Organic chemicals from aerospace maintenance chemicals 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 industry growth.
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North America aerospace maintenance chemicals market is expected to surpass USD 2.6 billion by 2024. Increasing maintenance, repairs, & operations activities at competitive prices along with the presence of several maintenance centers will drive the regional demand. The U.S. is dominating the aerospace maintenance chemicals market share owing to the massive expansion of the aerospace industry, positively enhancing the overall business growth.
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 aerospace maintenance chemicals market growth.
Aircraft cleaning chemicals segment is predicted to be valued at USD 2.5 billion by 2024. High product usage in the aircraft exteriors and interiors will escalate the aerospace maintenance chemicals market growth. Additionally, fast and efficient operation in a wide range of defense and commercial aircrafts will further accelerate the product demand. Aviation paint removers segment will exhibit sturdy growth rate owing to benefits such as extended shelf life, fast paint removal, and superior operation.
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Commercial aircraft segment dominated the aerospace maintenance chemicals 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.
Predilection of manufacturers towards ease of compatibility with various equipment offering fast operations and superior performance will drive the inorganic chemicals segment growth. The competitive product pricing along with wide availability in customized quantity as per the customer requirements will further boost the aerospace maintenance chemicals market till 2024.
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Arrow Solutions, Eastman, Shell, and The Dow Chemical Company are the major participants in the aerospace maintenance chemicals market. Other notable participants include 3M, Henkel, KLX Inc., and Wesco aircraft.