According to the report published by Allied Market Research, the global aerospace maintenance chemical market generated $7.8 billion in 2021, and is projected to reach $13.7 billion by 2030, growing at a CAGR of 6.2% from 2022 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in demand for the maintenance of aircraft surface, increase in flight frequency among middle class population due to the increase in disposable income, and extensive use of cleaners to keep all commercial aircrafts corrosion free and maintain hygienic conditions inside & outside are expected to drive the growth of the global aerospace maintenance chemical market. On the other hand, high maintenance costs of aircrafts are expected to hinder the growth to some extent. However, upsurge in maintenance, repair, and overhaul (MRO) activities of the aircraft in various countries is expected to create ample opportunities for the industry.
- The outbreak of COVID-19 has had a devastating impact on the growth of the global aerospace maintenance chemical market, owing to the occurrence of lockdowns in various countries across the globe.
- Lockdowns resulted in the ban on all sorts of domestic and international flights, adversely aggravating the demand for aerospace maintenance chemicals. This was majorly due to the stringent social distancing restrictions imposed by the government to curb the spread of the virus during the pandemic.
- However, the market is expected to recoup soon.
The report offers a detailed segmentation on the global aerospace maintenance chemical market based on nature, product type, type of aircraft and region.
Based on nature, the inorganic segment held the largest market share in 2021, holding more than half of the global market. In addition, the same segment is expected to cite the fastest CAGR of 6.5% during the forecast period. Other segment mentioned in the report include organic.
Based on type of aircraft, the commercial segment held the majority market share in 2021, holding more than two-fifths of the global market. In addition, the same segment is predicted to exhibit the fastest CAGR of 6.5% during the forecast period. Other segments analyzed in the report include business, defence, and others.
Based on region, the market across North America held the lion’s share in 2021, garnering more than one-third of the global market. The LAMEA region, on the other hand, is predicted to cite the fastest CAGR of 7.6% during the forecast period.
The key players analzyed on the global aerospace maintenance chemical market report include Exxon Mobil Corporation, Henkel AG & Co. KGaA, Arrow Solutions, Eastman Chemical Company, Florida Chemical, The Dow Chemical Company, Nuvite Chemical Compounds, Aircraft Spruce and Specialty Co., Nexeo Solutions, and High Performance Composites & Coatings.