The market for aerospace maintenance chemicals was valued at USD 7.2 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 3.4% between 2022 and 2032 to reach USD 10.4 billion.
The aerospace maintenance chemical market is expected to witness a major overhaul in the upcoming period on the back of increase in frequency of the air travellers across the globe. As such, the airlines are into provision of cleaner experience to the passengers. It’s a known fact that passengers’ continuous contact with cabin’s interior tends to degrade the interiors of aircraft; thereby necessitating cleaning operations.
Aerospace maintenance chemicals could be lubricants or solvents. Lubricants are substances reducing friction between the moving parts; whereas solvents are the ones dissolving or removing materials like dust, dirt, paint, and grease. With increase in complexity of systems, airframes, and engines, maintenance as well as well as repairing of aircraft turns out to be mandatory. As aircraft components are pretty costly, and downtime could incur heavy losses to the airlines, it’s advisable to ascertain proper maintenance.
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As per SGI Aviation and IATA, more than 27K commercial aircrafts operate all over with an average age of over 12 years. Plus, half of the aircrafts are still operating in spite of crossing the operational age of 25 years. The figures send across a message that maintenance is inevitable. Plus, as per IATA’s MCTF (maintenance Cost Task Force), an airline fleet should not be running for more than 8.9 years. This precarious situation is bound to drive the demand for aerospace maintenance chemicals in the forecast period.
At the same time, stern regulations from the governments regarding usage of harmful chemicals for maintenance of airplanes, higher maintenance costs of the airplanes, and dearth of skilled professionals are expected to restrain the aerospace maintenance chemical market in the forecast period. Air travel has picked up pace. The global aerospace maintenance chemical market is likely to grow on an unstoppable note in the forecast period.
Also, the last two years were pretty tough for the aerospace vertical as lockdowns were enforced in wake of Covid-19. With normalcy getting restored in 2022,
Future Market Insights has entailed these facts with future perspectives in its latest market study entitled ‘Aerospace Maintenance Chemical Market’. Its team comprising analysts and consultants is there to execute with an amalgamation of macros and micros.
“With growing realization of the fact that aerospace maintenance chemicals could be used as paint removers, cleaning materials, degreasers, paint strippers, and aircraft polishers & washers to render the commercial aircraft free of corrosion, the global aerospace maintenance chemical market is expected to grow on a stupendous note in the near future”, says an analyst from Future Market Insights.
Key Takeaways from Aerospace Maintenance Chemical Market
- North America holds the largest market share due to the end-consumers increasingly preferring air travel. Also, the governments are handsomely investing on maintaining defense aircrafts.
- Europe stands second on this count along the parameters mentioned above.
- The Asia-Pacific is expected to grow at the fastest rate in the aerospace maintenance chemical market. This could be reasoned with noteworthy growth in aerospace vertical.
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Competitive Landscape
Singapore Technologies Engineering Ltd., of late, did sell 50% of equity stake in ‘Keystone Holdings Pte. Ltd.’ to ‘SJ Aviation Capital Pte. Ltd.’ for nearly US$ 10.7 Mn. ST Aerospace, along with SJ Aviation Capital, would be owning half of Keystone Holdings each; which would aid in developing a portfolio of the maintenance chemical products.
Quaker Chemical Corporation is known for providing process fluids, technical expertise, and specialty chemicals to a broad spectrum of industries inclusive of aluminum, steel, mining, automotive, aerospace, cans, tube and pipe, and likewise.
What does the Report highlight?
- The research study is based on nature (inorganic chemicals, organic chemicals, and others), by type (commercial aircraft, general aviation, helicopters, and defense aircrafts), and by application (deicing fluids, cleaning fluids, and others).
- With an increasing demand for aircraft surface repair, the global aerospace maintenance chemical market is bound to grow inadvertently going forward.
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