Report Overview
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The global aerospace adhesive & sealants market size was 961.3 million in 2022. As per our research, the market is expected to reach USD 1268.5 million in 2028, exhibiting a CAGR of 4.7% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with aerospace adhesive & sealants market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over.
Aerospace adhesives vary from regular adhesives since adhesives used in the aerospace industry are exposed to higher temperatures and higher-pressure inclines over their lifetime. Adhesives for aerospace use are typically applied in the form of paste or film. They provide corrosion protection while enhancing smoothness and aesthetics. Aerospace adhesives & sealants are used in the interior, exterior, and engine compartment of an aircraft. The market is focussed by the growing demand for aerospace adhesives and sealants. The increasing demand for lightweight materials to meet the industry strict emission regulation and achieve carbon emission reduction goals, commercial aircraft will continue to govern the worldwide market. Upsurge in demand for new military aircraft including transports, guard, and fighters is anticipated to help in the growth of the market for aerospace adhesives and sealants. Rising defence spending in prominent economies is another promising factor for the expansion of the market. Augmented defence spending is likely to create prospects for contractors and their supply chains over the long term. Investments in new space programs are another promising area for market vendors. Air traffic is anticipated to grow at a substantial rate in the forthcoming which is projected to increase the demand for commercial aircraft across the world, due to increase in air traffic, enhancement in air network, reduction in fuel prices, and surge in traveling frequencies through the air. Aerospace industry have been efficaciously improved with respect to efficiency, lasting durability, weight reduction, flexibility, power, energy savings, and sustainability. High adoptability of aerospace adhesives to increase the fuel efficiency of the vehicle by underlining on light weight will create abundant opportunities for the aerospace adhesive & sealants market. Participating are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Companies coming up with progressive technological solutions for firming their positions.
COVID-19 Impact: Pandemic hampered the market due to unexpected disruption in the sector
Covid 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. Covid 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.
Latest Trends
"Use of innovative products to boost the market growth "
Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.
Segmentation
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- By Type Analysis
According to type, the market can be segmented into epoxy, silicone, pu , others.
Epoxy will capture the maximum market share through forecast period.
- By Application Analysis
According to application, the market can be segmented into commercial aviation, military aviation, general aviation.
Aerospace adhesive & sealants market players cover segment as commercial aviation will dominate the market share during forecast period.
Driving Factors
"Increase in demand of commercial aircrafts to boost the market growth"
Increase in the number of aircraft deliveries and growing demand for composite aircraft with improved economic conditions are also projected to motivate the growth of the aerospace adhesive & sealants market. High consumer demand of commercial aircrafts is the key factor quickening the growth of the aerospace adhesive &sealants market.
"Technological advancement and development to upsurge the market."
Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the aerospace adhesive & sealants market growth. Product innovation is a key trend gaining popularity in the aerospace adhesives and sealants market. Major companies operating in the aerospace adhesives and sealant industry are focused on developing innovative solutions to strengthen their position in the market.
Restraining Factors
"Instability in price of raw materials to hamper the market growth"
Price instability is hampering development of aerospace adhesive & sealants market. Prices of the raw materials can be subject to volatility due to factors such as supply-demand imbalances, fluctuations in costs, and geopolitical factors. The price of raw material is due to periodic fluctuation which declines the profit margin of the companies which is depleting the market development. Technical difficulties will reduce the industry revenue.
Regional Insights
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"North America to dominate the region due to innovative technological "
North America is further expected to witness growth in the aerospace adhesive & sealants market share. The region is dominating the market due to extensive innovation in technologies in the region. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.
Key Industry Players
"Key players focus on partnerships to gain competitive advantage."
The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.
List of Market Players Profiled
- PPG Industries (U.S.)
- Flamemaster (U.S.)
- Chemetall (Germany)
- Royal Adhesives & Sealants (U.S.)
- Dow Corning (U.S.)
Report Coverage
The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 961.3 Million in 2022 |
Market Size Value By |
US$ 1268.5 Million by 2028 |
Growth Rate |
CAGR of 4.7% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the aerospace adhesive & sealants market expected to touch by 2028?
Aerospace adhesive & sealants market is expected to touch USD 1268.5 million by 2028.
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What CAGR is the aerospace adhesive & sealants market expected to exhibit during 2022-2028?
Aerospace adhesive & sealants market is expected to exhibit CAGR of 4.7% during 2022-2028.
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What are the driving factors of the aerospace adhesive & sealants market?
Increase in the number of aircraft deliveries and growing demand for composite aircraft with improved economic conditions are also projected to motivate the growth of the aerospace adhesive & sealants market.
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Which are the key players or most dominating companies functioning in the aerospace adhesive & sealants market?
The dominating companies in the aerospace adhesive & sealants market are PPG Industries, Flamemaster, Chemetall, Royal Adhesives & Sealants, and Dow Corning.
