New York, USA, July 05, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global aerospace maintenance chemical market is predicted to surpass $13,673.3 million by 2030 and grow at a stable CAGR of 6.24% over the forecast period from 2021-2030. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints, and various opportunities during the predicted timeframe of 2021-2030. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Aerospace Maintenance Chemical Market
Drivers: The rising number of air passengers across the world and strict government regulations regarding fleet maintenance and safety are some factors projected to drive the growth of the global aerospace maintenance chemical market during the forecast period.
Opportunities: Increasing complexities in aircraft systems and engines along with people’s growing demand for safe and clean air travel are some factors estimated to offer ample growth opportunities for the global aerospace maintenance chemical market during the forecast years.
Restraints: High cost of chemicals for aircraft maintenance is the major factor to hamper the market growth.
Covid-19 Impact on the Aerospace Maintenance Chemical Market
The impact of the unprecedented covid-19 pandemic has been adverse on the global aerospace maintenance chemical market. Strict lockdowns and travel restrictions imposed by governments around the globe hit the aviation industry hardly and people were forced to stay indoors. Due to this, many airlines were forced to shut their operations that greatly reduced the demand for aerospace maintenance chemicals. These factors are anticipated to hinder the market growth during the analysis period.
Segments of the Aerospace Maintenance Chemical Market
The report has divided the market into multiple segments based on nature, product type, type of aircraft, and regional analysis.
Nature: Inorganic Sub-segment to be the Most Dominant
The inorganic sub-segment of the global aerospace maintenance chemical market is expected to have the largest market share during the forecast years. Inorganic compounds have longer shelf life, are inexpensive than organic ones and are frequently used for aircraft maintenance. Moreover, inorganic compounds can also be manufactured and stored in large quantities, thus boosting the sub-segment’s growth by 2030.
Product Type: Deicing Fluids Sub-segment to be Highly Lucrative
The deicing fluids sub-segment is predicted to have the highest growth rate during the 2021-2030 forecast period. Deicing fluids is an important chemical required for the maintenance of the aircraft which is sprayed on the surface to melt ice and snow deposited on the flight’s surface. And since it’s mandatory for aircrafts to spray deicing fluids before take-off and after landing, the demand for deicing fluids is projected to surge by 2030.
Type of Aircraft: Commercial Sub-segment to be Highly Progressive
The commercial sub-segment of the global aerospace maintenance chemical market is estimated to have a significant market share during the analysis years due to the rapidly increasing number of air passengers across the globe. Increased per capita income of people and their demand for safe and luxurious air travel are some factors anticipated to further bolster the sub-segment’s growth by 2030.
Region: Aerospace Maintenance Chemical Market in the North America Region to Garner Maximum Revenue
The aerospace maintenance chemical market in the North America region is expected to flourish immensely by 2030 due to the presence of prominent commercial and business aviation industry along with rising R&D activities in the sector. Moreover, the presence of some key market players is also predicted to further propel the market growth in the North America region during the forecast years.
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Prominent Aerospace Maintenance Chemical Market Players
Some prominent players of the aerospace maintenance chemical market include
- Dow
- Eastman Chemical Company
- Nuvite Chemical Compounds
- Henkel AG & Co. KGaA
- Florida Chemical
- Arrow Solutions
- High Performance Composites & Coatings Pvt Ltd.
- Aircraft Spruce
- Nexeo Solutions
- Exxon Mobil Corporation, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Inquire here before buying the full report
For example, in November 2021, Collins Aerospace, a leading aerospace and defense company, announced its United Kingdom-based collaboration with Composite Integration, Bitrez, and Crompton Mouldings, to offer complex-shaped composite components for next-gen aircrafts with focus on weight reduction, system simplification, cost-effectiveness.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Aerospace Maintenance Chemical Market:
- Global Aerospace Maintenance Chemical Market to Reach Newer Heights with Rising Air Travellers Worldwide
- Attention! Stop Using these Chemicals for Aerospace Maintenance
