Aviation Chemicals Market To Witness A CAGR Of 5.8% Between 2021-2031

The global aviation chemicals industry is anticipated to progress at a CAGR of 5.8% over the assessment period of 2021 and 2031. Lubricants & coolants are anticipated to be the key product type in the global industry for aviation chemicals, since aircraft require continuous lubrication and coolants for their engines. Growing fleet size all over the globe, especially in developing economies, is boosting market growth at a decent pace. Significant existing fleet of commercial as well as military aircraft all over the globe is driving demand for their maintenance and repair. This is bolstering the sales of aviation chemicals in parallel.

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The chemicals and materials vertical is slated to witness emphasis shifting towards new-fangled value streams as well as applications driving it. One amongst them would be feedstock volatility, which is bound to influence the export competitiveness throughout. Plus, decarbonisation is making inroads, wherein renewable and recycled feedstock-based polymers are inevitable with regards to product offerings.

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Key Takeaways from Market Study
• Global sales of aviation chemicals are projected to top a valuation of US$ 9.4 Bn by the end of 2031.
• North America is expected to remain a key region for the sales of aviation chemicals, estimated to witness a growth rate of 5.5% during the forecast period.
• Growing fleet size demands increase of repair and maintenance of aircraft; as such, the segment of maintenance, repair and overhaul (MRO) is expected to account for a key share in the market.
• Increasing defense budgets all over the globe are boosting demand for military aircraft, which is benefiting the market for aviation chemicals.
• Increasing air passengers is driving usage of aircraft, which is bolstering the consumption of lubricants & coolants in the aerospace industry.

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Competitive Landscape
The global market for aviation chemicals has been identified as a fairly consolidated space. Some of the key market players included in the report are Eastman Chemical Company, The Sherwin Williams Company, PPG Industries Inc., Exxon Mobil Corporation, Axalta Coating Systems Ltd., Akzo Nobel N.V., Henkel AG & Co. KgaA, BASF SE, Royal Dutch Shell plc, Fuchs Petrolub SE, Compagnie de Saint-Gobain S.A., Zircotec, Master Bond Inc., APV Engineered Coatings, DOW, Illinois Tool Works Inc., Oerlikon Balzers Coating S.A., SINOPEC, Avi-Oil India Pvt. Ltd., Alglas UK, and RPM Technology, LLC. Key market participants are expected to maintain a competitive environment all over the globe.

Conclusion
The global business of aviation chemicals is projected to witness significant growth owing to increasing demand for manufacturing of commercial as well as military aircraft and maintenance and repair of the same.
Increasing urbanization, standard of living, and income are boosting demand for more airplanes so as to decrease traveling time. Further, increasing defense budgets also boosting the consumption of aviation chemicals. Certain key players in the market are focusing on strategic expansions and partnerships to increase their global presence. Key players are also focusing on increasing investments in research & development to cater growing demand from end users.

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This release was published on openPR.