Gradual increase in air traffic paves the way for aviation chemicals sales growth of 5.8% through 2031: PMR


NEW YORK, October 5, 2021 / PRNewswire / – The global aviation chemicals industry is expected to grow at a CAGR of 5.8% during the 2021 and 2031 assessment period.

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Lubricants and coolants should be the key product type in the global aviation chemicals industrybecause airplanes require continuous lubrication and coolants for their engines. The growing size of fleets around the world, especially in developing economies, is driving the market growth at a decent rate.

Market players are involved in various strategies to increase their sales and profits:

  • May 2017: Japan Airlines has extended its partnership with Exxon Mobil Corporation and recognized their 50-year partnership, making Japan Airlines one of Exxon Mobil’s main customers.

  • july 2016: PPG Industries has synthesized a chrome-free aerospace primer named Desoprime CF / CA 7521, for the surface coating of aircraft.

  • May 2017: 3M invested around US $ 40 million to expand its activities by increasing its production of industrial adhesives and tapes for the aviation sector.

  • July 2019: Blaukaiser Aircraft Industry Department has launched Blaukaiser’s innovative Bio Organic Aircraft formulations, which it guarantees are 100% free of any toxic chemical additives, solvents and other petroleum compounds.

The large existing fleet of commercial and military aircraft around the world is driving demand for their maintenance and repair. At the same time, this strengthens sales of aviation chemicals.

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Key points of the market research

  • Global sales of aviation chemicals are expected to exceed a valuation of 9.4 billion US dollars by the end of 2031.

  • North America is expected to remain a key region for aviation chemicals sales, which is expected to experience a growth rate of 5.5% during the forecast period.

  • The growing size of the fleet requires an increase in aircraft repairs and maintenance; as such, the maintenance, repair and overhaul (MRO) segment is expected to represent a key market share.

  • Rising defense budgets around the world are driving demand for military aircraft, which benefits the aviation chemicals market.

  • The increase in the number of air passengers is stimulating the use of airplanes, which increases the consumption of lubricants and coolants in the aerospace industry.

“The major market players are focusing on strategic expansions and innovation in aviation chemicals to increase their market presence around the world,” said a Persistence Market Research analyst.

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Competitive landscape

The global aviation chemicals market has been identified as a fairly consolidated space.

Some of the major market players included in the report are Eastman Chemical Company, The Sherwin Williams Company, PPG Industries Inc., Exxon Mobil Corporation, Axalta Coating Systems Ltd., Akzo Nobel NV, Henkel AG & Co. KgaA, BASF SE, Royal Dutch Shell plc, Fuchs Petrolub SE, Compagnie de Saint-Gobain SA, Zircotec, Master Bond Inc., APV Engineered Coatings, DOW, Illinois Tool Works Inc., Oerlikon Balzers Coating SA, SINOPEC, Avi-Oil India Pvt. Ltd., Alglas UK and RPM Technology, LLC.

The major market players are expected to maintain a competitive environment all over the world.

Conclusion

The global aviation chemicals business is expected to experience significant growth due to increasing demand for the manufacture of commercial and military aircraft, as well as their maintenance and repair.

Growing urbanization, standard of living and income are driving the demand for more planes to reduce travel time. In addition, increasing defense budgets are also stimulating the consumption of aviation chemicals.

Some key market players are focusing on expansions and strategic partnerships to increase their global presence. Major players are also focusing on increasing investment in research and development to meet growing end-user demand.

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More valuable information about the offer

Persistence Market Research, a research and consultancy firm, has released a new market research report on the Global Aviation Chemicals Market that contains 2016-2020 industry analysis and assessment of opportunities for 2021-2031.

The report provides in-depth analysis of the market across different segments, namely product, channel type, end use, and region. The report also provides supply and demand trends as well as an overview of the parent market.

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