5.1.3Segment

Aerospace Structures & Components

Manufacturers of fuselage assemblies, aircraft interiors, landing gear systems, and structural aerospace components.

4
Verticals

Overview

Aerospace Structures & Components covers manufacturers of fuselage assemblies, aircraft interiors, landing-gear systems, and structural aerospace components. As tier-1 and tier-2 suppliers to the airframe OEMs, the segment's fortunes track commercial aircraft production rates, which fell sharply in 2017–22.

Demand is recovering with aircraft production, but the supplier base has been financially stressed by the downturn and supply-chain disruption. It is consolidating, with OEMs and tier-1s acquiring and rationalizing the supply chain, and composites and advanced structures a growth area.

Market snapshot

Market size
~$34B
Growth
~-0.7%CAGR (2017–22, nominal)
Companies
~726 firms
Firms by employee count

55.6% of firms have fewer than 20 employees: 404 micro-businesses, below most mandates.

The investable universe322 firms with 20+ employees
20–99
17855%
100–499
7624%
500+
6821%

growth tracks the 2017–22 commercial-production downturn.

NAICS 336413. U.S. Census Bureau — 2022 Statistics of U.S. Businesses; U.S. Census Bureau — 2022 Economic Census.

Business model & economics

Revenue model

Structural-component and assembly sales to OEMs

Key economics

Revenue per firm
$46,674,986
Revenue per employee
$335,230
Employees per firm
132.4
Recurring revenue
Moderate

production-rate-driven, with aftermarket

EBITDA margin
Production-rate- and program-driven
Capex intensity
High

Characteristics

  • Scale-driven — payroll is only 24% of revenue; the cost base is assets, not headcount
  • Moderate strategic-buyer pool — 68 firms exceed 500 employees; a scaled asset has buyers, but not many
  • Tier-1/2 suppliers tracking aircraft production rates.
  • Supplier base stressed by the downturn.
  • Composites and advanced structures a growth area.

NAICS 336413. U.S. Census Bureau — 2022 Statistics of U.S. Businesses; U.S. Census Bureau — 2022 Economic Census.

M&A deal context

Deal activityModerate

Who’s acquiring

  • Tier-1 aerospace suppliers
  • PE-backed supply-chain consolidators
  • OEMs rationalizing the supply chain

What’s driving deals

  • Supply-chain consolidation and rationalization.
  • Production-rate recovery.
  • Composites and advanced-structures growth.

Verticals in this segment

Find Aerospace Structures & Components acquisition targets

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