in the $2.8 trillion, 10-year aerospace services market.
Avcorp Group: In December 2015, Avcorp Group revenues totaled $79,925,000 as compared to $67,104,000 revenue for the previous year; a strong 19% annual revenue increase for 2015 as compared to 2014. Both commercial and defense programs, for all customers, have experienced increased demand during the current year. Furthermore, new program introductions and acquisition based revenues have added to current year revenues as the Group ramps up to full rates of production on existing programs in all facilities.
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