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Aerospace Tapes Global Market 2024 - Top Companies, Industry Analysis, Growth Statistics And Outlook By 2033
Aerospace Tapes Global Market
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According to The Business Research Company's, The aerospace tapes market size has grown strongly in recent years. It will grow from $2.41 billion in 2023 to $2.57 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to rise in aircraft production, rise in maintenance, repair, and overhaul (mro) activities, stringent safety standards and regulations, increased air cargo transport, rise in space exploration.
The aerospace tapes market size is expected to see strong growth in the next few years. It will grow to $3.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to rising electrification of aircraft, increasing defense spending, rising global trade, aging aircraft fleets, increasing disposable income. Major trends in the forecast period include smart materials integration, nanotechnology advancements, sustainability and eco-friendly tapes, artificial intelligence (ai) in tape design, blockchain for traceability.
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Market Drivers and Trends:
The growing demand for commercial aircraft is expected to propel the growth of the aerospace tape market going forward. Commercial aircraft refers to a non-military aircraft that transports people or cargo. Aerospace tapes and other equipment are used to eliminate various dangers and maintain and repair commercial aircraft. For instance, in 2021, the Boeing Company, a US-based commercial aircraft, as well as defense, space, and security system manufacturer, and Airbus, a Netherlands-based company that specializes in offering services related to aviation, defense, and space, in the fourth quarter of 2021, delivered 99 and 187 commercial jets, compared to 59 and 225 deliveries, respectively, in Q4 2020. With 611 aircraft delivered in 2021, Airbus took first place in deliveries for the third consecutive year. Delivery numbers increased from 566 in 2020. Therefore, the growing demand for commercial aircraft is driving the growth of the aerospace tapes market.
Product innovation has emerged as a key trend gaining popularity in the aerospace tape market. Major companies operating in the aerospace tape market are focused on developing innovative products to strengthen their position. For instance, in May 2021, Intertape Polymer Group, a Canada-based manufacturer of aerospace tapes launched a unique flame-retardant polyethylene tape called PEFR. Aggressive rubber adhesive from PEFR is specially designed to produce a conformable, watertight seal as well as an additional layer of fire and flame resistance, making it perfect for use with fabrics, surface protection, and flame-retardant films.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
3M, Nitto Denko Corporation, Avery Dennison Corporation, Tesa SE, Scapa Group plc, Intertape Polymer Group Inc., Saint-Gobain S.A., Berry Global Inc., Shurtape Technologies LLC, DeWAL Industries Inc., Advance Tapes International, Can-Do National Tape Inc., Aviation Devices and Electronic Components Inc., JTAPE Limited, Fralock Innovative Materials Manufacturing & Automation, UltraTape, Mask-Off Company Inc., Parafix Tapes & Conversions Ltd., MBK Tape Solutions, CS Hyde Company, Adhesive Research Inc., Adchem Corporation, PPI Adhesive Products (C.E.), Pro Tapes & Specialties Inc., Technetics Group, V. Himark (USA) Inc., VELCRO Companies, W. W. Grainger Inc.
Aerospace Tapes Market 2024 Key Insights:
• The aerospace tapes market size is expected to see strong growth in the next few years. It will grow to $3.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Increased Demand For Commercial Aircraft Fueling Growth In The Aerospace Tape Market
• Innovative Product Developments Shaping The Aerospace Tape Market
• North America was the largest region in the aerospace tapes market in 2023
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