The aerospace industry just turned 120! We launched our guide to performance polymers in the aerospace industry to celebrate.
In this blog, we provide a high-level overview of the aerospace industry today, including its key market segments, top companies, and recent performance.
The aerospace industry is a core pillar of US manufacturing, employing over 500,000 people (about 4% of the total US manufacturing workforce). In the United States, the aerospace industry remains a star performer in terms of international trade. According to the International Trade Administration, the U.S. aerospace sector produces the second-highest level of exports among all manufacturing industries, and the highest overall trade balance. This “predominant position has remained unchanged for decades, with aerospace exports having grown at an average rate of 5.31 percent over the last 10 years and the aerospace trade balance increasing at an average rate of 4.64 percent since 2010.“
Aircraft manufacturing has long been highly concentrated, with a large portion of the market for large commercial passenger aircraft historically dominated by just two companies, Boeing and Airbus. In turn, Embraer (Brazil) and Bombardier (Canada) have long held a dominant position in the market for regional aircraft. However, these manufacturers are served by a vast network of OEMs who engineer the incredible array of subsystems needed to help aircraft perform their missions safely and reliably.
After relatively stable growth for many decades, the aerospace industry confronted a massive slowdown in the wake of the COVID pandemic and the ensuing supply chain difficulties. However, the industry has been able to rebound successfully; a recent report from PwC notes that:
Based on FlightGlobal data from 2021, Lockheed Martin was the largest aerospace company in the world by revenue, followed by Raytheon Technologies, Boeing, Airbus, and Northrop Grumman. Due to the slow-down in civilian aviation in the wake of COVID, this year’s list marks the first time in many years that the top manufacturer spots have been taken over by suppliers with a greater focus on defense solutions (Lockheed/Raytheon) compared to civilian applications (Boeing/Airbus, the long-term top two by revenue).
While the aerospace industry is over a century old, it remains defined by continuous innovation. In this blog post, we take a look at the most important trends shaping the future of aerospace, including decarbonization, the growth of private space companies, and new possibilities for 3D-printed components.
If you are interested in a deeper dive into dive into the biggest challenges for aerospace industry components (and how TriStar’s high-performance polymers can help solve them) please see our guide here, based on knowledge gleaned from successful engagements with a variety of aerospace industry clients.