What is the future of Aircraft Elastomers Market? Know Covid Impact on Size, Share & Forecasts
June 18, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aircraft Elastomers Market.
It was estimated prior to this unanticipated outbreak that the Aircraft Elastomers Market was likely to witness an impressive CAGR of 5.1% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Aircraft Elastomers Market Segment Insights:
By Aircraft Type:
Commercial aircraft is likely to remain the largest and fastest-growing segment of the market during the forecast period of 2018 to 2023, driven by an increasing demand for commercial aircraft to support the rising air passenger and freight traffic. Boeing anticipated that there would be total deliveries of 41,030 commercial aircraft worth US$ 6.1 trillion in the global marketplace during 2017-2036. Asia-Pacific and North America would be the biggest demand generators with a combined share of 60.2% of the total commercial aircraft deliveries during 2017-2036. An expected healthy CAGR of 4.7% in air passenger traffic during 2017-2036 will chiefly drive the demand for commercial aircraft. This factor will create a sustainable demand for elastomers in the industry in the foreseeable future.
By Material Type:
Fluoroelastomers are projected to remain the most dominant material segment of the market during the forecast period, driven by higher usage in aircraft engines and fuel sections, owing to their good chemical resistance and cold-flexibility with operating temperatures ranging between -20°C and 200°C.
By Application Type:
O-Rings and gaskets are two major applications of the market and are likely to remain the dominant ones over the next five years as well. These applications found usage in almost all parts of an aircraft including airframe, engines, interiors, control surfaces, and landing gears. Nitrile Butadiene Rubber (NBR), Fluorocarbon Rubber (FKM), Ethylene Propylene Diene Monomer (EPDM), and Silicone Rubber (Q) are the most common materials used to manufacture O-rings and gaskets.
By Region:
North America is likely to remain the most dominant market over the next five years, driven by the USA. The country is the largest manufacturer of aircraft worldwide with the presence of major commercial, regional, business jet, and military aircraft manufacturers. The country also holds a long list of tier-I and -II players, which require elastomeric seals on a daily basis for components/systems manufactured.
Asia-Pacific is likely to experience the highest growth during the forecast period. China, Japan, and India are the growth engine of Asia-Pacific’s market for aircraft elastomers as tier players are opening their plants in these countries to tap the huge local potential. Increasing military budget to procure advanced military aircraft, upcoming indigenous commercial and regional aircraft (COMAC C919 and Mitsubishi MRJ), opening of assembly plants of Airbus and Boeing in China, and increasing commercial aircraft fleet size are the major factors that are bolstering the demand for elastomers for the aircraft industry in Asia-Pacific.
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This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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