Rising air passenger traffic coupled with increasing demand for maintenance of existing aircraft is driving the market growth. Also, increased flight frequency, rising per capita income and improving the living of standard of the potential customer is further fueling the market demand. Stringent mandates rules by regulatory bodies such as the International Civil Aircraft Organization (ICAO) for aircraft and fleet safety and maintenance is also pushing the market growth uphill. Booming aviation and tourism industry across the globe is another major factor spurring the market growth. Moreover, rising aircraft deliveries leading to the rising need for aircraft health monitoring is presumed to augment the market demand in an aircraft application.
The latest report by Value Market Research expects the Global Aerospace Maintenance Chemical Market was valued USD 6.5 billion in 2017 and is likely to reach at USD 9 billion by 2024 with CAGR of 4 %.
COMMERCIAL AIRCRAFT EMERGED AS THE LEADING SEGMENT
In 2017, commercial aircraft led the application segment by accounting over XXX% of the total market share. Growing commercial aviation network and booming tourism industry are the prime traits driving the segment growth. Various mandates rules imposed by regulatory authorities regarding the safety of the passengers are further boosting the product demand in commercial aircraft.
AIRCRAFT CLEANING CHEMICALS DOMINATED THE PRODUCT SEGMENT
Aircraft cleaning chemicals emerged as a leading product segment by accounting over XXX% of the total market share in 2017. Use of chemicals to clean surfaces helps to improve aerodynamics and results in low fuel consumption are factors driving the segment growth. Also, rising usage of these chemicals for preventing settlement of dirt on the interior and exterior surfaces of the aircraft is further fueling the segment growth.
ORGANIC SEGMENT HELD LARGEST MARKET SHARE
In 2017, Organic emerged as a leading segment and has accounted XXX% of the total market share. Use of bio-based chemicals to prevent health risk associated with inorganic, toxic and hazardous chemicals of the labor is fueling the segment growth.
NORTH AMERICA LED THE REGIONAL MARKET
In 2017, North America dominated the regional market and has accounted for over XXX% of the total market share. Booming aviation industry coupled with the rising investment in the development of military and defense sector is driving the regional market growth. Also, rising maintenance and repair activities along with the strong presence of key players are further fueling the regional market growth.
KEY PLAYERS OF THE MARKET
3M, Aerochemicals, Aircraft Spruce and Specialty Co, Arrow Solutions, Callington Haven, Dow Chemical Company, Eastman, ExxonMobil, Florida Chemical, Henkel AG & Co. KGa, NUVITE Chemical Compounds, and Shell are the prominent players of the aircraft maintenance chemicals market.