New York, USA, April 26, 2022 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global aerospace maintenance chemical market is anticipated to rise at a stable CAGR of 3.6%, thereby garnering a revenue of $8,512.7 million in the 2019-2026 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the aerospace maintenance chemical market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2019-2026. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market:
Drivers: Over the years, there has been a substantial rise in the global air transport and the number of air travelers. This increase, in turn, is expected to drive the aerospace maintenance chemical market in the 2019-2026 timeframe. Moreover, an increase in aging aircrafts has been witnessed in the last few years which is predicted to boost the market even further.
Opportunities: Rising awareness about the need to adopt sustainable development practices has led to an increase in demand for eco-friendly chemicals. This is expected to provide huge growth opportunities to the aerospace maintenance chemical market in the analysis timeframe. Along with this, an increase in the number of air travelers due to increased standard of living across the globe is expected to augment the growth of this market even more in the coming years.
Restraints: Stringent government regulations with respect to chemical emissions might become a hurdle in the growth of the aerospace maintenance chemical market.
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Segments of the Market:
The ResearchDive report has fragmented the aerospace maintenance chemical market across different segments such as product type, aircraft type, nature of chemical, and region.
Product Type: Aerospace Cleaning Fluids Sub-segment to be the Most Profitable
By product type, the aerospace cleaning fluids sub-segment is expected to generate a revenue of $1,663.3 million by 2026. The growing usage of cleaning fluids so as to maintain a clean and hygienic environment in the aircraft is expected to boost the growth of this sub-segment in the forecast timeframe. Frequent air travel is one of the main reasons why aircrafts are needing regular cleaning as the number of air travelers are increasing with each passing day.
Aircraft Type: Light Passenger Jets Sub-segment to Have the Largest Market Share
By aircraft type, the light passenger jet sub-segment is anticipated to have the most dominating market share and reach $3,121.2 million by the end of 2026. Substantial growth in the number of domestic air travelers and aircrafts across the world, especially developed and developing countries, is anticipated to be the leading growth driver of this sub-segment in the analysis timeframe.
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Nature of Chemical: Organic Chemicals Sub-segment to be the Most Dominating
By nature of chemical, the organic chemicals sub-segment is predicted to be the most dominating sub-segment of the aerospace maintenance chemical market. It is estimated to garner a revenue of $6,890.4 million by the end of year 2026. The competitive properties offered by organic chemicals give them the edge over their inorganic counterparts which has led to an increase in demand for organic chemicals. This increase in demand for organic chemicals is expected to boost this sub-segment in coming years.
Region: Market in the North America Region to be the Most Lucrative
By regional analysis, the aerospace maintenance chemical market in North America region is anticipated to be the most lucrative one. It is predicted to reach $2,933.5 million by 2026. The huge expansion of airline industry in this region, especially in the countries like the United States of America and Canada, is predicted to be the main growth driver of the market. Along with this, the technological advancements in the space exploration sector is expected to boost the market in this region even further.
Prominent Market Players:
Some prominent players in the aerospace maintenance chemical market are
- AAR Corporation
- Boeing Company
- Eastman Chemical Company
- KLM Engineering & Maintenance
- Henkel AG & Co. KGaA
- Air France Industries
- Bombardier Inc.
- Exxon Mobil Corporation
- Airbus SAS
- Embraer S.A.
- Nexeo Solutions
- Delta TechOps
- GE Aviation.
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market.
For instance, GracoRoberts, a US-based leading aerospace specialty chemicals distributor, in March 2021, announced the acquisition of Silmid, a UK-based aircraft maintenance chemicals manufacturer. This acquisition is expected to boost the market share of GracoRoberts and increase its footprint in the aerospace chemicals industry.
Finally, this comprehensive report also summarizes many crucial facets of the aerospace maintenance chemical market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
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