New York, USA, April 05, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global aerospace maintenance chemical market. According to the report, the global market is projected to surpass $13,673.3 million and grow with a CAGR of 6.24% in the estimated period, 2021-2030. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Aerospace Maintenance Chemical Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global aerospace maintenance chemical market. During the pandemic, lockdowns implemented all around the world had a big impact on the aviation sector. The aviation sector was entirely shut down, which had a significant impact on the demand for chemicals used in aircraft cleaning and maintenance. This limited the growth of the aerospace maintenance chemicals market due to a significant decline in chemical sales.
Factors Impacting the Aerospace Maintenance Chemical Market Growth
The key factor boosting the growth of the global aerospace maintenance chemical market is a significant increase in the stringency of safety and environmental standards by government organizations, such as the European Aviation Safety Authority and the U.S. Federal Aviation Administration. Furthermore, the increasing demand for environmentally friendly chemicals and the rising demand for convenient and pleasant transportation are estimated to unlock lucrative opportunities for market growth in the forecast period. However, high initial chemical costs for aerospace maintenance are anticipated to deter the market’s growth.
The report segments the global aerospace maintenance chemical market into nature, product type, type of aircraft, and region.
Inorganic Sub-Segment to Grab a Foremost Share of the Market
The inorganic sub-segment of the nature segment is foreseen to observe leading growth in the forecast period. This growth is mainly due to the increasing demand for air travel in developed economies like China and India because of a rise in per capita income.
Deicing Fluids Sub-Segment to Witness Rapid Growth
The deicing fluids sub-segment of the product type segment is predicted to grow enormously in the forecast period. This growth is mainly because aircraft are required to spray deicing chemicals on the flight before takeoff and after landing to prevent the deposit of ice crystals on the plane's surface.
Commercial Sub-Segment to Grab a Leading Share of the Market
The commercial sub-segment of the type of aircraft segment is expected to observe leading growth in the forecast period. This growth is mainly owed to the rapidly growing number of passengers traveling by airplanes.
North America Region to Perceive Maximum Growth
The report analyzes the global aerospace maintenance chemical market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the North America market is projected to observe significant growth in the estimated period. This growth is mostly due to the growing business and commercial aviation industries, which are responsible for the majority of the demand for aerospace and defense aircraft in this region.
Key Players of the Market
The report states some of the foremost players operating in the global aerospace maintenance chemical market including
- Henkel AG & Co. KGaA
- Exxon Mobil Corporation
- Arrow Solutions
- Eastman Chemical Company
- Dow
- Nuvite Chemical Compounds
- Florida Chemical
- Aircraft Spruce
- High Performance Composites & Coatings Pvt Ltd
- Nexeo Solutions
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in September 2021, Figure Engineering, a Virginia-based manufacturer of aerospace development products, announced the introduction of SoluStat, a novel diagnostic for evaluating and examining the condition of chemical coating removal baths for aerospace materials. Many industry experts believe that this recently introduced technology will change the chemical market for aviation and aerospace maintenance.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Aerospace Maintenance Chemical Market:
- Cleaning Methods of Aircrafts and More about the Aerospace Maintenance Chemical Sector
- Global Aerospace Maintenance Chemical Market to Reach Newer Heights with Rising Air Travellers Worldwide
