The global aircraft fairings market is projected to observe a period of tremendous growth due to the growing demand for more fuel-efficient aircrafts and the projected long-term growth of the global tourism sector. Over the past couple of years, several low cost carriers are increasingly focusing towards long-term collaborative agreements with prominent aircraft manufacturers to effectively expand their respective fuel-efficient fleets.
The rapidly growing number of aircrafts across the globe, caused by the projected long-term growth of air passengers, is creating a number of lucrative opportunities for the aircraft fairings market. In fact, according to a 2019 report of major European aircraft manufacturer, Airbus, the total number of airplanes across the world is expected to reach the 48,000 mark, effectively doubling, by 2038. The demand for aircraft fairings is expected to go up tremendously owing to the aforementioned determinant.
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In terms of aircraft type, widebody aircraft segment is expected to foresee a commendable growth attributing to increasing demand for widebody aircraft carriers as a result of rising count of air passengers from developing nations. Countries such as India, with a typical regional carriers’ portfolio, are now recording an upsurge in demand for widebody aircraft. In 2019, SpiceJet announced its proposition to operate widebody aircraft to enhance its long-haul flight operations. Similarly, Vistara, announced the inclusion of two widebody aircraft in their service fleets. Such initiatives are favoring the growth of wide-body aircraft thereby propelling the expansion of aircraft fairings market.
Based on the application spectrum, fuselage segment is projected to record a CAGR 2.8 % over the analysis timeline. The segment is largely driven by belly fairing section that is placed under the fuselage between the main wings. Growing e-commerce trade along with elevating need to stock up inventories is stimulating the demand of widebody aircraft as well as narrow-body aircrafts providing PTF conversions. Narrow-body aircraft with PTF conversion secured a share of about 50% in the freight market. The increased adoption of narrow-body freight aircraft will encourage the segmental growth.
Given that belly fairing is witnessing a significant rise in the demand owing to the fact that it stands as one of the important driving factors supporting the segmental growth. Citing an instance, in 2018, Strata manufacturing had inked an agreement to deliver belly fairings for PC-24 series of twin engine business jets by Pilatus. This partnership aims to support the future production of whole composite shipset for PC-24 jets in the UAE. Further, this deal will allow Pilatus to strengthen its product portfolio and gain strong foothold in UAE with Strata being the integral part of their global supply chain.
With regards to materials being used, metals and alloys segment is expected to depict an appreciable growth over the forthcoming years. Fairings are largely made from metals such as aluminum, steel, titanium and its alloys and are used predominantly as noise-reducing components during taking off and landing operations in aircraft. Landing gear fairings made of perforated titanium are gaining a higher preference attributing to strong structural and flexural strengths along with debris protection abilities.
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In terms of regional terrain, Asia Pacific aircraft fairings market is estimated to register a CAGR of 2% over the forecast timeframe. As a result of growing investments from prominent manufacturers towards maintenance and production activities, emerging economies such as India and China are likely to observe a substantial growth in aerospace. For instance, in 2019, Boeing announced to establish a production facility in India for F/A 18 Super Hornet fighter aircraft. Such developments will positively influence the growth of regional.
Major industry players operating in aircraft fairings market such as STRATA Manufacturing, FACC AG, NORDAM, ShinMaywa, and Malibu Aerospace, are focused on developing technologically enhanced products and implementing several business strategies to gain a strong position in the market.
Major Key Points from Table of Content:
Chapter 6. Aircraft Fairings Market, By Material
6.1. Global aircraft fairings market share, by material, 2019 & 2026
6.2.1. Global market estimates and forecasts, 2016 - 2026
6.2.2. Market estimates and forecast, by region, 2016 - 2026
6.3.1. Global market estimates and forecasts, 2016 - 2026
6.3.2. Market estimates and forecast, by region, 2016 – 2026
6.4. Metals & alloys
6.4.1. Global market estimates and forecasts, 2016 – 2026
6.4.2. Market estimates and forecast, by region, 2016 – 2026
6.5. Others (hybrid composites, aramid based composites, etc.)
6.5.1. Global market estimates and forecasts, 2016 – 2026
6.5.2. Market estimates and forecast, by region, 2016 - 2026
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