Aerospace Sealants Market Size

Aerospace Sealants Market Size

Aerospace Sealants Market size valued at USD 740 million in 2019 and is estimated to exhibit 4.5% CAGR from 2020 to 2026. Rising aircraft production and a positive outlook from the aircraft MRO industry are showcasing significant market growth potential. Aircraft manufacturers are continuously investing in technologies and new materials for reducing their aircraft weight. Moreover, market players enter into strategic partnerships and joint ventures with aircraft manufacturers for offering sealants based on their requirements.

The market is characterized by stringent regulatory policies and environmental norms. Industry players are continuously investing and improving their products to meet the stringent norms and gain airworthiness approvals.

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Proliferating demand for air travel owing to increasing low-cost carriers will be the major factor fueling the aerospace sealants demand. Low-cost carriers have played a major role in boosting the aviation industry significantly. The de-regularization of domestic aviation markets in several economies has given significant opportunities to airliners to offer market-oriented services. Furthermore, the lower ticket costs owing to the provision for limited additional and value-added services are likely to attract customers to opt for such airlines.
 

COVID-19 has severely impacted the operations of the global airline industry. Most of the countries across the world have temporarily suspended their domestic and international air travel in order to control further pandemic outburst. According to IATA, the global airline industry has already incurred a loss of over USD 300 billion and it might further increase in the coming financial quarters. It has negatively influenced the production and delivery of new orders as well as aircraft repair and maintenance activities. However, the market is expected to recover and will steadily grow from 2021 onwards.