The aircraft brackets market size is projected to reach US$ 512.2 million by 2031 from US$ 324.2 million in 2023 to register a CAGR of 5.9% during 2023-2031.
NEW YORK, Oct. 9, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global aircraft brackets market is observing healthy growth owing to the increasing global fleet of aircraft and growing deliveries of narrow body aircraft models.
Global aircraft brackets market experiences increase in demand for aluminum brackets. Browse More Insights: https://www.theinsightpartners.com/reports/aircraft-brackets-market
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the aircraft brackets are an essential component in aircraft manufacturing, that is used for joining different parts which can support the overall weight of all the parts' weight that also allows to strengthen the joints in an aircraft.
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Overview of Report Findings:
- Market Growth: The aircraft brackets market is expected to reach US$ 512.2 million by 2031 from US$ 324.2 million in 2022, at a CAGR of 5.9% during the forecast period. Increasing orders and deliveries of narrow body aircraft is one of the major factors driving the growth for aircraft brackets market. The aviation industry has matured rapidly over the years, recording a significant number of aircraft production and deliveries. This has showcased massive order volumes for various commercial aircraft manufacturers worldwide. Commercial aviation is foreseen to surge in the coming years with an increase in air travel passengers and aircraft volumes.
- Technological Innovations: Increasing adoption of lightweight material-based aircraft brackets is one of the major factors pushing the market growth. The rise in the adoption of lightweight materials to manufacture aircraft brackets is expected to be the key trend in the aircraft brackets market growth in the coming years. A composite material is a unique combination of two or more materials whose properties, when combined, exhibit exceptional physical and chemical properties. One such composite material is carbon fiber reinforced plastic (CFRP), in which microscopic carbon fibers are attached to a plastic resin.
- Rising deliveries of general aviation aircraft and helicopters: The rise in orders for general aviation aircraft and helicopters from airlines in 2022 and 2023 across the globe increased deliveries of these aircraft in 2023. As per the General Aviation Manufacturers Association (GAMA) data, 3,050 airplanes and 962 helicopters were delivered in 2023, with a of 9% and 9.8%, respectively, compared to 2022. In addition, the increase in backlogs for all segments of general aviation aircraft and helicopters is expected to further surge deliveries from 2023 to 2031.
- Government Initiatives for Military Procurements: The market growth in the North America region can be attributed to the rise in aircraft orders from the airline companies and government defense sector, government initiatives toward modernization and expansion of aircraft infrastructure, and a rise in the adoption of lightweight material in the production of aircraft brackets.
- Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by North America and Europe. Asia Pacific is expected to register the highest CAGR during the forecast period.
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Market Segmentation:
- Based on aircraft type, the aircraft brackets market is segmented into commercial aircraft, general aviation, military aircraft, helicopter. The commercial segment held a larger share of the aircraft brackets market in 2023.
- By application, the aircraft brackets market is segmented into aircraft fuselage, aircraft wings, aircraft control surfaces, engine, and others. The aircraft fuselage segment held the largest share of the aircraft brackets market in 2023.
- In terms of material, the aircraft brackets market is divided into aluminum, steel, and others. The aluminum segment held a larger share of the aircraft brackets market in 2023.
- The aircraft brackets market is segmented into five major regions: North America, Europe, APAC, Middle East & Africa, and South & Central America.
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Competitive Strategy and Development:
- Key Players: A few major companies operating in the aircraft brackets market include Hexagon AB, Singapore Technologies Engineering Ltd, Legend Aerospace, RTP Company, Triumph Group Inc, Spirit AeroSystems Holdings Inc, Premium Aerotec GmbH, Hutchinson SA, Arconic Corp, SEKISUI Aerospace, Godrej & Boyce Manufacturing Co Ltd, Avantus Aerospace Inc, Precision Castparts Corp, Meena cast Pvt Ltd, and STROCO Manufacturing Inc.
