Aerospace Maintenance Chemical Market to Reach $ 8,512.7 Million, Globally, by 2026 at 3.6% CAGR, Says Research Dive
PUNE, India, Jan. 8, 2020 /PRNewswire/ -- Rise in demand for aerospace maintenance chemicals is mainly derived by the increasing needs to improve the fuel efficiency of the aircrafts. Moreover, a rapid growth in air travelers across the developed and developing economies are further anticipated to provide significant growth opportunities for the market during the forecast period.
The aerospace maintenance chemical market will generate revenue of $ 8,512.7 million, and it is anticipated to rise at a CAGR of 3.0% from 2019 to 2026. Increasing air transport coupled with rising air passengers and reducing air fares are some of the aerospace maintenance chemical market insights.
Rising air journeys across the world is one of the influencing factors that upsurge the aerospace maintenance chemical industry. According to International Air Transport Association (IATA), the revenue generated through the air journeys is anticipated to double in the upcoming 20 years, and this will be a significant factor driving the global market over the projected period.
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Absence of skilled labor, increasing maintenance costs, stringent government regulations are some of the key factors that are declining the growth of aerospace maintenance chemical industry. Furthermore, rising concerns about the destructive effect of Carbon Dioxide (CO2) emissions on the environment will also grow the market.
Driving factors in Aerospace Maintenance Chemical Market
Inclining demand for eco-friendly chemicals will provide significant growth opportunities for the aerospace maintenance chemical market in the next years. As the air buses discharging harmful and toxic chemical, they are showing negative effects on the environment. These products and chemical are ecological which are comprised of degreasers, cleaners & others. Also, ecofriendly aircraft chemical are the safer substitutes for harmful and toxic fluids. Additionally, the application of these chemical are aircraft interior and exterior cleaning, paint removing, and others. So, due to this, the product manufacturers are focusing more on developing "environmentally friendly aircraft chemical", which are expected to provide an ample of growth opportunities for the market participants during the forecast period.
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Based on the product type, the global market is segmented into deicing fluids, cleaning fluids, adhesives, cleaners, and others. Aerospace cleaning fluids market will reach upto $1,663.3 million by 2026, and is further projected to grow at a CAGR of 2.7% during the forecast period. Aerospace cleaning adhesives market is projected to generate revenue of $1358.4 and it will grow at a CAGR of 3.8% by 2026.
Based on the type of aircraft, the global market is segmented into jumbo passenger jets, mid-size passenger jets, light passenger jets, spacecraft, and helicopters. Aerospace maintenance chemical market for light passenger jets will reach upto $3121.2 million by 2026, and is projected to rise at a CAGR of 3.6%. This is due to the increase in number of air passengers, coupled with the presence of more number of aircrafts.
Based on the nature of chemical, the global market has been segmented into organic and inorganic. Organic aerospace maintenance chemical market will generate around $6890.4, and is projected to grow at a CAGR of 3.2% during the forecast period.
North America market will reach upto $ 2933.5 million by the end of 2026, and is further projected to grow at a CAGR of 2.8% during the projected period. In this region, U.S. and Canada are mainly heading the market. Due to huge expansion of airline industry in the U.S., aerospace maintenance chemical market growth is huge.
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Top Gaining Key players of Aerospace Maintenance Chemical Market:
1. AAR Corporation (NYSE: AIR)
2. Airbus SAS (EPA: AIR)
3. Boeing Company (NYSE: BA)
4. Bombardier Inc. (TSE: BBD.B)
5. Delta TechOps
6. Embraer S.A. (BVMF: EMBR3)
7. GE Aviation
8. Nexeo Solutions (NASDAQ: NXEO)
9. Henkel AG & Co. KGaA
10. Exxon Mobil Corporation (NYSE:XOM)
11. Eastman Chemical Company (NYSE: EMN)
Recent Market Developments:
Key players in this market are adopting advances in aerospace maintenance chemicals such as various strategies of mergers & acquisitions and joint ventures. For instance, in February 2018, AAR Corp. entered into a joint venture with Indamer to develop new MRO facility in India. This will enhance to develop the operations of maintenance, repair and overhaul services in this country.
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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