New York, United States, May 13, 2024 (GLOBE NEWSWIRE) -- The Global Aircraft Recycling Market Size to Grow from USD 4.7 Billion in 2023 to USD 9.2 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.95% during the forecast period.
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The market for aircraft recycling has grown significantly as a result of an increase in the number of retired aircraft worldwide in recent years. With the continued growth of aircraft fleets, especially with the expansion of the commercial aviation industry, it is expected that the need for aircraft recycling services would increase. The main driving elements behind aircraft recycling are laws and environmental concerns. End-of-life aeroplanes include valuable resources like titanium, aluminium, and other recyclable metals. Hazardous materials including chemicals, hydraulic fluids, and lubricants also need to be disposed of correctly to prevent environmental contamination. Among the participants in the aircraft recycling industry are aerospace manufacturers, parts brokers, and specialised recycling companies.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Aircraft Recycling Market Size By Aircraft (Narrow-Body, Wide-Body, Regional), By Component (Engines, Landing Gear, Avionics), By Region, And Segment Forecasts, By Geographic Scope And Forecast to 2033."
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Insights by Aircraft
The narrow-minded segment accounted for the largest market share over the forecast period 2023 to 2033. One reason for narrow-minded sector expansion could be a concentrate on recycling specific aircraft types, such commercial airliners, while neglecting other segments, including military or general aviation planes. If recycling companies focus only on one market segment, they run the danger of underutilizing or missing out on growth opportunities in other ones. Narrow-minded sector growth can also result from differences in industry innovation and technology adoption. Companies that invest in state-of-the-art recycling equipment and processes may grow faster than those that continue with outdated methods; this could lead to market segmentation based on technological superiority. Narrow-minded segment growth in the aircraft recycling business could result from variations in consumer tastes and market demand.
Insights by Component
The engine segment is dominating the market with the largest market share over the forecast period 2023 to 2033. As aircraft engines get closer to the end of their useful lives, there is an increasing demand for overhauls, repairs, and refurbishments. Aircraft owners searching for cost-effective ways to extend the life of their engines are driving growth in the engine recycling sector. Used aircraft engines are becoming more and more in demand in the aftermarket, especially for older aircraft models and in developing nations. MRO firms and aeroplane operators are drawn to used engines because they are less expensive than their new counterparts. Customer demand is driving growth in the recycling industry's engine section. Due to new developments in engine design, engine recycling companies may now concentrate on disassembling and recycling more modern engine models.
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Insights by Region
North America is anticipated to dominate the Aircraft Recycling Market from 2023 to 2033. North America is home to a sizeable portion of the global aircraft fleet, which includes commercial airliners, military aircraft, and private jets. As these aircraft get closer to the end of their useful lives, there is an increasing need for aircraft recycling services. North America is the hub for technological innovation in the recycling and aerospace sectors. Businesses in the region are investing in state-of-the-art recycling technologies, including as automated dismantling systems and composite material recycling techniques, to improve the efficacy and sustainability of aircraft recycling operations. The North American aviation industry has a significant need for recycled aeroplane parts due to the size of the fleet and the economical benefits of using reconditioned parts.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. The Asia-Pacific region is seeing a rapid increase in air travel demand, which is driving up the fleet size. The need for aircraft recycling services to handle the retirement and disposal of end-of-life aircraft is growing. China, India, and the countries of Southeast Asia are among the emerging economies in Asia-Pacific that are investing heavily in aviation infrastructure and expanding their fleets of commercial aircraft. This presents opportunities for aircraft recycling companies to enter these markets and offer their services in response to the growing demand for aircraft decommissioning and recycling.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies covered::TARMAC Aerosave, Airbus, Air Salvage International, Total Technic, Vallair, CAVU Aerospace, ComAv Technical Services, Sycamore Aviation, Falcon Aircraft Recycling, VAS Aero Services, Aviation Internation Recyling, ADI-Aircraft Demolition & Recyling, KLM UK Engineering, AELS, Aerocycle, Aircraft Recycling International, ROTH International, Aircraft Solutions ME, AJ Walter Aviation, and Other
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Recent Market Developments
- In October 2023, Air France-KLM and Safran Landing Systems have established a partnership to develop and implement a closed-loop recycling plan for landing gear components. The plan aims to recycle every component of the landing gear to 100% by 2030.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Aircraft Recycling Market, Aircraft Analysis
- Narrow-Body
- Wide-Body
- Regional
Aircraft Recycling Market, Component Analysis
- Engines
- Landing Gear
- Avionics
Aircraft Recycling Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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