The robust expansion across global aviation sector can be aptly credited for the growth of aerospace maintenance chemical market. Given the extensive requirement of rigorous maintenance in commercial, military, and business aircrafts, companies have been going the whole hog to brainstorm unique chemicals that would ease the aircraft maintenance process.
North America is predicted to surpass USD 2.6 billion by 2024 with increasing repair activities and competitive pricing along with presence of multiple industry players. The U.S. dominates industry share owing to vast expansion of aviation industry. Middle East aerospace maintenance chemical market will witness robust growth with increase in business and private aircrafts.
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Commercial aircraft segment dominated the aerospace maintenance chemical market accounting for over 35% of the overall revenue share in 2017. This can be attributed to the increasing requirement for maintenance owing to strict regulations concerning passenger security. Growth in public spending for travelling will strengthen the product adoption rate. OEMs are working on superior-grade products to meet the technical specifications, faster operations, and prevent corrosion on the interior and exterior surfaces. Military aircrafts will pose a growth rate of over 3% due to rising investments in military aviation across the globe. For instance, in 2018, the U.S. amplified its military spending approximately by USD 80 billion, thereby augmenting industry growth.
Organic chemicals from aerospace maintenance chemical market held approximately 69% of the total revenue share in 2017. Operational efficiency and cost effectiveness are the major factors influencing aerospace maintenance chemicals industry penetration. Rising predilection towards product viscosity due to labor friendly maintenance is boosting the aerospace maintenance chemical market growth.
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Aircraft cleaning chemicals is anticipated to generate around USD 2.5 billion and will continue its dominance over the study period. High product consumption in both interiors & exteriors of the aircrafts is supporting the segment growth. Fast and efficient operation in wide range of commercial and defense aircrafts will boost product demand over the forecast period. Aviation paint removers will register sturdy growth rate owing to extended shelf life and fast paint removal.
Shell, Eastman, The Dow Chemical Company, and Arrow Solutions are among the prominent players in aerospace maintenance chemical market. Other notable players including 3M, Wesco aircraft, KLX Inc., and Henkel. Companies are implementing strategies such as strategic partnerships to enhance their industry share.
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Reduced air travel costs, better air connectivity, greater affordability among the populace of the emerging economies and the rising popularity of the tourism sector have been the driving forces behind the growth of aerospace maintenance chemical industry in the last few decades. With greater demand for air travel, stringent governmental regulations have been placed on the importance of aircraft maintenance. For instance, the Federal Aviation Administration (FAA) and European Aviation Safety Agency (EASA) are now making extensive modifications in maintenance procedures. Driven by government-led initiatives and increasing air travel popularity, the revenue graph of aerospace maintenance chemical market would traverse a highly profitable growth path over 2018-2024.