Aircraft Seals Market worth $2.4 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 1, 2021 /PRNewswire/ -- According to the new market research report "Aircraft Seals Market by Type (Dynamic and Static), Application (Engine, Airframe, Avionics, Flight Control System, Landing Gear), Material (Composites, Polymers, Metals), End Use (OEM, Aftermarket), Platform, and Region - Forecast to 2026", published by MarketsandMarkets™, the market size is projected to grow from USD 1.9 billion in 2021 to USD 2.4 billion by 2026, at a CAGR of 5.1% from 2021 to 2026. The market is driven by factors such as increase in global aircraft fleet size, and short replacement cycle of aircraft seals.
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SKF (Sweden), Saint-Gobain (France), Trelleborg Sealing Solutions (Sweden), Meggitt PLC (UK), and Parker Hannifin Corporation (US) among others, are some of the leading players operating in the aircraft seals market. These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and Latin America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 has affected aircraft seals production and services by 7–10% globally in 2020.
The Engine System segment is projected to witness the largest revenue during the forecast period.
Based on application, the engine system segment is expected to be the largest market by value. The growth of the engine system segment of the aircraft seals market can be attributed to the many sub-systems it comprises of such as air supply, thermal control, cabin pressurization, avionics cooling, smoke detection and fire suppression. Aircraft seals are also used in other important systems such as airframe, flight control & hydraulics system, avionics & electrical system, and landing gear system. Aircraft seals used in these aircraft systems to prevent the spread of fire or flames in the engine system of the aircraft, avoid air leakage, water or dust intrusion, prevent corrosion, or to prevent any aircraft fluid leakage.
The Dynamic seals segment is projected to witness a higher CAGR during the forecast period
Based on type, the dynamic seals segment is projected to have a higher share in the aircraft seals market during the forecast period. The growth of the dynamic seals segment of the aircraft seals market can be attributed to the extensive usage in various applications, and majority of aircraft components are in motion than being stationary. These are used commonly in engine system, and flight control and hydraulics system of aircrafts.
The Composites segment is projected to witness the highest revenue during the forecast period.
Based on material, the composites segment is projected to have the highest share of revenue in the aircraft seals market. The extensive use of various types of composites for manufacturing aircraft seals, and their proven benefits such as resistance to heat and good strength, good chemical properties, low weight etc can be attributed to its high market share. These are used in applications where there is a higher chance of corrosion, and high operating temperature.
The fixed-wing aircraft segment is projected to witness the highest revenue during the forecast period.
Based on platform, the fixed-wing aircraft segment is projected to have the highest revenue in the aircraft seals market during the forecast period. The fixed-wing aircraft segment consists of commercial aviation, business and general aviation and military aviation. The fixed-wing segment consists of the greatest number of aircrafts in terms of absolute numbers. However, the Unmanned Aerial Vehicles segment is projected to have the highest CAGR in the aircraft seals market.
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The OEM segment is projected to witness the highest CAGR during the forecast period.
Based on the end use, the OEM segment is projected to grow at a higher CAGR for the aircraft seals market during the forecast period. OEMs are responsible for the installation of aircraft seals in an aircraft during the assembly stage and are then made available for delivery to aircraft manufacturers. However, the Aftermarket segment is projected to have a higher market share in the aircraft seals market. Over the years, there has been a significant rise in the demand for different aircraft types across regions. According to Airbus, it delivered 863 commercial aircraft to 99 customers in 2019. The aftermarket segment is projected to have more revenue in the aircraft seals market.
The North America market is projected to contribute the largest share from 2021 to 2026.
North America is projected to be the largest regional share of the aircraft seals market during the forecast period. The key factor responsible for North America, leading the aircraft seals market owing to the presence of large number of aircraft seals manufacturers in the region. Also, the region has been witnessing a rise in the newer aircrafts getting delivered. In North America, the rise in aircraft orders and supplies is encouraging manufacturers of aircraft seals to increase their sales year on year. The increasing demand for commercial aircraft and the presence of some of the leading players operating in the market, such as Parker Hannifin Corporation, Kirkhill, Inc., Brown Aircraft Supply are expected to drive the aircraft seals market in North America. These players are focusing on R&D to increase their product lines and using technologically advanced systems, subsystems, and other components for manufacturing aircraft seals. The European region is projected to have the highest growth rate in the aircraft seals market.
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