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 COVID-19 outbreak has affected the business of each aviation stakeholder in Europe. Several airlines in the region have postponed the procurement dates of aircraft to manage their current operational costs during COVID, as well as post-COVID, period. This has led the aircraft OEMs and component suppliers toward economic loss, restraining the growth of the European and international aircraft seals market players.
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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.
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.
Top Listed Companies in Aircraft Seals Market are –
- Brown Aircraft Supply Inc.
- DuPont De Nemours Inc.
- Eaton Corporation Plc
- Meggit Plc
- Saint-Gobain SA
- Technetics Group
- Parker Hannifin Group
- Trelleborg AB.
Key Findings of Study:
The aircraft seals market is characterized by a substantial number of established players such as, DuPont de Nemours, Inc., Eaton Corporation plc, Hutchinson, Meggitt PLC, Parker Hannifin Corporation, SKF, and Trelleborg AB. Owing to the high demand for sealing solutions among the aircraft manufacturers, the bargaining power of these well-established suppliers is high at this point. However, they are likely to lose their bargaining power with the gradual increase in number of smaller players in the coming years.
The aircraft seals market companies are adopting different initiatives to expand their global footprint by addressing the growing customer demand. They are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings. Most of the market initiatives are observed in North America and Europe as the regions hold huge potential for future market growth.
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The Insight Partners
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.