Aircraft Seals Market Demand is Surging with 6.2% of CAGR by 2027 - Meggit Plc, Saint-Gobain SA, SKF, Technetics Group, Parker Hannifin Group

According to the latest research report titled “Aircraft Seals Market Forecast to 2027–COVID-19 Impact and Global Analysis,” published by The Insight Partners, the global aircraft seals market was valued at US$ 866.0 million in 2019 and is projected to reach US$ 1,257.0 million by 2027; it is expected to grow at a CAGR of 6.2% from 2020 to 2027.

The commercial aviation industry is witnessing tremendous growth since the past few years owing to the emergence of new low cost carriers (LCCs) and expansion of full service carriers (FSCs)fleet. The increase in number of air travel passengers and aircraft procurement volumes is expected to further fuel the commercial aviation industry in the coming years.

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At present, the demand for both wide-body and narrow-body aircraft fleet is high. However, there is high inclination toward long-range, narrow-body aircraft as the majority of companies in the commercial aviation sector are eyeing on lowering their operational costs and increasing fleet size.The continuously rising production volumes to bridge the gap between demand and supply of aircraft reflects the rise in procurement of aircraft seals to maintain the airworthiness and operability of aircraft. Boeing and Airbus have been major contributors to the tremendous rise in procurement of aircraft seals.

Aviation seals are utilized in several aircraft assembly applications, including hatch covers, airplane wings, and window gaskets, which need effective sealing to operate in the challenging environments. Aircraft seals are also a critical for the maintenance, repair, and overhaul (MRO) of the aviation components. The global aircraft seals market is a fragmented one, with substantial number of companies operating in it. Brown Aircraft Supply, Inc, DuPont de Nemours, Inc., Eaton Corporation plc, Hutchinson, Meggitt PLC, SKF, Technetics Group, Parker Hannifin Corporation, Trelleborg AB, and Saint Gobain S.A. are among the key players operating in the market with the considerably wide customer base and strong market positioning.

Impact of COVID-19 on Aircraft Seals Market

The recent outbreak of the COVID-19 has significantly affected the world. Until the outbreak of COVID – 19, the aerospace industry was experiencing substantial growth in terms of production and services, despite huge backlogs from the aircraft manufacturers; the global aviation industry witnessed a significant rise in the number of passenger counts, aircraft procurement (both commercial and military), and MRO activities. The COVID-19 pandemic has decimated the demand for aircraft globally, which reflected in significantly lower volumes of orders among the airframe manufacturers, further lowering the airframe production. The decline in production volumes has adversely affected the businesses of various component manufacturers. Apart from the airframe manufacturers, the engine manufacturers also witnessed a noteworthy drop in demand for their products, especially from the commercial aircraft OEMs. In 2020, the engine procurement orders drastically fell during the first two quarters.

Developed regions such as North America and Europe collectively account for ~55% of the global market. Factors such as technological capabilities, high disposable individual incomes, higher standards of living, and rapid technological advancements in the arena of aerospace engineering; and the presence of leading aircraft manufacturers and several well-established sealing solution providers are among the factors contributing to the significant consolidation of the market in North America and Europe.

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This release was published on openPR.