The global aerospace maintenance chemical market is expected to grow by 2030 due to rising number of airline passengers. Commercial sub-segment is expected to witness substantial growth. Market in the North America is likely to be the most lucrative.
NEW YORK, July 21, 2022 /PRNewswire/ — Research Dive has added a new report to its offering titled, “Aerospace Maintenance Chemical Market by Nature (Organic and Inorganic), Product Type (Cleaners, Deicing Fluids, Adhesives, and Others), Type of Aircraft (Commercial, Business, Defense, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2030″.
According to the report, the global aerospace maintenance chemical market is expected to gather a revenue of $13,673.3 million by 2030, growing at a CAGR of 6.24% during the 2021-2030 timeframe.
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Dynamics of the Aerospace Maintenance Chemical Market
Drivers: Since the last few decades, there has been a steady increase in the number of passengers flying across the world. This increase in number of passengers is predicted to be the primary growth driver of the aerospace maintenance chemical market in the forecast years. Apart from this, there has been an increase in the number of regulations concerning aircraft fleet safety and maintenance, which is anticipated to boost the market further.
Opportunities: Increased air traffic, especially since the last few years, is anticipated to provide huge growth opportunities to the aerospace maintenance chemical market. Along with this, increasing number of passengers travelling by airplanes is expected to present numerous investment opportunities to the market in the forecast period.
Restraints: High cost of chemicals for aircraft maintenance may hamper the growth trajectory of the aerospace maintenance chemical market.
Covid-19 Impact on the Market
The Covid-19 pandemic has had a negative impact on several business and industries, including the aerospace maintenance chemical market. The travel restrictions put in place to restrict the spread of the pandemic severely impacted the growth rate of the aviation industry, which in turn, caused a decline in the demand for aerospace maintenance chemicals. Additionally, the manufacturing of aerospace maintenance chemicals was also disrupted due to decline in the supply of raw materials which were required for manufacturing of these chemicals. Both these factors have played a heavy role in bringing down the growth rate of the market during the pandemic.
Segments of the Aerospace Maintenance Chemical Market
The report has divided the aerospace maintenance chemical market into a few segments based on nature, product type, type of aircraft, and regional analysis.
- By nature, the inorganic sub-segment of the aerospace maintenance chemical market is estimated to have a dominating market share by 2030. The inexpensive nature of inorganic compounds and their characteristic feature of having a long shelf life have helped in increasing the demand of these compounds. This surge in demand is predicted to help the inorganic sub-segment to hold a dominating market share in the forecast period.
- By product type, the deicing fluids sub-segment is expected to grow considerably in the forecast timeframe. Deicing fluid, a mixture of propylene glycol, has experienced a surge in demand in the recent years as it has been made mandatory for aircrafts to spray deicing fluids on flights before take-off and landings. As a result of this growth in demand, market analysts have estimated a substantial growth in this sub-segment in the analysis timeframe.
- By type of aircraft, the commercial sub-segment is anticipated to have a stunning growth rate by 2030, owing to the rapid increase in the number of passengers travelling by commercial aircrafts since the last few years. This factor has contributed to an increase in the demand for aerospace maintenance chemicals which is expected to boost the growth of this sub-segment in coming years.
- By regional analysis, the aerospace maintenance chemical market in the North America region is predicted to have the highest market share by 2030. The ever-growing expanse of aviation industry in the North America region along with growing investments in the R&D activities in aerospace maintenance chemicals industry are both predicted to play a part in the growth of the market in this region.
Significant Aerospace Maintenance Chemical Market Players
Some prominent market players of the aerospace maintenance chemical market are
- Exxon Mobil Corporation
- Eastman Chemical Company
- Aircraft Spruce
- Henkel AG & Co. KGaA
- Florida Chemical
- Nexeo Solutions
- Arrow Solutions
- Dow
- High Performance Composites & Coatings Pvt Ltd.
- Nuvite Chemical Compounds, among others.
These players are developing various business strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to gain a commanding position in the market. – Buy the Full Report here Starting at $2999 (Read-Only)
For example, in September 2021, Figure Engineering, a Virginia-based aerospace developmental products supplier, announced the development and launch of SoluStat, a new diagnostic for assessing and analyzing the health of chemical coating removal baths for aerospace materials. This newly launched technology is being considered, by many experts, as a gamechanger as far as the aviation and aerospace maintenance chemical market is concerned.
The report also sums up various crucial facets including SWOT analysis, product portfolio, financial performance of thFe key market players, and the latest strategic developments.
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