Published: Apr-2021 | Format: PDF | Market Research Store | Number of pages: 150 | Code: MRS - 828581
The aerospace tapes market is set for rapid growth over the forecast period. In terms of revenue, the global aerospace tapes market accounted for USD 2.1 Billion in 2019 and is anticipated to reach around USD 2.8 Billion by 2026, growing at a CAGR of 4.0%.
The aerospace tapes are a mixture of a material and an adhesive film used for connecting, fastening or joining together objects. These bands are designed for end-to-end cohesion and are used instead of mechanical fixtures. Through using aviation tapes, the production of aircraft has been streamlined. These taps leave no adhesive stain and, unlike fasteners or screws, secure the surface without harm. The tapes are made of a backpack material or carrier (paper, plastic sheet, fabric, mould, film, etc.) and are coated, if required, with an adhesive and release liner. The aerospace tapes market is expected to rise due to increased demand from military and commercial airline industries.
In comparison with general and military aviations, aerospace tapes have seen strong demand in the commercial sector. The increase in living standard in developed countries is also driving the use of aerospace tapes. As a result of population growth, air travel demand is rising eith demand for passenger aircraft in developing regions . The global market for aerospace tapes is dominated by Chinese and India's initiatives as demand for light and fuel efficient aircraft increases in these countries. The Chinese aerospace industry is experiencing considerable expansion due to government funding for the aerospace industry. Innovation and technical advances are projected to have an adverse effect on the global demand for aero-space tapes to minimise cost of aircraft production and aircraft components in developing economies like Asia Pacific and South America. Many low-cost airlines have had an impact on the industry. There is a lack of profitable airlines, especially in the developing economy, and thus the demand for aerospace tapes in the market is constrained.
The global aviation sector has suffered as a consequence of the pandemic suspension of passenger air travel. The US, United Kingdom, Italy, India and China have adopted incentive programmes in order to reduce COVID-19's impact on the aviation industry. Aerospace tape manufacturers face operational difficulties which result in less material demand. COVID-19 has a negative impact on the growth of the aerospace tapes industry. Aircraft purchases and upgrades have been placed on hold indefinitely as airline firms struggle to remain afloat. Suppliers of aerospace tapes can create solutions based on the recovery rate after containment. The COVID-19 has had a massive impact on global economic growth, requiring organizations, people, companies, and governments to respond to the crises' challenges. Air traffic sanctions in different countries have resulted in idle fleets around the world on both domestic and foreign routes. The COVID-19 pandemic has had a significant effect on the aerospace tapes industry, as it has on many other industries. COVID-19's Coronavirus epidemic in 2020 has influenced the global economy and market situation in major industries around the world. Demand volatility, trading policies, manufacturing operations, and other incidents of global lockdown have all been hampered by the pandemic scenario. The COVID-19 outbreak has put a halt to the majority of the aircraft industry. A supply-demand imbalance caused by available inventory supplies in the OEM and MRO sectors, as well as production units, has hampered the development of the aerospace tapes industry. Furthermore, aircraft deliveries in the first and second quarters of 2020 have been postponed due to lockdowns in different countries, further reducing producer revenues. During COVID-19 lockdowns, the aerospace tapes industry experienced a supply and demand deficit. Although COVID-19 pathogens spread across the workforce, plant capacity can be affected unless appropriate preventative measures are taken. The lockdown also hindered the supply chain and logistics, preventing the supply of finished goods and the procurement of raw materials. Since the majority of the production workforce works in on-site roles that cannot be handled remotely, the aerospace tapes industry may be particularly vulnerable. Furthermore, given the market's challenges, businesses can need to explore how to provide social distancing in crowded workplaces. Trade controls, market fluctuations, supply chain uncertainty, volatile demand, and labor shortages are all projected to have an effect on the aerospace tapes industry as a whole.
The global aerospace tapes market is segmented as resin type, backing material, application, end use, and region. By resin type, the global market is bifurcated into the rubber, acrylic, silicone, and others. By backing material, the global market is bifurcated into film, paper/tissue, foam, and others. By application, the global market is bifurcated into military aircraft, commercial aircraft, general aviation, and others. By end use, the global market is bifurcated into the interior, and exterior. Geographically, the global aerospace tapes market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
The aerospace tapes industry in North America is the largest, followed by Europe and the Asia Pacific. North America region dominated the global aerospace tapes market in 2019 and is anticipated to continue its dominance in the upcoming years. The existence of factory facilities and distribution networks among major market players has resulted in demand for aerospace tapes in the US and Canada both. In North America the aerospace industry is heavily regulated and plays an essential role in the performance management and marketing of aerospace tapes. The demand for aerospace tapes is comparatively smaller in Mexico than in the USA and Canada, but is rising steadily, as aerospace is among the country's largest industries. The Asia Pacific market is also expected to expand enormously, in the forecast period. Europe has many opportunities for business expansion. That is attributed to several factors, including the presence and growth in commercial flights due to increased tourism by leading business leaders in the sector. Furthermore, the demand for aero-space tapes has increased, given the high concentration of aerospace OEMs and related products manufacturers in the region. France, Great Britain and Italy have become attractive markets on the field for aero-space tapes. An rise in space programmes and other related measures will help to expand the aerospace industry in the region.
Some of the key players in the aerospace tapes market are Nitto Denko Corporation, DeWAL Industries, Inc., 3M Company, Tesa SE, Intertape Polymer Group, Scapa Group Plc, Berry Global Group, Inc., Compagnie De Saint-Gobain, Advance Tapes International, Avery Dennison Corporation, Stokvis Tape Bv, Shurtape Technologies, LLC, GERGONNE, MBK Tape Solutions, American Biltrite Inc., Adhesives Research, Inc., Av-DEC, Inc., Can-Do National Tape, Inc., Fralock Innovative Materials Manufacturing & Automation, JTAPE Limited, Mask-Off Company, Inc., and Ultratape, among others.