The global aircraft fairings market size was valued at USD 1,151.4 million in 2019 and is anticipated to grow at a CAGR of 5.1% during the forecast period. Aircraft fairings smoothens the airflow across different rough joints of an aircraft structure during the flight. In other words, they are designed to provide a smooth finishing to the outer joints of different components such as wings & fuselage and vertical fins & fuselage.
Increasing global commercial/regional aircraft production & deliveries, introduction of new generation airplanes, rise in global commercial airplane fleet size, growing demand for lightweight components, increasing demand for the aerodynamic structure of an airplane to increase the speed & accuracy along with safety are some of the major factors aiding in the growth of the market. In addition, increasing adoption and deployment of new combat jets by different countries in their defense forces propelled by rising awareness to strengthen the military forces due to rising tensions across different regions is also another major factor growing the demand for aircraft production and thereby driving the market growth. The major end-users of these fairings are the aircraft aftermarket end users followed by original equipment manufacturers (OEMs).
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Factors such as high cost of raw materials & manufacturing process for composite fairings is one of the major factors hindering the growth for composite fairings. Moreover, lower fuel efficiency due to high weight of metallic fairings and lack of corrosion resistance capabilities is another major factor which is why composite fairings are taking over the metal ones globally.
The market is primarily segmented on the basis of Aircraft Type, By Application, By Material Type, By Manufacturing Process Type, and By Region.
Manufacturing Process Type
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Among airplane type, the market is segmented into narrow-body, wide-body, very large, regional, and general aviation. According to Polaris Market Research, in 2019 wide-body planes was estimated to be the largest market for aircraft fairings followed by narrow-body airplanes. High annual commercial jet production, rising fleet size, and high demand for lightweight engine and nacelle components are main reasons for such a high dominance of wide-body and narrow-body aircraft in the global aircraft fairings industry. Moreover, the global aviation industry has already a commercial jets order backlog of more than 14,000 units along with 38,000 airplane models are also expected to be produced during the next 20 years. This is one of the major factors which is expected to drive the market for commercial airplane fairings during the forecast period and further.
Among application, the market is segmented into wing-to-body, engine cowlings, vertical fin fairings, flap track, and others. Wing-to body dominated the market in 2019 and is expected to retain its dominance over the forecast period as well followed by engine cowlings, flap track, vertical fin and others. Engine cowlings was estimated to be the second most dominant fairing type in 2019 and is also expected to maintain its position during the forecast period owing to increasing demand of lightweight engine components in order to achieve the required output by jet engines which powers the commercial, regional, and general aviation aircraft.
Among material type, the market is segmented into composites and metals. Composite was estimated to be the largest sub-segment in 2019 and also it is expected to retain its dominance over the forecast period as well. In addition, the sub-segment is also expected to be the fastest growing material type in the global aircraft fairings market during the forecast period of 2020-2026. The demand of lightweight components across aerospace industry is rapidly gaining traction over traditional metals owing to their high strength-to-weight ratio. Increasing R&D activities in the development of lightweight components for achieving higher efficiency in terms of fuel, operational costs, and durability is another major factor aiding in the growth of the market for composite aircraft fairings globally.
The global aerospace industry is also not tasted by the issue of changing climate and increasing emissions of harmful gases. ICAO (International Civil Aviation Organization) has set a target of an average improvement in fuel efficiency of 2.0% per year from 2009 to 2020 to address the challenge of climate change. Therefore, the industry is continuously adopting advanced lightweight materials to improve fuel efficiency or reduce the carbon emissions and thereby driving the market for composite fairings globally.
Many aircraft OEMs have already adopted advanced materials for the manufacturing of aircraft fairings and developing the fairing components with the lightweight advanced materials such as composites. For instance; B787’s airframe consists of 50% composites and 15% titanium of its total structural weight. Similarly, A350XWB consists of 52% composites and 14% titanium of its total structural weight.
Among manufacturing process type, the market is segmented into prepreg layup, stamping, and others. In 2019, prepreg layup process was estimated to be most dominant and also it is expected to be the fastest growing segment during the forecast period as well owing to higher preference for the prepreg layup by the commercial and regional airplane OEMs, increasing production rates of commercial jets such as B787, A350XWB, and B737, upcoming or the new variants of existing airplanes such as Bombardier C Series and Embraer E-2 jets, and growing global aircraft fleet size replacement of small metal parts with composite components in order to reduce the overall weight.
North America was estimated to be the most dominant region in 2019 and is expected to be the largest region during the forecast period of 2020-2026 for aircraft fairings. The region is the manufacturing hub of the aerospace industry with the presence of several large, small or mid-sized aircraft OEMs, tier players, fairing and engine/nacelle component manufacturers, distributors, and raw material suppliers.
Asia Pacific is expected to be the fastest growing region during the forecast period for airplane fairings globally. The growth of this region is fueled by the countries such as China, japan, and India. China is expected to acquire more than 7,500 commercial jet units over the next 20 years, worth US$ 1.2 trillion. India is expected to become the third largest aviation market and supply about more than 470 million passengers by 2036 which will create a huge demand for commercial airplanes in the region. This is why India is expected to be the fastest growing market in the Asia Pacific region for aircraft fairings.
The global aircraft fairings market is moderately consolidated with the presence of less than 90 players across the world. Top five players of this market accounted for more than a share of 50% in 2019, according to Polaris Market Research. The global market is largely impacted by new technological advancements, production rates of airplanes, FAA regulations, and other factors.
Major players have been working hard for advancements in the existing products in the lieu of meeting FAA requirements as well as addressing the emerging market requirements. Companies such as Composite Technology Research Malaysia (CTRM Aerocomposites Sdn Bhd), FACC AG, Finmeccanica-Alenia Aermacchi S.p.A., KAMAN CORPORATION, Korean Air Aerospace Division, Malibu Aerospace LLC, Royal Engineered Composites, ShinMaywa Industries Ltd., Spirit AeroSystems Inc., Strata Manufacturing (a Mubadala Investment Company), Triumph Group, Collins Aerospace (UTC Aerospace Systems) are some of the key players operating in this market.