North America leads the aerospace maintenance chemicals market with over USD 2 billion in 2017, exhibiting 2.5% CAGR till 2024.
Sellbyville, DE -- (SBWIRE) -- 10/11/2018 -- 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. 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.
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 industry 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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Strict government regulations associated with frequent maintenance operations are driving the aerospace market over the forecast timeframe. Increasing requirement for MRO for the old aircrafts will further stimulate the aerospace maintenance chemicals business.
Declining air fare coupled with improving living standards is enhancing the travel and tourism sector growth. This will further strengthen the aircraft business driving the need for higher maintenance, soaring product penetration till 2024. However, inventory management of the chemicals may negatively impact the aerospace maintenance chemicals industry.
Government agencies across the globe such as Federal Aviation Administration (FAA) and European Aviation Safety Agency (EASA) are amending the chemical requirements for maintenance procedures to decrease labor fatalities owing to prolonged exposure. Industry players are heavily investing in R&D activities to enhance their product line and reduce costs. Technological advancements to manufacture environment friendly products is positively influencing the aerospace maintenance chemicals business growth rate during the study period.
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.
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 industry till 2024.
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North America 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.
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. Industry participants are engaged in strategic partnerships to enhance their industry share. For instance, in October 2017, Arrow Solutions announced strengthening of its partnership with distributors in Norway to improve product availability and enhance industry share.
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