At 7.3% CAGR, Asia Pacific Aircraft Brackets Market is Projected to be Worth US$ 177.60 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific aircraft brackets market was valued at US$ 100.72 million in 2023 and is anticipated to reach US$ 177.60 million by 2031, recording a CAGR of 7.3% from 2023 to 2031. Rising deliveries of general aviation aircraft and helicopters and increasing orders and deliveries of narrow body aircraft are among the critical factors attributed to drive the Asia Pacific aircraft brackets market growth.

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. As per the data from GAMA, the number of deliveries of different types of general aviation aircraft and helicopters from 2021 to 2023. Hence, as per the data from GAMA, the deliveries of airplanes and helicopters have increased from 2021 to 2023, resulting in a rise in demand for aircraft brackets in applications such as wings assembly, engine mounts, fuel tanks, electrical wire installation, and landing gears.

On the flip side , discontinuation of A380s and B747 jumbo jets hampers the growth of Asia Pacific aircraft brackets market.

Based on aircraft type, the Asia Pacific aircraft brackets market is segmented into commercial aircraft, general aviation, military aircraft, and helicopter. The commercial aircraft segment held 56.0% market share in 2023, amassing US$ 56.38 million. It is projected to garner US$ 99.67 million by 2031 to register 7.4% CAGR during 2023-2031.

By application, the Asia Pacific aircraft brackets market is segmented into aircraft fuselage, aircraft wings, aircraft control surfaces, engine, and others. The aircraft fuselage segment held 47.3% share of Asia Pacific aircraft brackets market in 2023, amassing US$ 47.62 million. It is anticipated to garner US$ 90.36 million by 2031 to expand at 8.3% CAGR during 2023-2031.

In the terms of material, the Asia Pacific aircraft brackets market is segmented into aluminum, steel, and others. The aluminum segment held 63.2% share of Asia Pacific aircraft brackets market in 2023, amassing US$ 63.69 million. It is anticipated to garner US$ 111.94 million by 2031 to expand at 7.3% CAGR during 2023-2031.

By end use, the Asia Pacific aircraft brackets market is bifurcated into OEMs and aftermarket. The OEMs segment held 70.2% share of Asia Pacific aircraft brackets market in 2023, amassing US$ 70.75 million. It is anticipated to garner US$ 127.28 million by 2031 to expand at 7.6% CAGR during 2023-2031.

Based on country, the Asia Pacific aircraft brackets market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 36.8% share of Asia Pacific aircraft brackets market in 2023. It was assessed at US$ 37.10 million in 2023 and is likely to hit US$ 67.22 million by 2031, registering a CAGR of 7.7% during 2023-2031.

Key players operating in the Asia Pacific aircraft brackets market are Arconic Corp; Godrej & Boyce Manufacturing Co Ltd; Hexagon AB; Hutchinson SA; Legend Aerospace; Meena cast Pvt. Ltd.; Precision Castparts Corp.; RTP Company; SEKISUI Aerospace; Singapore Technologies Engineering Ltd; Spirit AeroSystems Holdings Inc; and Triumph Group Inc, others.

• In June 2023, 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. The work includes an innovative build-to-print composite fuselage and a composite bonded frame. The new statement of work leverages Spirit's technical expertise to implement affordable design and manufacturing efficiencies.

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