Aircraft Gaskets Market Size, Industry Analysis Report, Regional Outlook, 2020 - 2026
Report ID: GMI3052
Aircraft Gaskets Market size is predicted to see exponential gains over the forecast timeframe propelled by increasing demand for light weight aircrafts with improved fuel efficiency and increased seating capacities. Improving living conditions along with the proliferation of low-cost carrier services are playing a major role in the industry expansion till 2024. Innovations in gasket materials including improved fire-proofing capabilities along with higher stress bearing functionalities is further strengthening the industry share over the study timeframe.
An upsurge in passengers opting for air travel compared to other modes of transportation is supporting the aircraft gaskets market proliferation over the projected timeframe. Growing adoption of low-cost carrier services along with expansion of aircraft routes across multiple cities is further augmenting the revenue generation till 2024.
Industry participants are continuously investing in R&D for introducing gaskets with advanced features including improved fireproofing and reduced component weight, positively influencing the aircraft gaskets market expansion till 2024. For instance, in 2015, Freudenberg-NOK launched an innovative material for gaskets with weight savings up to 20 percent compared to the existing materials.
Stringent government regulations mandating the regulation inspection of the aircraft components for ensuring aircraft safety is providing a positive outlook for the aircraft gaskets market augmentation over the projected timeframe. For instance, the Federal Aviation Administration (FAA) publishes multiple regulations that mandate the regular aircraft inspection for the general aviation aircraft owners, under AC20-106, playing a significant role in the industry expansion over the study timeframe.
Advancements in gasket manufacturing techniques owing to the requirement for producing reliable and durable components for usage across diversified and extreme situations is providing a positive outlook for the industry expansion. Requirement for high precision and lean manufacturing techniques along with higher costs associated with machineries for gasket production may hamper the industry growth till 2024. However, industry participants are continuously engaged in R&D for manufacturing gaskets with 3D printing technologies, positively influencing the aircraft gaskets market penetration over the projected timeframe.
Based on material, the aircraft gaskets market place is categorized into conductive, polymer, composites, and metal. The increasing adoption of composites for aircraft gaskets is attributed to the enhanced benefits offered by the material including lower weight and improved durability. Further, the lower thermal conductivity of the material along with superior corrosion resistance over the counterparts is further proliferating the segment share over the study timeframe.
Based on applications aircraft gaskets market place consist of landing gear, engines, wheels and brakes, and airframe. In airframe application gaskets is used in wide array such as window, door, antenna, wings, fuselage, hatches, access panel, fairing, and canopies. Aircraft gasket includes in various parts of aircraft such as pressure retaining, environmental sealing purpose, fire resistant, and vibration damping. It designed as an environment sealant.
Based on aircraft, the industry is classified as military aircraft, general aviation, regional aircraft, helicopter, and commercial aircraft. The commercial aircraft is expected to showcase significant growth rate due to the increase in aircraft deliveries across the globe to support rising passenger traffic. For instance, in 2017, Boeing accounted for 763 commercial aircraft deliveries with 912 net orders and 5,864 backlogs, positively influencing the aircraft gaskets market penetration till 2024.
Based on distribution channel, the aircrafts gaskets market place is segmented into OEM and MRO. The increasing MRO activities owing to replacements and maintenance of ageing fleet is supporting the industry growth over the forecast timeframe. Improvements in supply chain management along with easier availability of spare components owing to multiple sourcing alternatives is further augmenting the market proliferation over the forecast timeframe.
Asia Pacific will showcase significant growth rate over the projected timeframe. This growth is attributed to the increasing prevalence of low-cost airliners across the region. The proliferating tourism sector along with increasing disposable income will further support the aircraft gaskets market expansion till 2024. Increasing MRO activities offering periodic maintenance and replacement components for complying with stringent regulations for airworthiness is providing a positive outlook for the industry growth.
Few aircraft gaskets market players include Meggitt Plc, Esterline technologies corporation, compagnie de Saint-Gobain S.A., SKF Group, Eaton corporation, Freudenberg Group, and Hutchinson SA. Industry participants are engaged in agreements and strategic partnerships with aircraft manufacturers for improving their market share. For instance, in July 2014, SKF Group entered into a contract with Boeing for providing advanced sealing solutions for Boeing 777 aircrafts.
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