Aircraft Fuel Tank Market 2020 by Eminent Players - Safran, Eaton Corporation Tag Aviation, GKN Aerospace

What are Aircraft fuel tanks?

The aircraft fuel tank is an important component of the aircraft fuel systems and is used for the safe storage of fuel. The aircraft fuel tank is a term usually applied to a part of an aircraft engine structure that stores the fuel and then pushed or released it into an engine.

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The growth in the demand for aircraft fuel tanks is mainly due to the rising production of aircraft across the globe. The rising demand for aircraft is owing to the day by day increase in passenger traffic across the globe. Also, according to IATA (International Air Transport Association), approximately 700 routes are established for better connectivity across the globe. The growth in global passenger traffic will also contribute to the growth of the airlines and aircraft industry which will lead to the growth of the aircraft fuel tank market over the forecast period. Also, the R&D which is carried out on aircraft fuel tank material to optimize its strength as well as decrease the weight of the aircraft increasing its efficiency in recent years. Also, the growing focus of aircraft manufacturers on aircraft weight reduction without compromising with its strength and quality of work, expected to increase the demand for the high strength lighter weight materials aircraft fuel tank. In addition to this, the aircraft fuel tank is an integral part of all aircraft, and hence, the development of the aerospace sector will also add up to the growth of the global aircraft fuel tank market. The Global Aircraft Fuel Tank Market is projected to reach USD 909.2 million by 2028, growing at a CAGR of 2.1% during the forecast period.

Know more about Aircraft fuel tanks market-

In a report published by QMI, the aircraft fuel tank market is segmented by aviation type, installation position, material, and aircraft type. Based on the aviation type, the commercial aircraft segment is expected to have the most prominent share in the market. This is because of the rising passenger traffic in recent years due to globalization and the increasing disposable incomes leading to increased tourism. Also, the military aircraft segment is expected to have a significant share in the market. This is due to the rising military budgets worldwide. According to the Stockholm International Peace Research Institute (SIPRI), the world military expenditure grew to USD 1.8 trillion in 2018 representing a 2.6 % increase from 2017.
Based on the aircraft size, the wide-body aircraft segment is expected to have the most prominent share in the market. This can be attributed to the increased production of wide-body aircraft worldwide to keep up with the increasing air passenger traffic.

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Regional Outlook of this market according to QMI-

North America accounted for the largest share in the aircraft fuel tank market. This is due to the presence of various aircraft manufacturing plants of major players like Boeing and Airbus. Also, the United States has the highest military budget in the world which is also expected to propel the market in this region. Asia Pacific is expected to be the fastest-growing aircraft fuel tank market. This can be attributed to the increasing air passenger traffic in the region due to the increasing disposable income and growing acceptance of air travel in the region and the indigenous production of commercial and regional aircraft. Also, the two major aircraft manufacturers, Airbus and Boeing have opened manufacturing plants in China.

However, stringent government regulations regarding the safety of the aircraft fuel tank design are expected to affect the aircraft fuel tank market. Also, the high cost and complexity involved in the production of aircraft fuel tanks is one of the key challenges to the aircraft fuel tank market.

What factors will boost the growth of Aircraft Fuel Tank Market:

o Increasing air traffic worldwide
o Efforts to reduce the weight of aircraft
o Increasing military expense in several regions
o Stringent government regulations regarding the safety of the aircraft fuel tank design
o the high cost and complexity involved in the production of aircraft fuel tanks

Key Developments in the Aircraft Fuel Tank Market:

o In February 2018, Safran (France) took control of Zodiac Aerospace. This helped them significantly expand their aircraft equipment portfolio
including fuel tanks.
o In November 2018, UTC Aerospace Systems (US) acquired Rockwell Collins and is one of the largest acquisitions in the history of aerospace
manufacturing industry.

Market Segmentation:
By Installed Position:
o Internal
o Integral
o Rigid removable
o Tip
o Bladder
o External
o Drop
o Conformal
By Aviation Type:
o Commercial
o Military
o Private
By Material:
o Aluminum
o HDPE
o Steel
o Others
By Aircraft Size:
o Narrow Body
o Wide Body
By Region:
o North America
o By Country (US, Canada, Mexico)
o By Installed Position
o By Aviation Type
o By Material
o By Aircraft Size
o Western Europe:
o By Country (Germany, UK, France, Spain, Rest of Western Europe)
o By Installed Position
o By Aviation Type
o By Material
o By Aircraft Size
o Eastern Europe:
o By Country (Russia, Turkey, Rest of Eastern Europe)
o By Installed Position
o By Aviation Type
o By Material
o By Aircraft Size
o Asia Pacific
o By Country (China, Japan, India, Rest of Asia Pacific)
o By Installed Position
o By Aviation Type
o By Material
o By Aircraft Size
o Middle East:
o By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
o By Installed Position
o By Aviation Type
o By Material
o By Aircraft Size
o Rest of the World
o By Region (South America, Africa)
o By Installed Position
o By Aviation Type
o By Material
o By Aircraft Size
Major Companies profiled in the report which are key players in the global aircraft fuel tank market include Safran, Kautex Textron GmbH & Co. KG, ContiTech AG, Tag Aviation, GKN Aerospace, Aero Tec Laboratories, Eaton Corporation, and UTC Aerospace Systems.

Contact:
Quince Market Insights
Ajay D. (Knowledge Partner)
Office No- A109
Pune, Maharashtra 411028
Phone: +91 - 9850603687 / 7972869557
Email: sales@quincemarketinsights.com
Web: www.quincemarketinsights.com

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This release was published on openPR.