NEW YORK, Oct. 5, 2021 /PRNewswire/ — The global aviation chemicals industry is anticipated to progress at a CAGR of 5.8% over the assessment period of 2021 and 2031.
Lubricants & coolants are anticipated to be the key product type in the global industry for aviation chemicals, since aircraft require continuous lubrication and coolants for their engines. Growing fleet size all over the globe, especially in developing economies, is boosting market growth at a decent pace.
Market players are involved in various strategies to increase their sales and profits:
- May 2017: Japan Airlines extended its partnership with Exxon Mobil Corporation and acknowledged their partnership of 50 years, making Japan Airlines as one of the top customers of Exxon Mobil.
- July 2016: PPG Industries synthesized a chrome-free aerospace primer named as Desoprime CF/CA 7521, for surface coating of aircraft.
- May 2017: 3M invested around US$ 40 Mn to expand its operations by increasing its production of industrial adhesives and tapes for the aviation sector.
- July 2019: Blaukaiser Aircraft Industry Department launched Blaukaiser’s Bio Organic Aircraft innovative formulations, which it guarantees to be 100% free from any toxic chemical additives, solvents, and other petroleum compounds.
Significant existing fleet of commercial as well as military aircraft all over the globe is driving demand for their maintenance and repair. This is bolstering the sales of aviation chemicals in parallel.
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Key Takeaways from Market Study
- Global sales of aviation chemicals are projected to top a valuation of US$ 9.4 Bn by the end of 2031.
- North America is expected to remain a key region for the sales of aviation chemicals, estimated to witness a growth rate of 5.5% during the forecast period.
- Growing fleet size demands increase of repair and maintenance of aircraft; as such, the segment of maintenance, repair and overhaul (MRO) is expected to account for a key share in the market.
- Increasing defense budgets all over the globe are boosting demand for military aircraft, which is benefiting the market for aviation chemicals.
- Increasing air passengers is driving usage of aircraft, which is bolstering the consumption of lubricants & coolants in the aerospace industry.
«Key market participants are focusing on strategic expansions and innovation in aviation chemicals to boost their market footprint across the globe,» says a Persistence Market Research analyst.
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The global market for aviation chemicals has been identified as a fairly consolidated space.
Some of the key market players included in the report are Eastman Chemical Company, The Sherwin Williams Company, PPG Industries Inc., Exxon Mobil Corporation, Axalta Coating Systems Ltd., Akzo Nobel N.V., Henkel AG & Co. KgaA, BASF SE, Royal Dutch Shell plc, Fuchs Petrolub SE, Compagnie de Saint-Gobain S.A., Zircotec, Master Bond Inc., APV Engineered Coatings, DOW, Illinois Tool Works Inc., Oerlikon Balzers Coating S.A., SINOPEC, Avi-Oil India Pvt. Ltd., Alglas UK, and RPM Technology, LLC.
Key market participants are expected to maintain a competitive environment all over the globe.
The global business of aviation chemicals is projected to witness significant growth owing to increasing demand for manufacturing of commercial as well as military aircraft and maintenance and repair of the same.
Increasing urbanization, standard of living, and income are boosting demand for more airplanes so as to decrease traveling time. Further, increasing defense budgets also boosting the consumption of aviation chemicals.
Certain key players in the market are focusing on strategic expansions and partnerships to increase their global presence. Key players are also focusing on increasing investments in research & development to cater growing demand from end users.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the Global aviation chemicals market that contains industry analysis of 2016–2020 and opportunity assessment for 2021–2031.
The report provides in-depth analysis of the market through different segments, namely, product, channel type, end use, and region. The report also provides supply and demand trends along with an overview of the parent market.
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