20-Apr-2021 | Market Research Store
Findings from Market Research Store report “By Drug Type (Adhesives and Sealants), By Resin Type (Silicone, Epoxy, Polyurethane, and Others), By Technology (Water-based, Solvent-based, and Others), By User Type (OEM and MRO), and By End-Use Industry (Commercial, General Aviation, and Military): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global demand for aerospace adhesives sealants market in 2019 was approximately USD 1,200 Million. The market is anticipated to grow at a CAGR of 5.7% and is anticipated to reach around USD 1,800 Million by 2026.
The growing use of composite materials in the aircraft industry is expected to boost the global market in the forecasted period. In order to improve the vehicle's fuel economy by focusing on lightweight, aircraft manufacturers are using more lightweight materials in the assembly. The demand for aerospace adhesives and sealants is growing as composite materials become more prevalent in aircraft. The VOC content of these adhesives and sealants is high. OEM suppliers are demanding eco-friendly products as policymakers around the world tighten environmental controls. Growing regulatory controls, such as these, are expected to stifle business development in the coming years. Furthermore, the higher costs related to R&D activities of aerospace adhesives and sealants that meet OEM requirements are a major constraint for the industry.
According to the International Trade Administration (ITA), China had over 59 airlines and 3,615 civil aircraft by the end of 2018, a rise of 10% over 2017. According to China's 13th Five-Year Plan (2016-2020), the country will have over 4,500 civil aircraft by 2020, and there will be 235 civil airports by 2018. The Indian government invested USD 645 in the civil aviation industry in 2018, according to the International Trade Administration (ITA). India is also projected to fuel demand for 2,300 aircraft worth USD 320 billion over the next 20 years, according to Boeing. In 2018, the civil aerospace sector in the United Kingdom generated USD 44.6 billion in revenue, accounting for nearly 17% of the global market share.
Based on the type segment, the aerospace adhesives sealants market is bifurcated into adhesives and sealants. On the basis of the resin type, the market is segmented into silicone, epoxy, polyurethane, and others. Based on technology type, the market is divided into water-based, solvent-based, and others. On the basis of user type, the market is divided into OEM and MRO. Based on the end-use industry, the aerospace adhesives sealants market is split into commercial, general aviation, and military.
Because of the Covid-19 epidemic, the aerospace industry is suffering delays in obtaining adhesives and sealants from suppliers as a result of material import and export constraints. The non-availability of vessels and void sailing are also having a significant impact on shipping orders. Furthermore, the COVID-19 pandemic is wreaking havoc on the aviation sector. The manufacture of aircraft has been halted, resulting in a significant drop in the overall aerospace market. According to the International Air Transport Association (IATA), worldwide domestic flights have decreased by 70%, resulting in a USD 314 billion reductions in passenger sales. By the end of 2025, global (overall manufacturers) demand for short-haul sized aircraft is predicted to drop by 15% (around 1,500 fewer aircraft out of 10,000) and by 30 - 65 percent for long-haul sized craft, according to Welsh Government services and records (around 600 - 1,300 fewer aircraft out of 2,000). The demand for adhesives and sealants for producing different parts has decreased dramatically as a result of the decline in aircraft production, which has had a direct effect on the aerospace adhesives and sealants industry.
The aerospace adhesive sealant market is expected to have the highest market share in North America. The United States is one of the most important countries for adhesives and sealants demand due to the presence of various aerospace and product manufacturing firms. Any of the most well-known names in the aerospace engineering industry in the United States are Honeywell International Inc., Boeing, United Technologies, and Lockheed Martin. In recent years, there has been a huge increase in air traffic in APAC due to low-cost airlines' low-cost fares. If air traffic grows, so does the demand for newer aircraft and related facilities, propelling the aerospace adhesives and sealants industry.
Some of the key players in the aerospace adhesives sealants market are PPG Industries, Royal Adhesives & Sealants, 3M, Dow Corning, Henkel, Permatex, Solvay, Master Bond, Flamemaster, Cytec Solvay Group, Chemetall, AVIC, and Others.
3M is considered to be the top leader in this industry because of its global sales capability and solid financial foundation, which have helped it to expand its product offering and market share. To drive efficiencies in its adhesive industry, the organization strategically focuses on its gradual growth. The company spent USD 40 million in expanding its activities in Missouri, US, in May 2017. The firm will also manufacture industrial adhesives and tapes for the aerospace industry and other heavy industrial clients all over the world as a result of this growth. It also places a premium on technical innovation in order to offer customized applications and produce new technologies. Henkel adhesive technology began work on a new manufacturing plant for aerospace applications at the Henkel site in Spain in February 2018. The new line will satisfy the rising need for high-impact technologies that help key aerospace industry developments like weight reduction and automation. The Cytec-Solvay Group opened its manufacturing center for aerospace structural adhesives and sealant films in Wrexham, UK, in September 2018. This investment extends the company's presence and reinforces its position as a pioneer in the increasingly rising global aviation industry.
Browse the full “Aerospace Adhesive Sealant Market By Type (Adhesives, Sealants), By Resin Type (Silicone, Epoxy, Polyurethane, and Others), By Technology (Water-based, Solvent-based, and Others), By User Type (OEM, and MRO), and By End-Use (Commercial, General Aviation, and Military): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.marketresearchstore.com/market-insights/aerospace-adhesive-sealant-market-828569
This report segments the aerospace adhesives sealants market as follows:
Global Aerospace Adhesives Sealants Market: By Type Segmentation Analysis:
Global Aerospace Adhesives Sealants Market: By Resin Type Segmentation Analysis
Global Aerospace Adhesives Sealants Market: By Technology Segmentation Analysis
Global Aerospace Adhesives Sealants Market: By User Type Segmentation Analysis
Global Aerospace Adhesives Sealants Market: By End-Use Industry Segmentation Analysis
Global Aerospace Adhesives Sealants Market: Regional Segmentation Analysis
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