- Trending Topics: Lightweight Material Brackets, Aircraft Aluminum Brackets Market, Aircraft Composite Brackets.
Global Headlines on Aircraft Brackets:
- "9T Labs and Diehl Aviation presented the ECO Bracket for the first time at the Aircraft Interiors Expo in Hamburg."
- "Safran Cabin, a world leading supplier of cabin interiors, and Victrex worked together to qualify thermoplastic composite parts on aircraft."
- "Dufour Aerospace is pleased to announce the selection of WAG Wernli AG to manufacture composite brackets."
- "Spirit AeroSystems announced an expansion of its manufacturing role for Honda Aircraft Company's all-new light jet that was first introduced at the 2021 NBAA-BACE as the HondaJet 2600 Concept"
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The aircraft brackets market in Europe is segmented into Germany, Italy, Russia, France, the UK, and the Rest of Europe. With more than 20,000 flights per day and ~500 million passengers per year, Europe is considered the busiest airspace in the world. In addition, defense and commercial aviation sectors in Europe are inclining toward advanced aircraft technologies. Strong economic conditions and increased initiatives by European governments to ensure aviation sector growth are the main factors driving the aircraft brackets market growth in Europe. Countries such as France, Germany, and the UK are the leading countries in Europe with a high number of aircraft and airports. Germany and France are major exporters of advanced aircraft technologies and are leaders in the aircraft brackets market in the region.
Countries in Europe, such as Poland, the UK, and Belgium, are initiating new airport projects, resulting in a significant demand for aircraft fleets. Poland, for example, has announced a plan to build a Solidarity Transport Hub in Baranow County, near Warsaw, by 2027 to handle almost 40 million passengers. The renovation of Son Sant Joan Airport in Mallorca, Spain, began in the first quarter of 2023 and is expected to be completed by 2026. Therefore, the construction of new airports and renovation of existing airports will increase the aircraft fleet in the region, driving the global aircraft brackets market size.
Currently, most aircraft manufacturers use composite material and composite material-based components in their aircraft structure. For example, more than 50% of the structure of the Airbus A350 XWB is made of composite material. The extensive use of lightweight materials on the A350 contributes directly to net fuel consumption. A lighter structure can carry more payload over a greater distance than a traditional aluminum structure. Due to the airframe's overall strength, the A350 requires less maintenance during its operational life. In addition, the materials' greater corrosion resistance increases the airframe's lifespan.
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The aircraft companies are adopting strategies such as collaboration, product development, and partnerships to increase the adoption of composite material-based aircraft brackets. For instance, in June 2024, Diehl Aviation and 9T Labs introduced an Eco Bracket solution for aircraft cabin equipment. This new solution uses 3D-printed carbon fiber elements and reused thermoplastic composites, which replace conventional aluminum components used in aircraft cabins. The Eco Bracket solution features a 50% weight reduction compared to aluminum, achieved through a combination of lightweight materials and design optimization. This significant weight reduction results in lower fuel consumption for airlines. In addition, in October 2021, Arris Composites collaborated with Airbus. This collaboration aimed to conduct a composite research project on the production of cabin brackets using innovative manufacturing techniques and materials. Key strategies and developments adopted by the companies operating in the aircraft brackets value chain will gain competition toward the development of lightweight material-based and efficient aircraft brackets, which in turn is projected to increase the adoption of lightweight material-based aircraft brackets from 2023 to 2031.
Conclusion:
Asia Pacific is projected to register a CAGR of 7.3% from 2023 to 2031. The rise in investment in aircraft fleet expansion to accommodate an increase in air passengers is fueling the market growth in the region. In addition, the government initiative toward expanding and developing new airports is further anticipated to propel the demand for aircraft, which is expected to drive the aircraft brackets market during the forecast period.
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The report from The Insight Partners, therefore, provides several stakeholders-including component providers, system technology integrator, system manufacturers and others-with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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