Home > Pressrelease > Aerospace Maintenance Chemical Market Size worth $9bn by 2026
Aerospace Maintenance Chemical Market Size worth $9bn by 2026
- Published Date: November 5, 2019
Aerospace Maintenance Chemical Market size is predicted to reach USD 9 billion by 2026; according to a new research report by Global Market Insights Inc.
Rising worldwide air traffic and stringent aircraft inspection regulations will propel the aerospace maintenance chemical market growth. According to the International Air Transport Association (IATA) in August 2019, industry wide Revenue Passenger Kilometer (RPK) grew by 3.8% as compared to August 2018. Additionally, higher number of aging aircraft fleet across the globe are further supporting the aerospace maintenance chemical consumption.
Growing middle class population, urbanization, and dynamic living standards in emerging economies have boosted global tourism. This has led to higher aircraft demand, continuous flight iterations, and their repair requirements. Growing production of aircraft to cater increased demand will further provide lucrative opportunities for the aerospace maintenance chemical industry. In January 2019, Boeing announced that the company registered 7 years order backlog and increased the production of 737 family from mid of 2018 to 52 airplanes per month.
Get more details on this report - Request Free Sample PDF
Environment friendly maintenance chemicals are the way towards sustainability
Maintenance chemicals are hazardous and possess higher risk to health for users. The development of environment friendly chemicals such as KEMSTRIP 600, developed by Socomore, is providing competitive edge to the market players. KEMSTRIP 600 is used as descaling agent for removing multiple layers of paint. The chemical is free of chlorinated or aromatic solvents, hydrocarbons, and phenols for the safety of user. Approval of these products from various aircraft manufacturers including Boeing and Safran further strengthens the demand.
Browse key industry insights spread across 300 pages with 275 market data tables & 20 figures & charts from the report, “Aerospace Maintenance Chemical Market Size By Product (Aircraft Cleaning Chemicals, Aircraft Leather Cleaners, Aviation Paint Removers, Aviation Paint Strippers, Specialty Solvents, Degreasers, Aircraft Wash & Polish), By Aircraft (Commercial Aircraft, Single Engine Piston, Business Aircraft, Military Aircraft, Helicopters, Space), By Nature of Chemical (Organic Chemical, Inorganic Chemical), Regional Outlook, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/aerospace-maintenance-chemical-market
Degreasers will showcase growth with over 3.5% CAGR up to 2026 owing to frequent usage of these chemicals during maintenance. Degreasing operations require speed and efficiency to bring aircraft ready to its schedule flight. Additionally, development of hydrocarbon-based D60-rated cleaners with high flash point to reduced flammability for usage in advanced military aircrafts will further escalate the segment demand.
Military aircraft will generate over USD 2 billion market revenue for aerospace maintenance chemical by 2026, driven by the increasing number of fighter planes and helicopters around the world. Growing geopolitical disputes along with strengthening national securities are pressurizing several countries to highly invest in the defense sector, thus boosting aerospace maintenance chemical sales.
Inorganic chemicals will grow at a significant rate owing to superior chemical compatibility of the product for the maintenance of several aircraft equipment and instruments. The availability of customized quantity packaging along with competitive pricing will further escalate the aerospace maintenance chemicals demand. Development of products such as T8E-G light grease, that is used as an aid for installation and removal of threated fasteners in aircraft engines, are capable of exposing to temperatures of up to 1,400°F.
Get more details on this report - Request Free Sample PDF
North America holds sway the aerospace maintenance chemical market share and is likely to generate over USD 2.5 billion by 2026. The dominance is attributed to the presence of a large number of passenger as well as military aircrafts in the region, along with rising air passenger traffic. Higher average fleet age of prominent airlines of the region are further supporting the market expansion. According to CAPA, as of September 2015, the average fleet age of United Airlines, Delta Airlines, and American Airlines are 13.6, 17.1, and 11.7 years respectively.
Market players are focusing towards strategic agreements and contracts
Strategic contracts and agreements are among the prominent strategies adopted by market participants to maintain their market position. In November 2016, Wesco Aircraft signed a chemical management service agreement with Science Applications International Corporation (SAIC). This strategy enabled the company to enhance its presence in the defense industry. Some of the prominent players in the aerospace maintenance chemical industry are Callington Haven, 3M, Aviation Chemical Solutions, Arrow Solutions, Socomore, and The Dow Chemical Company.
Explore More on Related Topics:
Infographics
