In the recent times, aerospace maintenance chemicals market has been traversing along an exponential growth path. The rising disposable incomes and the apparent enhancement in the living standards of middle class households, especially in the developing economies, coupled with low air fares has provided a tremendous boost to the tourism sector. This change of dynamics across the tourism industry has in turn, hugely benefited aerospace maintenance chemicals industry across the globe, compelling aircraft carriers to shore up their existing aircraft fleet for meeting the surging demand witnessed in the aviation sector.
The increased number of flight frequencies and strict regulations prescribed by aviation authorities regarding passenger and aircraft security have further necessitated frequent maintenance checks of the aircrafts. This will apparently contribute to the rapid expansion of aerospace maintenance chemicals market, estimated to have surpassed a total valuation of USD 7 billion in 2017.
Reportedly, the regulatory bodies across the globe including Federal Aviation Administration of U.S., European Aviation Safety Agency and REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) in Europe are increasingly updating the rules and regulations pertaining to the appropriate utilization of chemicals in aircraft maintenance mechanisms. Citing an instance that demonstrates the significance of following the precise rules while executing the repair of aircrafts - while working on Air Force One’s oxygen system, the aircraft utilized to serve the President of the U.S., the repair personnel mistakenly contaminated the system by scrubbing potentially harmful chemicals from the spare parts. This led to an expense of about USD 4 million in damage to Air Force One. It goes without saying that such regulations are a vital component of the strategic landscape and are deemed to have a perpetual influence on the aerospace maintenance chemicals industry size in the coming years.
Aircraft paint removers —an emerging product segment to catalyze aerospace maintenance chemicals market
Aerospace maintenance chemicals industry encompasses a wide spectrum of products such as aircraft cleaning chemicals, paint removers, leather cleaners, degreasers, aircraft wash, specialty solvents, and paint strippers. However, among all the products, paint removers have acquired a prominent role in enhancing the aircrafts’ service life and preventing them from rust and corrosion. The importance of this product segment can be underlined by the fact that the aviation paint removers are forecast to register highest CAGR among all the other products, which would further accelerate the global aerospace maintenance chemicals market size progression in the ensuing years. As per estimates, aerospace maintenance chemicals industry size from aviation paint removers is forecast to record a growth rate of 3.7% over 2018-2024.
Meanwhile, it would be prudent to mention that aerospace maintenance chemicals industry has been swamped with latest product innovations, which have augmented the market share of this business sphere in a drastic manner. Laser paint removal or popularly known as Laser paint stripping has now emerged as one of the most reliable solutions in the aerospace maintenance chemicals market to replace environment degrading and hazardous mechanical paint stripping procedures that have lately been the norm in the aircraft paint removal segment.
Some of the boldest initiatives in launching upgraded products in aviation paint stripping segment are widely being undertaken by leading aerospace maintenance chemicals market players. LR Systems for instance, has recently unveiled its first state-of-the-art paint stripping robot that would help the aircraft carriers to lower the maintenance costs, eliminate perilous and unsafe paint stripping tasks, and reduce the overall weight on the aircrafts. The robot ensures paint stripping twice as fast as the conventional method. The Netherlands-based firm has announced that their paint stripping robot would be deployed by next year with Singapore Airlines Engineering Company. Apparently, such dynamic moves by leading aerospace maintenance chemicals industry players are bound to leave a favorable influence on the growth prospects of this business sphere over the estimated time span.
Aerospace maintenance chemicals market, in the years to come, will be defined by the rising emphasis on sustainable and environment-friendly practices coupled with the launch of high-performing lasers and burgeoning private investments. A recently compiled research report by Global Market Insights, Inc., estimates that by 2024, aerospace maintenance chemicals market share will exceed a total revenue collection of USD 8.8 billion.