Aircraft Recycling Market size is set to surpass USD 7 billion by 2027, according to a new research report by Global Market Insights Inc.
The global demand for components, spare parts, and materials of aircraft has grown significantly due to the rising focus on the utilization of second-hand aircraft components by various airlines around the world to minimize operational costs. With continuous growth in the global aircraft fleet, the market for recycled aircraft components and materials will further increase, thereby aiding the market growth. Major airliners are primarily focused on purchasing completely retired aircraft to tear down and use their parts & materials for other operational aircraft.
Currently, aircraft recycling companies can safely recycle 80% to 85% of the aircraft and are working on reaching close to 100% in recycling aircraft that can be safe to the environment and reduce landfill waste. Companies are constantly developing new technologies to safely recycle aircraft. In 2005, Airbus became the forerunner in the aircraft recycling field when it launched the project Process for Advanced Management of End of Life Aircraft (PAMELA). The project demonstrated that 85% of the aircraft can be recycled. Various aircraft recyclers are now actively recycling more than 80% of the aircraft. The growing demand from major airline companies for spare parts, components, and materials will further boost the market for aircraft recycling over the coming years.
The COVID-19 pandemic is anticipated to have negative impacts on the aircraft recycling market expansion. Social distancing norms and lockdown measures imposed by various governments have negatively impacted the market. Availability of limited workforce coupled with reduced operational output of facilities will hamper the market value.
Browse key industry insights spread across 100 pages with 85 market data tables & 21 figures & charts from the report, “ Aircraft Recycling Market Size, By Aircraft (Narrow-body, Wide-body, Regional), By Product (Component [Engines, Landing Gear, Avionics, Others], Material [Aluminum, Other Metals & Alloys, Others]) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
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Wide-body segment will account for over one-fourth share in the aircraft recycling market. Airliners generally prefer recycled wide-body aircraft parts owing to their easy availability and low cost compared to new & original parts and components. With regulations favoring the use of recycled aircraft parts, the demand for wide-body aircraft parts and components is expected to enhance during the forecast timeframe.
Aluminum segment in the aircraft recycling market will witness more than 8.5% growth rate through 2027. Aluminum is the most important metal used in the construction of aircraft. Prior to the rise of composites, more than 80% of the material used for constructing aircraft included of aluminum and its alloys. It is still one of the most popular material used in the aircraft manufacturing. Recycled aircraft provides the same aluminum at lower prices compared to its market price. Moreover, recycled aluminum can be utilized in other end-use industries such as electronics, automotive, construction, etc.
Europe to bank upon growing aircraft recycling activities
The Europe aircraft recycling market is estimated to attain a CAGR of 9% by 2027 on account of growing regulations to increase recycling activities, minimize landfill waste and reduce the impact of waste materials on the environment. Companies in the region are investing in developing advanced technologies to extract more recycled parts, components, and materials from the aircraft. The growing demand for recycled aircraft components from various airliners will further augment the market revenue for aircraft recycling.
Some of the prominent players operating in the market include Aircraft Part Out Company, Aircraft End-of-Life Solutions, Air Salvage International, Aviation International Recycling, Apple Aviation, Total Technic, Tarmac Aerosave, Vallair, ARC Aerospace Industries, ADI- Aircraft Demolition & Recycling, ComAv Technical Services, Sycamore Aviation, KLM UK Engineering, VAS Aero Services and Universal Asset Management Inc.