The world's two largest commercial aircraft builders, Airbus and Boeing Co. (BA), both maintained their forecast of about 1,600 new jets to be sold in Latin America over the next 20 years, as traffic growth will likely resume in 2010.

"The crisis was short-lived and the recovery is under way," said Ihssane Mounir, Boeing's sales vice president for Latin America and the Caribbean.

The growth estimates of both firms, which largely coincide, are about the same as they've been over the last three years, and haven't been impacted by the global growth slowdown.

As can be expected from these two long-standing rivals, each expects to secure more market share than the other over that 20-year period.

In 2009, Boeing has managed to sell more jets in Latin America than Airbus, though Airbus is delivering many more planes than Boeing, according to Rafael Alonso, Airbus's chief salesman for the region.

Even though traffic in Latin America will likely dip between 2.5% and 3% in 2009, both companies expect growth in 2010. Boeing's Mounir said he sees traffic growing 6.4% a year on average over the next 20 years, the second-fastest pace in the world after the Asia-Pacific region.

Higher per-capita income in Latin America has lured scores of passengers off buses onto planes, while the fast economic growth is propelling business travel.

"Latin America is a developing market which means it has a growth potential much higher than mature markets such as Europe and North America," Alonso said.

Additionally, the recent appearance of low-cost airlines in the largest markets such GOL Linhas Aereas Inteligentes SA (GOL) in Brazil, Volaris in Mexico and Aires in Colombia has further boosted the demand for air transportation.

The market in Latin America will mainly require new middle-sized single-aisle jets such as the Boeing 737 and the Airbus A318, and a minority of large twin-aisle jets.

-By Inti Landauro, Dow Jones Newswires; 57-310-867 65 42; colombia@dowjones.com