New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The global Aviation Chemicals market is estimated to be valued at over US$ 5.73 Billion as of 2022. By the end of 2033, global sales of aviation chemicals are anticipated to reach over US$ 10.74 Billion.
The global Aviation Chemicals Market is anticipated to progress at a CAGR of 5.8% over the assessment period of 2023 and 2033.
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 2018: 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 2017: PPG Industries synthesized a chrome-free aerospace primer named as Desoprime CF/CA 7521, for surface coating of aircraft.
- May 2018: 3M invested around US$ 40 Mn to expand its operations by increasing its production of industrial adhesives and tapes for the aviation sector.
- July 2020: 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$ 10.74 Billion by the end of 2033.
- 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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Competitive Landscape
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.
Conclusion
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.
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 2023–2033.
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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.
- By Product Type - Paints & Coatings, Adhesives & Sealants, Lubricants & Coolants, Deicing & Anti-icing Fluids, Cleaning Chemicals
- By Channel Type - Original Equipment Manufacturer (OEM), Maintenance, Repair, and Overhaul (MRO)
- By End Use - Civil Aviation, Commercial Cargo Aviation, Military & Space Exploration
- By Region - North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa
For additional insights on how the global aviation chemicals market will shape up over the next decade, write to media@persistencemarketresearch.com
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The Chemicals and Materials division of Persistence Market Research offers distinct and pin-point analysis about chemicals and materials industry. Chemical coverage extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites and nanotechnology in particular with special emphasis on ‘green alternatives', recycling and renewable technology developments, supply-demand-trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners and government bodies for developing – ‘The Way Forward'.
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