Europe Aircraft Fairings Market growth was over USD 14.5 million in 2019 and will grow at 2.9% CAGR up to 2026.
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Rising air passenger traffic will positively influence Europe aircraft fairings market size. According to Airports Council International’s Annual World Airport Traffic Forecasts 2017 – 2040, Europe will contribute around 26% in terms of international passenger traffic growth. Rising air travel for business & leisure purposes in conjunction with the emergence of low-cost airlines will boost Europe aerospace industry growth. Many traditional airlines in Europe have established low-cost carriers, which have successfully penetrated the long-haul segment with provision of new hub connectivity. In recent years, low-cost airlines, such as WOW Air, LEVEL, and Norwegian, have entered into the long-haul segment, covering North and Mid Atlantic flows. Such trends will generate demand for more aircraft, thereby propelling Europe aircraft fairings market growth from 2020 to 2026.
As per EUROCONTROL, there will be approximately 16.2 million flights in Europe, displaying a growth of more than 50% than 2017, spearheaded by Eastern European countries. European aircraft fleet is gradually aging, creating needs for new aircraft. Wizz Air, Pegasus Airlines, Air Europa, and Norwegian have placed a large number of aircraft orders that are currently outstanding. Addition of new aircraft along with improvement in airport infrastructure will support the Europe aviation sector growth. Furthermore, supportive government policies backed by huge financial investments are expected to accelerate the aerospace sector growth in this region. This will spur Europe aircraft fairings market growth by 2026.
The coronavirus pandemic has brought international travel to a virtual standstill, crippling the Europe aerospace industry in a significant manner. This worrisome situation has affected European aircraft and related components manufacturers due to mandatory lockdown imposed to control the pandemic. Due to production stoppages and import-export restrictions, these manufacturers have suffered heavy losses. However, this situation is temporary, and the industry will return to normalcy after the lifting of lockdown & transportation restrictions.
In the Europe aircraft fairings market, the business aircraft segment is expected to cross 9% share by 2026 owing to favorable trends associated with the region’s business aviation sector. Business aviation accounts for 8% of total Europe aviation traffic. France, Switzerland, Germany, and the UK are major players in this sector, contributing around 70% of gross value to the sector.
The Europe aircraft fairings market by application includes wings, fuselage, empennage, landing gear, and engine. The engine segment is expected to cross USD 1.0 million by the end of forecast period. These fairings provide protection to various engine components from external environmental factors. Additionally, they aid in reducing parasitic drag and producing laminar flow.
Various materials, such as Glass Fiber Reinforced Plastic (GFRP), Carbon Fiber Reinforced Plastic (CFRP), metals & alloys, aramid, hybrid, etc., are used to manufacture aircraft fairings. Carbon Fiber Reinforced Plastic (CFRP) will gain significant traction and will grow at a CAGR of 3.4% between 2020 to 2026. The use of carbon fiber reinforced plastics has rapidly increased over the past few years owing to their excellent operational characteristics. The material is lightweight and has excellent strength & stiffness, improving the fuel efficiency and aerodynamics performance of an aircraft. Furthermore, it is less sensitivity to corrosion & fatigue and has superior load bearing capabilities.
France is expected to cross USD 3.0 million by 2026 owing to the booming aerospace sector. Increasing aerospace infrastructure development projects along with the tourism sector development will bolster the country’s aerospace sector growth. In June 2020, France government launched USD 17 billion support plan for the aerospace sector. This plan will assist air transport growth, aircraft manufacturing sector reconstruction, and carbon neutral aircraft development.
The key players in the industry include FACC AG, LATECOERE, The NORDAM Group, Inc., DAHER, SABCA, and PFW Aerospace GmbH. These companies are investing in research & development activities, partnering with other companies, and diversifying sales & distribution network to strengthen their market presence. These companies establish long-term agreements and contracts with aircraft manufacturers for installation and services related to fairings.