PUBLISHER: The Business Research Company | PRODUCT CODE: 1425190
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425190
Aerospace Maintenance Chemicals Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on aerospace maintenance chemicals market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for aerospace maintenance chemicals? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The aerospace maintenance chemicals market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.
Aerospace maintenance chemicals are cleaning agents employed to ensure the operational efficiency of aircraft.
These chemicals are primarily categorized based on their nature as organic and inorganic. Organic chemicals are compounds containing carbon in their molecular structure. In the context of aerospace maintenance, organic chemicals refer to plant-based or mineral-based compounds used in various maintenance operations. These products encompass cleaners, deicing fluids, adhesives, and other chemical solutions. The applications of aerospace maintenance chemicals span commercial aircraft, single-engine piston aircraft, business aircraft, military aircraft, helicopters, and space.
The aerospace maintenance chemicals market research report is one of a series of new reports from The Business Research Company that provides aerospace maintenance chemicals market statistics, including aerospace maintenance chemicals industry global market size, regional shares, competitors with a aerospace maintenance chemicals market share, detailed aerospace maintenance chemicals market segments, market trends, and opportunities, and any further data you may need to thrive in the aerospace maintenance chemicals industry. This aerospace maintenance chemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The aerospace maintenance chemicals market size has grown strongly in recent years. It will grow from $7.44 billion in 2023 to $7.95 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The historical growth in aerospace maintenance chemicals can be attributed to several factors. These include the increasing prevalence of air travel, heightened safety and performance requirements, an aging aircraft fleet necessitating maintenance and repair operations (MRO), and the continuous elevation of aviation standards. These factors collectively contributed to the development and demand for aerospace maintenance chemicals during the historical period.
The aerospace maintenance chemicals market size is expected to see strong growth in the next few years. It will grow to $10.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated growth in the forecast period for aerospace maintenance chemicals can be attributed to various factors. These include the optimization of maintenance costs, ongoing innovations in chemical formulations, the persistent emphasis on safety and performance requirements, the overall growth of the global aviation market, and the continual rise in aviation standards. Major trends expected in the forecast period include increased technological integration, concerted efforts for corrosion prevention, the sustained focus on safety and performance requirements, ongoing innovations in chemical formulations, and a rising demand for fuel efficiency within the aerospace maintenance chemicals sector.
The upsurge in air passenger traffic is poised to drive the growth trajectory of the aerospace maintenance chemicals market. Air passenger traffic encompasses both domestic and international travelers and directly influences the demand for aerospace maintenance chemicals, essential for ensuring aircraft safety and operational readiness. For instance, in July 2022, data released by the Airport Council International (ACI) revealed that global airports accommodated approximately 4.6 billion passengers in 2021. The concurrent growth in aviation freight volumes to a record 125 million metric tons also signifies the increasing demand for air travel. Consequently, this surge in air passenger traffic is set to significantly propel the aerospace maintenance chemicals market forward.
The escalating proportion of personal jets is anticipated to be a driving force behind the growth of the aerospace maintenance chemicals market. Personal jets, employed for private or business travel rather than commercial purposes, rely on aerospace maintenance chemicals to ensure their optimal upkeep and functionality. For instance, a report by Greenpeace in March 2023 highlighted a 75% surge in private jet flights in the UK, reaching 90,256 flights in 2022. This substantial rise in personal jets underlines the growing need for aerospace maintenance chemicals, emphasizing their pivotal role in maintaining and servicing such aircraft.
The expansion of the aviation industry is expected to significantly contribute to the growth of the aerospace maintenance chemicals market. The aviation industry encompasses various air transport facets and associated support activities, necessitating aircraft maintenance to ensure operational efficiency and safety. The growth of the aviation sector directly correlates to increased demand for aerospace maintenance chemicals. For instance, the Air Transport Action Group projected a consistent 3% year-on-year growth in air travel demand over the next 20 years. By 2038, this growth trajectory is expected to support 13.7 million direct jobs and contribute $1.7 trillion to the global GDP. Consequently, the burgeoning expansion of the aviation industry is anticipated to be a major driver for the increased demand for aerospace maintenance chemicals.
Product innovations are becoming increasingly prominent within the aerospace maintenance chemicals market, particularly with the advent of eco-friendly solutions like green cleaning chemicals. These environmentally conscious substances are derived from natural ingredients, ensuring safety for both humans and the environment. Comprising plant-based enzymes and devoid of chemical compounds, these green cleaning chemicals are gaining traction due to their sustainable nature. Major companies in the aerospace maintenance chemicals sector are prioritizing the development of such innovative solutions to fortify their market presence. For instance, in June 2022, Socomore, a prominent US-based entity in the aerospace industry, introduced SOCOCLEAN AIRCRAFT CLEANERS. These cleaners are exclusively formulated using 100% plant and mineral-based ingredients, catering to both interior and exterior aircraft cleaning needs. Notably, these cleaners boast biodegradability within 28 days, leaving behind no toxic residues that could harm the ecosystem. Their environmentally friendly attributes contribute to reducing the carbon footprint, while their efficacy in cleaning aircraft interiors and exteriors is maintained.
Advancements in technology have led to the emergence of novel solutions like dry washing technology within the aerospace maintenance market. Dry washing presents an alternative cleaning method for clothing and textiles, utilizing solvents other than water. For instance, in June 2023, Air India SATS, an Indian-based air transportation company, unveiled AeroWash, an innovative dry washing solution for aircraft. This groundbreaking technology involves a ground-supported cleaning robot designed to optimize the aircraft washing process by enhancing efficiency, cost-effectiveness, and safety measures. AeroWash is versatile, capable of washing various aircraft types, including wide-body models like the Airbus A350 and Boeing 787. Equipped with a telescopic arm for extended reach, a flexible and efficient brush, automated washing procedures, user-friendly remote control, and adaptable power sources such as diesel or battery, AeroWash streamlines and modernizes the aircraft cleaning process for enhanced operational efficiency.
Major companies operating in the aerospace maintenance chemicals market report are Exxon Mobil Corporation, Eastman Chemical Company, Arrow Solutions LLC, The Dow Chemical Company, Nuvite Chemical Compounds, Aircraft Spruce Company, ALMADION International, Callington Haven Pvt. Ltd., Florida Chemical Supply Inc., Henkel AG & Co. KGaA, High Performance Composites & Coatings Pvt. Ltd., Jaco Aerospace Inc., Nexeo Solutions, Quaker Houghton, Royal Dutch Shell PLC, Velocity Chemicals, ABR Aviation LLC, Aerokem Chemical Corporation, Alglas UK, Allen Aircraft Radio LLC, Boeing Company, Avionics Unlimited, BASF SE, Carpenter Technology Co., Flamemaster Corporation, International Aerospace Coatings Ltd., McGean-Rohco Inc., 3M Company, Navhouse Corporation, PPG Industries Inc.
North America was the largest region in the aerospace maintenance chemicals market in 2023. The regions covered in the aerospace maintenance chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the aerospace maintenance chemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The aerospace maintenance chemicals market consists of sales of epoxies, cyanoacrylates, paint strippers, degreasers, and aircraft washers and polishers that are used to maintain hygienic conditions both inside and outside of all commercial aircraft and to keep them free of corrosion. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.