New York, Feb. 28, 2023 (GLOBE NEWSWIRE) — The global aviation chemicals market is estimated to be valued at more than $5.73 billion by 2022. By the end of 2033, it is expected to that global sales of aviation chemicals exceed 10.74 billion dollars.
The global Aviation chemicals market it is expected to progress aa 5.8% CAGR during the 2023 and 2033 assessment period.
Lubricants and coolants are expected to be the key product type in the global aviation chemicals industry as aircraft require continuous lubrication and coolants for their engines. Increasing fleet size worldwide, especially in developing economies, is driving the market growth at a decent rate.
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Market players engage in various strategies to increase their sales and profits:
- May 2018: Japan Airlines expanded its partnership with Exxon Mobil Corporation and recognized its 50-year partnership, making Japan Airlines one of Exxon Mobil’s top customers.
- July 2017: PPG Industries synthesized a chromium-free aerospace primer called Desoprime CF/CA 7521, for coating aircraft surfaces.
- May 2018: 3M invested about $40 million to expand its operations by increasing its production of adhesives and industrial tapes for the aviation sector.
- July 2020: Blaukaiser Aircraft Industry Department launched Blaukaiser’s innovative Bio Organic Aircraft formulations, guaranteed to be 100% free of any toxic chemical additives, solvents and other petroleum compounds.
The large existing fleet of commercial and military aircraft worldwide is driving demand for their maintenance and repair. This is bolstering sales of aviation chemicals in parallel.
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Key points of the market study
- Global sales of aviation chemicals are expected to surpass a valuation of USD 10.74 billion by the end of 2033.
- North America is expected to remain a key region for aviation chemicals sales, which is estimated to witness a growth rate of 5.5% during the forecast period.
- The growing size of the fleet demands an increase in the repair and maintenance of aircraft; as such, the maintenance, repair and overhaul (MRO) segment is expected to account for a key share in the market.
- Rising defense budgets across the globe are increasing the demand for military aircraft, which is benefiting the aviation chemicals market.
- The increase in air passengers is driving the use of aircraft, which is increasing the consumption of lubricants and coolants in the aerospace industry.
“Key market participants are focusing on strategic expansions and innovation in aviation chemicals to increase their market footprint across the globe.,” says an analyst at Persistence Market Research.
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Competitive landscape
The global aviation chemicals market has been identified as a fairly established space.
Some of the major market players included in the report are Eastman Chemical CompanyThe Sherwin Williams Company, PPG Industries Inc., Exxon Mobil Corporation, Axalta Coating Systems Ltd., Akzo Nobel NV, Henkel AG & Co. KgaA, BASF SE, Royal Dutch Shell plc, Fuchs Petrolub SE, Company of Saint-Gobain SA, Zircotec, Master Bond Inc., APV Engineered Coatings, DOW, Illinois Tool Works Inc., Oerlikon Balzers Coating SA, SINOPEC, Avi-Oil India Pvt. Ltd., Alglas UK, i RPM Technology, LLC.
Major market participants are expected to maintain a competitive environment worldwide.
conclusion
The global aviation chemicals business is expected to witness significant growth due to increased demand for commercial and military aircraft manufacturing and maintenance and repair of the same.
Rising urbanisation, living standards and incomes are increasing the demand for more aircraft to reduce travel time. In addition, increasing defense budgets also increase the consumption of aviation chemicals.
Some 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 and development to cater to the growing end-user demand.
More valuable information in the offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global aviation chemicals market containing 2016-2020 industry analysis and opportunity assessment for 2023-2033.
You can customize this report as per your requirement Click here @ https://www.persistencemarketresearch.com/request-customization/12145
The report provides an in-depth analysis of the market across 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 and coatings, adhesives and sealants, lubricants and coolants, antifreeze and antifreeze liquids, cleaning chemicals
- By channel type – Original Equipment Manufacturer (OEM), Maintenance, Repair and Overhaul (MRO)
- For final use – Civil aviation, commercial cargo aviation, military and space exploration
- By Region – North America, Latin America, Europe, East Asia, South Asia and Pacific, Middle East and Africa
For additional information on how the global aviation chemicals market will shape up over the next decade, write to media@persistencemarketresearch.com
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About Persistence Market Research: Chemicals and Materials
Persistence Market Research’s chemicals and materials division provides differentiated and timely analysis on the chemicals and materials industry. Chemical product coverage extends from commodities, bulk, specialty and petrochemicals to advanced materials, composites and nanotechnology, in particular with special emphasis on ‘green alternatives’, recycling and renewable technology developments, the assessment of supply, demand and trade. Chemical manufacturers, research institutions, channel partners and government bodies refer to our research studies to develop-‘The way forward‘.
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