Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Aerospace Tapes Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Aerospace Tapes Market Poised for Robust Growth with Emerging Trends and Rising Commercial Aircraft Demand
The analysis, delving deep into the applications, materials, and regional dynamics, foresees steady growth from a value of $2.41 billion in 2023 to an anticipated $2.57 billion in 2024. Marked by a compound annual growth rate (CAGR) of 6.4%, the market reflects the vitality of the aerospace industry and its technological advancements. By 2028, the market size is expected to reach $3.32 billion, steered by a CAGR of 6.6%.
The report highlights the principal uses of aerospace tapes in crucial aircraft applications such as bonding, insulation, and sealing, emphasizing their role in enhancing aircraft longevity and reducing operational costs. Among the key resin types employed in the market, acrylic, rubber, silicone, and innovative formulations are pointed out for their contribution to aerospace tape performance.
A Perfect Blend of Growth Drivers
The thorough market analysis identifies a suite of growth drivers priming the market for expansion. An upswing in aircraft production, increased maintenance, repair, and overhaul (MRO) activities, stringent safety regulations enforcement, rising air cargo transportation, and a bolstered interest in space exploration are pivotal contributors to the market's positive performance.
Commercial Aircraft Demands Propel Market Forward
The ramp-up of commercial aircraft production stands as a prominent demand-side driver in the aerospace tapes market. With major manufacturers like Boeing and Airbus reporting increased deliveries in recent years, the implication on the aerospace tapes market is clear—higher demand begets rigorous growth.
Rise in Defense and Commercial Investments
2022 witnessed a remarkable surge in aerospace and defense sector investments, with funds reaching new peaks and effectively tripling from the prior year.
Product Innovation at the Forefront
Innovation continues to be a central theme, with companies like Intertape Polymer Group and Park Aerospace Corp. steering the market through groundbreaking product launches. Their latest offerings speak volumes about the unwavering commitment to elevating aerospace tape capabilities.
Aerospace Tape Market Trends on the Horizon
Rapid technological developments, increasing defense spending, and rising global trade are projected to fuel the market's ascent. Additionally, smart material integration, nanotechnology, a relentless pursuit of eco-friendly alternatives, AI integration, and blockchain for traceability represent the future of aerospace tapes.
Global Dominance and Future Outlook
North America claimed the top spot in 2023, leading the global market, while Latin America is tipped to be the fastest-growing region.
This comprehensive report provides a perspicuous view of the aerospace tapes market's current stature and anticipated developments, embodying essential information for industry stakeholders. The detailed segmentation and analysis cater to a broad spectrum of end-users, from commercial and military aviation to general aviation aficionados.
As the aerospace industry continues to soar, this market report is poised to be an indispensable tool aiding in strategic decision-making and trend-spotting, fitting perfectly as the industry's next guiding beacon.
A selection of companies mentioned in this report includes
- 3M
- Nitto Denko Corporation
- Avery Dennison Corporation
- Tesa SE
- Scapa Group plc
- Intertape Polymer Group Inc.
- Saint-Gobain S.A.
- Berry Global Inc.
- Shurtape Technologies LLC
- DeWAL Industries Inc.
- Advance Tapes International
- Can-Do National Tape Inc.
- Aviation Devices and Electronic Components Inc.
- JTAPE Limited
- Fralock Innovative Materials Manufacturing & Automation
- UltraTape
- Mask-Off Company Inc.
- Parafix Tapes & Conversions Ltd.
- MBK Tape Solutions
- CS Hyde Company
- Adhesive Research Inc.
- Adchem Corporation
- PPI Adhesive Products (C.E.)
- Pro Tapes & Specialties Inc.
- Technetics Group
- V. Himark (USA) Inc.
- VELCRO Companies
- W. W. Grainger Inc.
For more information about this report visit https://www.researchandmarkets.com/r/fjxn8a
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