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Aircraft Seals Global Market Report 2024 To 2033 | Parker Hannifin Corporation, Meggitt Plc, Trelleborg Sealing Solutions, Saint Gobain S.A., Eaton Corporation, TransDigm Group Incorporated
Aircraft Seals Market Share
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According to The Business Research Company's, The aircraft seals market size has grown strongly in recent years. It will grow from $2.05 billion in 2023 to $2.24 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to rise in air travel, increase in demand for hybrid and electric propulsion aircraft, increasing military spending and rising disposable income.
The aircraft seals market size is expected to see strong growth in the next few years. It will grow to $3.16 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to growing demand for small aircraft, increase in passenger air traffic, growing demand for new fighter jets in developing countries and growing urbanization. Major trends in the forecast period include focusing on the advance sealing products, developing low temperature fluoroelastomer sealing, developing ultra-high temp seal, undergoing partnerships and collaborations, innovation through research and development and strategic investments.
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Market Drivers and Trends:
The increased demand for hybrid and electric propulsion is expected to propel the demand for the aircraft seals market. Aircraft seals are used as a component that fills gaps between mating surfaces on civilian, military, and commercial aircraft. The innovation of modern aircraft configurations with hybrid-electric propulsion reflects the growing demand for environmentally friendly aviation and shorter travel times. These modern aircraft use hybrid and electric aircraft seals to bind assembly applications, which helps reduce the overall weight of aircraft and fuel consumption while ensuring safety. For instance, in April 2021, Airbus created the Ascend program to demonstrate electric or hybrid-electric propulsion, combining liquid hydrogen and superconductive technologies targeting a minimum of 50% reduction in powertrain weight and electrical losses while increasing efficiency by 5-6% compared to conventional technologies. Therefore, the increase in demand and development of hybrid and propulsion aircraft will drive the aircraft seals market.
The use of advanced sealing solution products is a key trend gaining popularity in the aircraft seals market. Major players in the market are focusing on advanced sealing products to improve their product portfolio. For instance, in March 2021, Trelleborg, a Sweden-based engineering group focused on polymer technology, launched Turcon VL Seal II. It provides high-performance sealing in flight control actuators and landing gear shock absorbers. This new generation seal provides improved sealing efficiency, simplified installation, and increased reliability. The product has a unidirectional rod seal for reciprocating movements that is powered by an O-ring. Its novel design combines the Turcon VL Seal's unique back pumping capability by entailing zero' leakage performance, extending service life, and minimizing planned maintenance.
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Major Key Players of the Market:
AbbVie, Johnson & Johnson, Galderma, Bausch Health, Shanghai Fosun Pharmaceutical Co, Cynosure, El.En. S.p.A, Cutera, Merz Pharma, Syneron Candela, Vive Cosmetics, VLCC Personal Care, Kazima Cosmetics Mitsubishi Heavy Industries, Ltd, SoftFil, Sinclair Phama, BIOXIS pharmaceuticals, Premium Aesthetics LLC, Martinex, Medical Esthetic, Ipsen Pharma, Ruby Surgery & Aesthetics, Medicina Estética Regenerativa, Xcite Technologies, ReNue aesthetic medicine, VYDENCE Medical, Julphar, MSD (Musculoskeletal disorders), Next Biosciences, Novartis South Africa, BBI Solutions, Aspen Pharmacare, 54gene, Altis Biologics, Cipla Medpro, Sanofi Genzyme.
Aircraft Seals Market 2024 Key Insights:
• The aircraft seals market size is expected to see strong growth in the next few years. It will grow to $3.16 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Elevated Demand For Hybrid And Electric Propulsion Fuels Growth In Aircraft Seals Market
• Rising Popularity Of Advanced Sealing Solutions Shapes Aircraft Seals Market Trends
• North America was the largest region in the aircraft seals market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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