According to the report titled ‘Global Aircraft Fuel Tanks Market Size study, by Type (Internal, External), Application (Commercial aircraft, Military aircraft, General aviation aircraft, UAVs) and Regional Forecasts 2020-2027’, available with Market Study Report, global aircraft fuel tanks market was valued at USD 895 million in 2019 and is expected to grow with a CAGR of 1.9% during 2020-2027.
 

Novel aircraft programs along with growing investments in defense & military sector by governments, and increasing number of aircrafts are the key factors driving the growth of global aircraft fuel tanks market. As of 2019, there were over 440000 aircrafts, including training aircraft, military jets, civil aircraft, and helicopters, operating on international and domestic routes, according to the General Aviation Manufacturer’s Association (GAMA). Of these aircrafts, approximately 211,000 units (48%) were produced in the U.S. In addition, about 2441 aircraft were produced internationally in 2018, of which 1746 were manufactured primarily in the U.S.
 

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Aircraft fuel tanks have found application in commercial and military aircrafts and are used for storing aviation fuel. It is to be noted that in next three years, China is likely to surpass the U.S., becoming the largest air travel market, thereby fueling worldwide aircraft fuel tanks industry remuneration. The country's demand for aviation will rise exponentially considering the growing passenger throughput.
 

Citing the geographical terrain, worldwide aircraft fuel tanks market sphere is segmented into North America, Asia Pacific, Latin America, Europe, and Rest of the World. The report claims that North America currently accounts for a considerable market share and is anticipated to grow further over the analysis period, owing to introduction of new aircraft programs and increasing number of operating aircrafts.
 

Meanwhile, Asia Pacific aircraft fuel tanks industry is slated to grow substantially through 2027, on account of increasing investments in defense & military sector by government and escalating number of air passengers in developing and developed economies.
 

Major factors impacting global aircraft fuel tanks market trends are Marshall Aerospace and Defence Group, Avcorp Industries Inc., Elbit Systems Ltd., Aero Tec Laboratories Limited., GKN Aerospace, Robertson Fuel Systems LLC, Safran SA, Cobham Ltd., General Dynamics Corporation, and Meggitt plc.