The global aerospace maintenance chemical market was valued at $6,720.0 million in 2018 and is anticipated to surpass $8,373.3 million by 2026, at a CAGR of 2.8%. The aerospace maintenance chemical and aviation cleaners are mainly used by commercial carriers worldwide to keep aircraft parts safe and clean.
In the previous years, the aerospace maintenance chemical market has witnessed noteworthy growth due to the extensively growing demand from the global airline industries. The impact of the Covid-19 viral outbreak is expected to significantly reflect in the revenue generation of the global market. However, the huge requirement for maintenance, repair & overhaul (MRO) activities are thereby driving demand for aerospace maintenance chemicals, in the global market. These chemicals include aircraft leather cleaners, aviation paint strippers, aircraft cleaning chemicals, and aviation paint removers.
|Recovery By||Realtime BPS||*Estimate market Size, 2020,
|**Real Time market Size, 2020,
|3.0%||2.8%||Q1/Q2 2023||24||USD 7,129.2 Million||USD 3,664.4 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
The exponential growth of the global market for aerospace maintenance chemicals is mainly attributed to the massive increase in the number of air passengers in recent years. For instance, as per the publication of the International Air Transport Association (IATA), it is expected that, as per the current trends of air transport, the passenger numbers could double to around 8.2 billion by the end of 2037. These figures are showcasing a substantial requirement of maintenance activities, which may bolster the demand for the aerospace maintenance chemicals, during the period of forecast.
Moreover, worksafe and environmentally compliant chemicals for the aircraft industry are also available in the global market. Emirates, renowned airlines, are also preferring for dry wash technique to clean the aircraft without wasting water with minimizing the emission of carbon dioxide (CO2). This may drive the demand for aerospace maintenance in the global market. In addition, the capability to control mould and mildew, safer substitutes for toxic & dangerous solvent and cost-effectiveness are anticipated to create enormous opportunities for the global aerospace maintenance chemical market, during the projected period.
The leading players operating in the aerospace maintenance chemicals do not expect to have clear visibility of the full, short, or medium-term impact of the Covid-19 crisis until the next several months. The global industry was marginally affected by the novel coronavirus pandemic. Also, the global air traffic has been brought to an almost inclusive standstill by the coronavirus outbreak crisis. This will consequently lead to a decline in the demand for aerospace maintenance chemical market, during the pandemic.
Contrary to this, several countries along with notable carriers like Qatar Airways, Air France, and American Airlines have temporarily suspended flights in response to the COVID-19 pandemic. Therefore, the numerous key players are projected to see a rising demand for maintenance, repair, and overhaul (MRO) services. For instance, PT Garuda Maintenance Facilities (GMF) AeroAsia had disinfected 13 Citilink aircraft, 19 Garuda aircraft, and 18 aircraft from international carriers from January to March of the year 2020. In addition, several key players are providing disinfectant products for aircraft maintenance to avoid the spreading of Coronavirus. For instance, Callington, leading specialty chemicals manufacturers are providing Coronavirus aviation sanitation and disinfection chemicals namely, broad-spectrum disinfectants, high efficacy disinfectant products, personal hygiene products (for passengers and crew), and personal protection. These strategic steps may help key players of this market to generate considerable revenue during the crisis.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
Moreover, as per the report published by Research Dive, the global aerospace maintenance chemical market is expected to continue its substantial growth in the coming years, post the COVID-19 pandemic. The COVID-19 crisis will have a marginal impact on the market and will witness profitability by Q1/Q2 2023. In addition, the psychological after-effects caused by the pandemic of coronavirus will lead to a drop in aircraft occupancy rates as well as a reduction in airline traffic. This will eventually make a negative impact on the demand for aerospace maintenance chemical markets.
Though the global market is negatively affected due to the COVID-19 pandemic, global leaders of this industry are announcing programs to acquire a prime position and to gain the trust of employees as well as the customer base of the company. For example, Henkel has launched a comprehensive solidarity program to ensure the safety of employees, clients, and business partners. This program is also helping to maintain the flow of operational activities under these critical circumstances. Furthermore, though aggressive COVID-19 pandemic has heavily impacted airline businesses across the world, it has provided a lucrative opportunity for the vendors of aerospace maintenance chemicals in the global market. For instance, Jet Maintenance Solutions, a significant aviation repair & maintenance venture is providing necessary measures for efficient disinfection and hygiene compliance in the aircraft.
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Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-Term and Short-Term impact of Covid-19 on the market
- Cascading impact of Covid-19 on Aerospace Maintenance Chemical Market , due to the impact on its extended ecosysytem
- Understanding the market behavior Pre- and Post-Covid-19 pandemic
- Startegy suggestions to overcome the nagative impact or turn the positive impact into the opportunity