Dublin, March 07, 2023 (GLOBE NEWSWIRE) -- The "Aircraft Seals Global Market Opportunities and Strategies to 2031" report has been added to ResearchAndMarkets.com's offering.
The global aircraft seals market reached a value of nearly $1,714.6 million in 2021, having increased at a compound annual growth rate (CAGR) of 3.1% since 2016. The market is expected to grow from $1,714.6 million in 2021 to $2,347.1 million in 2026 at a rate of 6.5%. The market is then expected to grow at a CAGR of 6.1% from 2026 and reach $3,151.0 million in 2031.
Growth in the historic period resulted from the rise in air travel, increase in demand for hybrid and electric propulsion aircraft, increasing military spending and rising disposable income. Factors that negatively affected growth in the historic period were the geo-political tensions, fluctuating raw material prices and COVID-19 impact
Going forward, growing demand for small aircraft, increase in passenger air traffic, growing demand for new fighter jets in developing countries and growing urbanization will drive the market. Factors that could hinder the growth of the aircraft seals market in the future stringent compliance and certification requirements and Russia-Ukraine war impact.
The aircraft seals market is segmented by type into dynamic seals and static seals. The dynamic seals was the largest segment of the aircraft seals market by type, accounting for $1,131.9 million or 66.0% of the total market in 2021. It is expected to be the fastest-growing segment going forward at a CAGR of 6.6%.
The aircraft seals market is also segmented by end user into commercial aircraft and military aircraft. The commercial aircraft market was the largest segment of the aircraft seals market by end user, accounting for $1,379.8 million or 80.5% of the total market in 2021. It is expected to be the fastest-growing segment going forward at a CAGR of 6.6%.
The aircraft seals market is also segmented by distribution channel into OEM and aftermarket. The OEM was the largest segment of the aircraft seals market by end user, accounting for $1,033.4 million or 60.3% of the total market in 2021. It is expected to be the fastest-growing segment going forward at a CAGR of 6.6%.
The aircraft seals market is also segmented by material into composites, polymers and metals. The polymers was the largest segment of the aircraft seals market by end user, accounting for $857.6 million or 50.0% of the total market in 2021. The composites market is expected to be the fastest-growing segment going forward at a CAGR of 6.7%.
The aircraft seals market is also segmented by application into engine system, airframe, avionics and electrical system, flight control and hydraulics system and landing gear system. The airframe was the largest segment of the aircraft seals market by end user, accounting for $771.5 million or 45.0% of the total market in 2021. The flight control and hydraulics system market is expected to be the fastest-growing segment going forward at a CAGR of 6.7%.
North America was the largest region in the aircraft seals market, accounting for 33.5% of the global market in 2021. It was followed by Asia Pacific, Western Europe and the other regions. Going forward, the fastest growing regions in the aircraft seals market will be Asia Pacific and the North America, where growth will be at CAGRs of 7.6% and 7.1% respectively from 2021-2026.
The global aircraft seals market is concentrated, with a few large players. The top ten competitors in the market made up to 62.71% of the total market in 2021. This can be due to the existence of number of local players in the market serving customers in particular geographies.
Parker Hannifin Corporation was the largest competitor with 10.69% share of the market, followed by Meggitt Plc with 9.56%, Trelleborg Sealing Solutions with 9.22%, Saint Gobain S.A. with 6.47%, Eaton Corporation with 5.94%, TransDigm Group Incorporated with 5.47%, Freudenberg Group with 5.32%, Hutchinson SA with 4.48%, SKF Group with 4.59%, and Technetics Group with 0.60%.
Market-trend-based strategies for the aircraft seals market include focusing on the advance sealing products, developing low temperature fluoroelastomer sealing, developing ultra-high temp seal, undergoing partnerships and collaborations, innovation through research and development and strategic investments.
Player-adopted strategies in the aircraft seals industry includes providing a broader suite of solutions through strategic acquisitions, strengthening business operations through the launch of new products and developing technological niches.
To take advantage of the opportunities, the report recommends the companies in the aircraft seals market to focus on advanced sealing solution products, focus on low temperature fluoroelastomer sealing, focus on ultra-high temperature seals, focus on innovation through research and development, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations, offer competitive pricing, participate in trade shows and events and continue to target fast-growing end-users.
Key Metrics
| Report Attribute | Details |
| No. of Pages | 289 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $1714.6 Million |
| Forecasted Market Value (USD) by 2031 | $3151 Million |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
Top Opportunities
- The top opportunities in the aircraft seals market by type will arise in the Dynamic Seals market, which will gain $425.3 million of global annual sales by 2026.
- The top opportunities in the aircraft seals market by end user will arise in the Commercial Aircraft market, which will gain $516.5 million of global annual sales by 2026.
- The top opportunities in the aircraft seals market by distribution channel will arise in OEM market, which will gain $388.8 million of global annual sales by 2026.
- The top opportunities in the aircraft seals market by material will arise in Polymers market, which will gain $316.7 million of global annual sales by 2026.
- The top opportunities in the aircraft seals market by application will arise in Airframe market, which will gain $294.3 million of global annual sales by 2026. The aircraft seals market size will gain the most in the USA at $215.7 million.
Major Market Trends
- Advanced Sealing Solution Products
- Low Temperature Fluoroelastomer Sealing
- Ultra High Temp Seal
- Strategic Partnerships And Collaborations
- Innovation Through Research And Development
- Strategic Investments
Competitive Landscape And Company Profiles
- Parker Hannifin Corporation
- Meggitt Plc
- Trelleborg AB
- Compagnie de Saint-Gobain S.A.
- Eaton Corporation
Key Mergers And Acquisitions
- Parker-Hannifin Acquired Meggitt
- Trelleborg Acquired MG Silikon GmbH
- Ducommun Incorporated Acquired Magnetic Seal Corporation
- TALCO Aviation Corporation Acquired Bob Fields Aerocessories
- Hutchinson Acquired PFW Aerospace GmbH
Aircraft Seals Market Definition and Segmentations
Market Segmentation By Type
- Dynamic Seals
- Static Seals
Market Segmentation By Material
- Composites
- Polymers
- Metals
Market Segmentation By Distribution Channel
- OEM
- Aftermarket
Market Segmentation By Application
- Engine System
- Airframe
- Avionics And Electrical System
- Flight Control And Hydraulics System
- Landing Gear System
Market Segmentation By End User
- Commercial Aircraft
- Military Aircraft
For more information about this report visit https://www.researchandmarkets.com/r/xjgbrv
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