Sellbyville, DE -- (SBWire) -- 02/12/2019 --Aerospace Maintenance Chemicals Market is estimated to exhibit over 3 percent CAGR with USD 8.8 billion by 2024. 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.
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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 chemicals market size will witness robust growth with increase in business and private aircrafts.
Asia Pacific led by China, Japan, and India will register around 4% CAGR owing to presence of substantial number of MRO bases with better services and enhanced technologies. Constant investment from aircraft companies for MRO will further augment aerospace maintenance chemicals business across the region.
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. As the aviation sector witnesses extensive growth and the demand for maintenance, repair and overhauling of aircrafts increases with the rising volume of airline traffic, aerospace maintenance chemical industry outlook is likely to observe a dynamic transformation in the years ahead.
This business space encompasses numerous products along the likes of aircraft leather cleaners, specialty solvents, aircraft cleaning chemicals, degreasers, aviation paint strippers, etc. Aircraft cleaning chemicals among these is estimated to be a major contributor toward aerospace maintenance chemical market share, given their massive demand for thoroughly disinfecting and cleaning aircrafts. Aircraft cleaning service providers are required to deal with problems like limited service time due to enhanced flight frequencies, strictly abiding by ground time schedules and errant weather conditions. In consequence, these cleaning service providers prefer aerospace maintenance chemicals that are highly efficient and can perform better in lesser amount of time, which would undeniably propel aerospace maintenance chemicals industry outlook.
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Aviation paint removers also have a considerable role to play in the growth of the aerospace maintenance chemical market. It is prudent to mention that aircraft paint is removed and repainted every 5 to 6 years for elongating the shelf life of aircrafts as well as to make them more appealing. Indeed, this is certain to massively propel aerospace maintenance chemical industry size from aviation paint removers, slated to register a 3.7% CAGR over 2018-2024. The advancement of laser coating remover technology, in which an essentially gigantic robot is used to remove paint from aircrafts, will also contribute substantially to the progress of the aerospace maintenance chemicals industry.
Commercial aviation is also one of those industries that has been depicting an irregular demand-supply graph. Commercial aircraft manufacturers such as Boeing and Airbus have also been working to enhance their manufacturing capacity, fueling the need for highly efficient commercial planes. Boeing in fact, recently in 2018, planned to increase the production of Boeing-747 by 52 aircrafts per month to cover up for the recorded backlog of 4,656 aircrafts.
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Shell, Eastman, The Dow Chemical Company, and Arrow Solutions are among the prominent players in aerospace maintenance chemicals industry. Other notable players including 3M, Wesco aircraft, KLX Inc., and Henkel. Companies are implementing strategies such as strategic partnerships to enhance their industry share. For instance, in October 2017, Arrow Solutions announced strengthening its partnership with its Norway distributor to improve product availability.
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