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Opinion

Why the aerospace maintenance chemicals market will reach US$8bn by 2024

Opinion WritersBy Opinion WritersAugust 13, 20184 Mins Read
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The aerospace maintenance chemicals market size is estimated to surpass US$8 billion and 700 kilotons by 2024, driven by substantial growth in global airline traffic along with stringent regulations for regular maintenance checks. There is a positive outlook for maintenance, repair, & overhaul (MRO), especially in the developing economies of Asia Pacific, which will further induce immense potential for the maintenance chemicals market size. However, product inventory management may pose a challenge to industry participants.

Improved living standards and low air fares in emerging nations have resulted in growth of the travel and tourism sector. This has led to increased aircraft deliveries and high requirements for maintenance, further strengthening product penetration to 2024.

Regulatory authorities across the globe, including the Federal Aviation Administration (FAA) and the European Aviation Safety Agency (EASA), are making amendments to chemical requirements in maintenance procedures. Companies operating in the aerospace maintenance chemicals market believe in the power of product advancements to gain a competitive edge in the industry. They are investing heavily in research activities to develop their maintenance procedures and reduce costs. Technological advancements in the industry to produce environmentally friendly products will favorably influence the business growth rate.

Aircraft cleaning chemicals are anticipated to exhibit the maximum revenue in the aerospace maintenance chemicals market, exceeding US$2 billion by 2024. High usage of the product for both aircraft interiors and exteriors, coupled with increasing numbers of air passengers, will support industry dominance. Efficient and fast operation is a key factor that will boost product demand over the forecast timeframe.

Aviation paint removers will grow at more than 3% CAGR owing to their benefits such as fast and superior operation. Shifting consumer preference towards paint removers due to extended shelf lives and fast paint removal is another factor positively influencing product penetration.

Commercial aircraft will dominate the market, accounting for over 35% revenue share over the forecast timeframe. The high revenue generation can be attributed to a high need for maintenance owing to stringent regulations regarding passenger security across the globe. Growth in travel & tourism will further support the aerospace maintenance chemicals market dominance till 2024. The prevention of corrosion on exterior and interior surfaces is a main factor required by commercial aircraft operators.

The military aircraft market for these chemicals will grow at around 4% CAGR due to rising investments in military aviation across the globe. For instance, the Indian military aviation sector is projected to invest around US$35 billion over the next two decades

Organic chemicals will account for over 60% revenue share over the forecast timeframe. Operational efficiency coupled with cost effectiveness are among the major factors driving the market growth. High preference towards product viscosity due to its labor-friendly maintenance properties will further strengthen product penetration.

Shifting preference of manufacturers due to easy compatibility with various equipment offering superior performance and fast operations will drive the growth of the market from inorganic chemicals. Competitive product pricing coupled with availability in customized quantities as per customer requirements will boost product penetration over the forecast timeframe.

The maintenance chemicals market in North America is expected to surpass US$2.5 billion over the coming years. Increasing MRO in the region offering competitive pricing along with the presence of multiple maintenance bases across the region will further increase product demand. North America is majorly dominated by the US owing to the vast expansion of the aerospace industry along with the higher demand from the rest of the region, positively impacting the overall aerospace maintenance chemicals market growth.

The Asia Pacific aerospace maintenance chemicals market is led by China, India, Japan, South Korea, Singapore and Thailand, which are the major contributors to the substantial growth. Increasing numbers of MRO bases in the region with improved services and enhanced technologies to meet the demand from aircraft manufacturers will fuel product demand. The continual investment by aircraft companies in MRO will further augment product penetration in the region.

Shell, Eastman, Dow Chemical Company and Arrow Solutions are among the prominent players in the aerospace maintenance chemicals market. Other notable players include 3M, Wesco aircraft, KLX and Henkel. Partnerships are considered among the key strategies adopted by the industry players. For example, in October 2017 Arrow Solutions announced it was strengthening its partnership with a key distributor in Norway. This extension will boost its market share for core products, backed by significant marketing campaigns.

This research was conducted by Global Market Insights, Inc

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