The global aircraft tire market is projected to attain a valuation of US$ 1.8 billion in 2023 and is anticipated to reach US$ 3.3 billion by 2033, and is expected to increase at a CAGR of 6.2% during the forecast period.
The market is expected to grow as a result of increased demand for next-generation aircraft in both the military and commercial sectors, as well as increased aircraft procurement. The growing number of air travellers is another factor driving up the need for new aircraft and, consequently, aircraft tyres. Additionally, it is anticipated that investments made by the air defence industry in response to rising geopolitical tensions would further fuel market expansion throughout the projected timeframe.
The need for aircraft tyres is predicted to rise as a result of advancements in tyre production methods, notably the usage of next-generation materials such synthetic elastomer rubber and cross-linkable rubber. These materials offer greater durability and improve fuel economy by reducing tyre weight. Additionally, it is predicted that the market would grow as a result of growing government investments in aviation infrastructure as well as increasing demand for aircraft in the defence sector for both combat and non-combat missions.
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Demand for air travel has expanded significantly in the current global aviation market, which has raised the manufacturing of new aircraft to suit the expanding needs of passengers. As a result, it is anticipated that the need for aircraft tyres would increase quickly. Additionally, the growing demand for aircraft tyres is being fueled by the rise in military spending for the procurement of cutting-edge military aircraft in both developed and emerging nations. Additionally, during the projected period, the demand for affordable aeroplane tyres is anticipated to drive market expansion.
Key Takeaways
- United States aircraft tire market is expected to grow with a CAGR of 6.1% during the forecast period.
- The market in Germany is expected to grow with a CAGR of 6% during the forecast period.
- By sales channel, the aftermarket sales segment is projected to grow with an impressive CAGR of 7.5% during the forecast period.
- The market in China is expected to grow with a significant CAGR of 6.3% throughout the forecast period.
“Advancements in tire manufacturing technologies and use of NextGen materials such as synthetic elastomer rubber are expected to drive market growth during the forecast period,” comments an FMI analyst
Competitive Landscape
The market for aircraft tires is highly competitive, with numerous prominent industry players making substantial investments in their production.
The key industry players are Bridgestone Corporation, Goodyear Tire & Rubber Company, Compagnie Générale des Établissements Michelin, Dunlop Aircraft Tyres Limited, Petlas Tire Corporation, Aviation Tires & Treads, Polymer Enterprises Inc., Michelin, Maxam Tire International, Specialty Tires of America.
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Some recent developments in the market are:
- Bridgestone announced its plans to streamline the manufacturing of aircraft tire retreading in the Asia-Pacific region in July 2022. To enhance efficiency, they consolidated production at their Chonburi, Thailand facility (BAMT), which already produces retreaded aircraft tires, incorporating operations from Bridgestone Aircraft Tire Company Asia (BAA).
- In May 2022, Shuguang Rubber Industry Research & Design Institute, a subsidiary of ChemChina specializing in aircraft tires, was meant to join forces with engineering company Haohua Chemical Science & Technology to establish a state-of-the-art production facility for civil aviation tires.
- In June 2020, a collaboration between Japan Airlines and Bridgestone Corporation was announced, focusing on the implementation of tire wear prediction technologies.
- In April 2022, Goodyear Tires made an exciting announcement to produce military aircraft tires using a unique and sustainable source of rubber derived from dandelions. As part of their commitment to using eco-friendly materials, Goodyear will harness natural rubber derived from the Taraxacum kok-saghyz species of dandelions for the manufacturing of these tires.
Key Segments Profiled in the Aircraft Tire Industry Survey
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
Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global aircraft tire market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the aircraft tire market, the market is segmented on the basis of aircraft type, ply type, sales channel and region.
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