ESOMAR-certified consulting firm Future Market Insights (FMI) has recently published a report on the global aircraft tire market size for the forecast period by 2031 end. According to the report, the market is expected to reach US$ 3.3 billion post impressive gains, expanding at a CAGR exceeding 6.2% throughout the forecast period. Increasing production of narrowbody and widebody aircrafts are spurring demand.
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Key Takeaways from FMI’s Aircraft Tire Market Study
- In terms of ply type, bias ply aircraft tires are expected to remain dominant
- Narrowbody aircraft tires are expected to witness higher growth backed by the high production of military aircrafts
- Demand for aircraft tires to witness high growth across aftermarket segment
- The U.S. is expected to be the most lucrative market across North America
- China is anticipated to lead the Asia Pacific aircraft tire market, registering impressive growth through 2031
- Germany and the U.K. are expected to lead Europe’s aircraft tire market over the forecast period
Bias ply aircraft ties have long been in high demand in the military aviation sector, and this need has led to steady market growth over time. The need for narrowbody aircraft from the military and defence sectors in the US, India, China, and Germany supported the market’s growth.
Bias ply’s comparative advantage over radial ply in providing greater strength, stability, and ground traction will continue to drive demand over the predicted time. The hunt for environmentally responsible ways to produce aeroplane tyres is another key breakthrough that is changing the aviation tyre sector.
The fast adoption of high performance materials like Kevlar is one noticeable trend in this area, with major manufacturers emphasising aspects like the usage of responsibly sourced raw materials in the production of their products.
For instance, a well-known manufacturer, the Goodyear Tyre and Rubber Company, conducts R&D to incorporate new technology into the creation of their bias-ply aviation tyres. The Bridgestone Corporation uses Kevlar in the manufacture of their military narrowbody aircraft.
“Advanced technology and increasing investment in the research & development activities for developing fuel efficient and light weight aircraft is improving the demand of aircraft tires, creating impressive growth opportunities for key players,” says the FMI analyst.
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Who is Winning?
Fierce competition within the market have led the key players to adopt numerous organic and inorganic strategies to maintain the lead. Product expansion, technological innovations, research & development activities, targeted mergers & acquisition are few of the strategies manufacturers rely upon among others.
Goodyear Tire & Rubber Company, one of the world’s largest tire company, in October 2020 announced KADEX Aero Supply as its aviation distributor, a Canadian aviation parts distributor company. Though this partnership, Goodyear aims to expand its footprints in Canada.
Dunlop Aircraft Tyres Limited (DATL), another prominent player, recently invested US4invested US$ 70.92 million in an aircraft tyre retreading factory in Karawang, West Java, Indonesia. Also, DATL has announced to start up a new aircraft tyre production plant in the same location to expand their customer base.
Key Companies Profiled
- Bridgestone Corporation
- Goodyear Tire & Rubber Company
- Compagnie Générale des Établissements Michelin
- Dunlop Aircraft Tyres Limited,
- Polymer Enterprises Inc.
Key Segments Covered
Aircraft Type
- Small Widebody Aircraft
- Medium/ Large Widebody Aircraft
- Narrowbody Aircraft
- Propeller Aircraft
- Helicopter
- Defense and Homeland Security Aircraft
- Freighters
Ply Type
- Bias Ply
- Radial Ply
Sales Channel
- OEM
- Aftermarket
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Region
- North America (US and Canada)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Europe (Germany, France, Spain, UK, Italy, Nordics, BENELUX, Russia and Rest of Europe)
- Asia Pacific (India, Malaysia, China, Japan, Australia, Thailand and South Korea and Rest of APAC)
- Middle East & Africa (GCC, South Africa, Turkey and Rest of MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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