The Global Aerospace Maintenance Chemical Market Anticipated to Grow at a CAGR of 6.24% and Generate a Revenue of $13,673.3 million by 2030Download Sample Reports Overview
The global aerospace maintenance chemical market is projected to garner $13,673.3 million in the 2021-2030 timeframe, growing from $7,762.8 million in 2021, at a healthy CAGR of 6.24%.
Analysis of COVID-19 Impact on Aerospace Maintenance Chemical Market
The COVID-19 pandemic impact on aerospace maintenance chemical market demand has been negative. Imposed lockdown measures across the world has affected the aviation industry severely. The pandemic halted air travel and caused major financial loses to many small scale or newly established airlines companies. As a result, many airlines were completely shut down. Moreover, during the pandemic, the aviation industry was entirely shut down, resulting in a major reduction in the demand for chemicals for aircraft cleaning and maintenance. This issue has had a significant impact on chemical sales, which has impacted revenue growth of the aerospace maintenance chemical market. The COVID-19 pandemic has had a severe impact on many industries across the globe, but the aviation industry has been particularly badly struck. These factors are expected to hamper revenue growth of the aerospace maintenance chemical market in the next few years.
Global Aerospace Maintenance Chemical Market Analysis
Rising air passenger traffic along with increasing flight frequency across the globe, majorly due to growing people’s preference for a luxury, clean, and safe air travel, is major key factor driving the aerospace maintenance chemical market revenue growth. As the number of passengers has increased, demand for new aircrafts has also increased considerably. According to a survey report conducted in 2018, by International Air Transport Association (IATA), nearly 4.4 billion passengers flew which depicted an increase of 6.9% from 2017. Moreover, approximately 22,000 cities were connected by direct flights, which observed a growth by 1,300 from 2017. Hence, new aircraft requires many different chemicals such as adhesives, dicing agents, and disinfectants to properly maintain the aircraft. Such factors are expected to drive aerospace maintenance chemical market revenue growth in the predicted time span.
Cost of chemical inventory is rising due to limited chemical shelf life and need for proper storage facilities with adequate temperature and humidity. Dangerous nature of various chemicals is causing health problems for airplane maintenance workers, putting ongoing pressure on industry participants to develop new products with less hazardous components. Furthermore, government requirements such as the Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) law are requiring industry participants to find alternatives for a variety of cleaners and solutions.
Increased demand for luxurious and convenient travel is expected to drive expansion of the aerospace maintenance chemical market throughout the forecast period. The market will grow significantly in the next years as demand for ecologically friendly chemicals rises. The environmental impact of aircraft emissions of hazardous and destructive compounds is enormous. As a result, manufacturers are concentrating their efforts on producing ‘environmentally friendly aircraft chemicals’, which is projected to provide market participants with a number of chances over the forecast period.
Global Aerospace Maintenance Chemical Market, Segmentation
The global aerospace maintenance chemical market is segmented based on nature, product type, type of aircraft, and region.
Based on nature, the market is segmented into organic and inorganic. The inorganic sub-segment is expected to have significant market share by 2030.
Rising demand for air travel in economies such as China and India due to rise in per capita income from economic development has aided revenue growth of inorganic sub-segment. As inorganic chemicals have a long shelf life and low cost, it is largely used for properly maintaining aircraft quality. Moreover, inorganic chemicals can be prepared and stored in large quantities which has further aided in revenue growth of the aerospace maintenance chemical market.
Based on product type, the market has been divided into cleaners, deicing fluids, adhesives, and others. The adhesives sub-segment is expected to have significant market share by 2030. Adhesives are one of the most important chemicals used during manufacturing of aircrafts. Adhesives are chemicals widely used to paste two components together, firmly. By using adhesives, need for drilling and attaching aircraft components together is eliminated. Hence, adhesives are widely used in the aerospace maintenance chemicals industry.
Type of Aircraft:
Based on type of aircraft, the market has been divided into commercial, business, defense, and others. The commercial sub-segment is expected to have significant market share by 2030. As per capita income of people in many developing countries has increased, people can now afford to travel by air. Thus, number of airplane passengers has increased considerably in the past few years. Hence, rising number of passengers has increased demand for aircraft which is further expected to drive demand for aerospace chemicals.
Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. The LAMEA aerospace maintenance chemical market is anticipated to have the fastest growth rate during the forecast period. Presence of world class airlines such as Etihad in the region is expected to drive the aerospace maintenance chemical market growth in the forecast time. Airlines have to maintain their travel quality by regularly monitoring, repairing, and maintaining their aircrafts. This is widely done to ensure that their customers experience a safe, comfortable, and luxurious air travel. Hence, requirement of maintenance chemicals has increased in aviation industry. This is one of the main reasons driving revenue growth of the aerospace maintenance chemical market in the region.
Key Players in the Global Aerospace Maintenance Chemical Market
The companies involved in the global aerospace maintenance chemical market include
- Exxon Mobil Corporation
- Henkel AG & Co. KGaA
- Arrow Solutions
- Eastman Chemical Company
- Florida Chemical
- Nuvite Chemical Compounds
- Aircraft Spruce
- Nexeo Solutions
- High Performance Composites & Coatings Pvt Ltd.