August 28, 2020
According to the research report titled ‘Aerospace Sealants Market Size By Chemistry, By Application, By Aircraft, By Distribution Channel Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global aerospace sealants market is expected to record significant growth during 2020-2026.
Undisputable importance of airplanes for globalization as well as for international trade is a major factor driving the growth of aerospace sealants market. It is to be noted that aerospace sealants are widely adopted in repair, manufacturing, and maintenance of aircrafts. Growing demand for polysulfide sealants owing to their high resistance to fuel and chemicals is further aiding the market expansion.
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As per chemistry type, the report states that silicone segment currently holds 19% market share and is expected to register continuous growth during the analysis timeframe, primarily due to its superior aesthetics, versatility, and durability as compared to organic sealants.
On the other hand, polyurethane sealants market segment is predicted amass revenues worth USD 7 million, expanding with a CAGR of 5.1% during 2020-2026.
In terms of application scope, the aircraft windshield & canopy segment generated revenues worth USD 650 million in the year 2019 and is expected to grow with a CAGR of 2.5% between 2020 and 2026.
Moving on to aircraft type, the commercial segment, which comprises of wide body and narrow body aircrafts, is poised to amass notable gains by the year 2026. Increasing popularity of low-cost aircrafts along with improving route network are fueling the segmental share.
Meanwhile, wide-body aircraft segment is anticipated to showcase a y-o-y growth rate of 4.5% through 2026, primarily driven by growing preference for such aircrafts among foreign tourists and increasing international trade activities.
The helicopters segment is also reckoned to experience commendable growth during the study duration. Increasing utilization of helicopters in offshore industries coupled with rising procurement of military aircrafts are favoring the market outlook.
Citing the distribution channel, the aftermarket segment is estimated to account for 55% market share by the year 2026.
Regionally, Europe aerospace sealants industry was worth USD 200 million in the year 2019 and is predicted to accrue USD 218 million by 2026. On the other hand, Latin America market is poised to showcase high CAGR during the estimated timeframe, owing to rising adoption of low cost carriers.
Anabond Limited, Cytec Industries Inc., Master Bond Inc., Permatex Canada Inc., Henkel AG & Company, KGaA, Dow Silicones Corporation, Royal Adhesives & Sealants LLC, Chemetall GmbH, Flamemaster Corporation, 3M Co., and PPG Industries Inc. are the major companies in global aerospace sealants market.