Aerospace Maintenance Chemicals Market to exceed $8 bn by 2024
Published Date: November 13, 2017 Author: Global Market Insights, Inc.
Aerospace Maintenance Chemicals Market size is estimated to surpass USD 8 billion by 2024; according to a new research report by Global Market Insights, Inc.
Global aerospace maintenance chemicals market size is expected to cross 700 kilo tons till 2024. Substantial growth in global airline traffic along with stringent regulations regarding regular maintenance checks will drive the industry growth over the coming years. Positive outlook for maintenance, repair, & overhauling (MRO), especially in developing economies of Asia Pacific will further induce immense potential to the aerospace maintenance chemicals market size. However, product inventory management may pose a challenge to industry participants.
Enhancement in living standards and low air fare in emerging nations have resulted in growth of travel and tourism sector. This has led to increased aircraft deliveries and high requirement of maintenance, further strengthening the product penetration till 2024.
Regulatory authorities across the globe, including Federal Aviation Administration (FAA) and European Aviation Safety Agency (EASA) are making amendments in chemical requirements in maintenance procedures. Companies operating in aerospace maintenance chemicals market, believe in product advancements to gain a competitive edge in the industry. They are heavily investing in research activities to develop their maintenance procedures and reduce the costs. Technological advancements in the industry to produce environmentally friendly products will favorably influence the business growth rate till 2024.
Browse key industry insights spread across 440 pages with 567 market data tables & 26 figures & charts from the report, “Aerospace Maintenance Chemicals Market Size By Product (Aircraft Cleaning Chemicals, Aircraft Leather Cleaners, Aviation Paint Removers, Aviation Paint Strippers, Speciality Solvents, Degreasers, Aircraft Wash & Polish), By Aircraft (Commercial Aircraft, Single Engine Piston, Business Aircraft, Military Aircraft, Helicopters, Space), By Nature (Organic, Inorganic) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Russia, Italy, Poland, Netherlands, China, Japan, India, South Korea, Singapore, Australia, Thailand, Malaysia, Vietnam, Brazil, Mexico, Argentina, KSA, Qatar, UAE, Oman, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Aircraft cleaning chemicals are anticipated to exhibit the maximum revenue in the aerospace maintenance chemicals market crossing USD 2 billion till 2024. High usage of the product in aircraft interiors & exteriors coupled with increasing air passengers will support the industry dominance. Aircraft cleaning chemicals are used by a wide range of commercial and defense aircrafts on the exterior and interior surfaces. The efficient and fast operation is a key factor that will boost the product demand over the forecast timeframe.
Aviation paint removers will grow at over 3% CAGR owing to their benefit such as fast & superior operation. Shifting consumer preference towards paint removers due to extended shelf life and fast paint removal is another factor positively influencing the product penetration.
Commercial aircraft will dominate the aerospace maintenance chemicals market holding over 35% revenue share over the forecast timeframe. The high revenue generation can be attributed to high need of maintenance owing to stringent regulations regarding passenger security across the globe. Growth in travel & tourism will further support the aerospace maintenance chemicals market dominance till 2024. OEMs focus on superior-grade products to meet the specifications and for faster operations. The prevention of corrosion on the exterior and interior surfaces is the main factor required by commercial aircraft.
Military aircrafts will grow at around 4% CAGR due to rising investments in military aviation across the globe. For instance, Indian military aviation sector is projected to invest around USD 35 billion over the next two decades.
Organic chemicals will account for over 60% revenue share over the forecast timeframe. Operational efficiency coupled with cost effectiveness are among the major factors driving the aerospace maintenance chemicals market growth. High preference towards product viscosity due to labor friendly maintenance will further strengthen the product penetration.
Shifting preference of manufacturers due to easy compatibility with various equipment offering superior performance & fast operations will drive the growth of aerospace maintenance chemicals market from inorganic chemicals. The competitive pricing of product coupled with availability in customized quantity as per the customer requirement will boost the product penetration over the forecast timeframe.
North America aerospace maintenance chemicals market is expected to surpass USD 2.5 billion over the coming years. Increasing MRO in the region offering competitive pricing along with the presence of multiple maintenance bases across the region will further improve the product demand. North America is majorly dominated by the U.S. owing to the vast expansion of the aerospace industry along with the higher demand from the rest of the region, positively impacting the overall aerospace maintenance chemicals market growth.
Asia Pacific aerospace maintenance chemicals market led by China, India, Japan, South Korea, Singapore, and Thailand are the major contributors to the substantial growth. Increasing MRO bases in the region with improved services and enhanced technologies sufficing the demand for aircraft manufacturers will fuel the product demand. Constant investment of the aircraft companies for MRO will further augment the product penetration in the region.
Shell, Eastman, The Dow Chemical Company, and arrow solutions are among the prominent players in the aerospace maintenance chemicals market. Other notable players include 3M, Wesco aircraft, KLX Inc., and Henkel. Partnerships are considered among the key strategies adopted by the industry players. For instance, in October 2017, Arrow Solutions announced strengthening its partnership with a key distributor in Norway. This extension will boost its market share for core products backed by significant marketing campaign.
Aerospace Maintenance Chemicals market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2013 to 2024, for the following segments:
Aerospace Maintenance Chemicals Market by Product
- Aircraft cleaning chemicals
- Aircraft leather cleaners
- Aviation paint removers
- Aviation paint strippers
- Specialty solvents
- Aircraft wash and polish
Aerospace Maintenance Chemicals Market by Aircraft
- Commercial aircraft
- Single engine piston
- Business aircraft
- Military aircraft
Aerospace Maintenance Chemicals Market by Nature
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa