Aerospace Maintenance Chemicals Market is expected to exceed USD 9 billion by 2026. The rising air passenger traffic coupled with higher aging aircraft fleet globally is driving the market share.
Some major findings of the aerospace maintenance chemicals market report include:
- Growing space exploration and defense industry are providing lucrative opportunity for market expansion
- Increasing demand for commercial aircrafts mostly in low cost carriers is propelling the product demand
- The industry is fragmented in nature. Dow Chemicals, Shell, Eastman, ExxonMobil are some of the major industry players.
- Companies are engaged in partnership with distributors to strengthening product distribution along with product development and mergers & acquisitions.
The growing complication of engines, airframes, and systems coupled with stringent fuel efficiency targets set by the aviation industry are driving the aerospace maintenance chemicals market. The International Air Transport Association (IATA) adopted a set of targets to mitigate CO2 emission with an average improvement of 1.5% fuel efficiency per year from 2009 to 2020. Additionally, rising aircraft flight frequencies coupled with significant rise in air passenger traffic are supporting the industry expansion.
Aviation paint removers is expected hold around one fifth of the revenue share by 2026. Growing aircraft refurbishment activities along with adverse effect of environment on exterior airframe are supporting the product demand. The chemicals offer superior performance and faster operation to achieve reduction in MRO timing, thereby reducing Aircraft on Ground (AOG) time and enhancing the airlines profitability.
Helicopters will showcase a considerable growth in the aerospace maintenance chemicals market owing to growing usage of helicopters in search & rescue operations and rising usage of helicopters by offshore oil & gas industry. Helicopters are exposed to saline or heavy industrial environment and required specific cleaners to minimize oxidation process such as corrosion that degrades the product strength. Additionally, growing helicopter sales to support medical services will further support the industry expansion.
Organic chemicals are dominating the market with around two thirds of the market share owing to competitive prices and availability of several products. Organic chemicals are used in several metal cleaning applications and provide higher results in cleaning wide range of organic soils. However, the products are hazardous and provide threat to user health. Industry players are developing several chemicals with low VOC contents thereby supporting the industry growth.
Asia Pacific will showcase the highest growth owing to rising domestic air passenger traffic along with establishment of new maintenance facilities. For instance, in April 2017, Bombardier Business Aircraft in partnership with the Tianjin Airport Economic Area (TAEA) established a new business jet service center in China. According to IATA forecast, over half of the new passenger traffic by 2035 will be from Asia Pacific, and China will overtake the U.S. as the largest aviation market by 2024. All these will showcase lucrative opportunities for the industry expansion.
Some of the industry participants operating in the aerospace maintenance chemicals market are 3M, Aerochemicals, Callington Haven Pty. Ltd., Florida Chemical, Henkel AG & Co. KGaA, NUVITE Chemical Compounds, Pexa, Shell, and Sil-Mid Limited. Product development along with strategic partnerships to strengthen product distribution are among the key strategies adopted by companies to enhance their market share.