Demand for Aircraft Cleaning Materials to Soar, Spurt in Air Passenger Traffic Sustaining Growth
As per the International Air Transport Association (IATA), global air passenger traffic for 2018 rose by a healthy 6.5% compared to 2017, which is more than the average annual growth over the last ten years, i.e. 5.5%.
This increase in global demand creates new challenges for governments to provide appropriate infrastructure, technology, and services that can accommodate this growth. Moreover, aircraft cleaning creates a healthy demand for efficient and high performance aircraft cleaning chemicals.
On the backdrop of the aforementioned factors, global aircraft cleaning chemicals market is forecast to rise at a healthy growth rate of around 5% over the forecast period.
Further, factors such as the growth in the tourism industry, growth of international travel, competitive pricing of air fares have led to the deployment of new aircrafts. This in turn will augment the demand for aircraft cleaning chemicals over the forecast period.
North America to Lead in Aircraft Cleaning Chemicals Market, Opportunities Abound in Asia and MEA,
From the regional perspective, North America is expected to have the largest market share in global aircraft cleaning chemicals market, contributing one third of market share in 2019.
However, North America is anticipated to lose significant market share in aircraft cleaning chemicals market by the end of 2029 owing to resurgence of the market in China, Asia, and MEA. Asia has emerged as a prominent region in aviation traffic and is expected to remain resilient in the coming decade.
Anticipated investments in the development of airports over the next 10 years, catalyzed by government initiatives, are expected to drive growth of aircraft cleaning chemical market in Asia Pacific. China and India have been a lucrative market which has significantly pushed aircraft traffic growth for several years, as total number of passengers from these countries have increased at an overwhelming rate.
As a result, the fleet size of airlines is expected to increase significantly, which will ultimately drive the demand for aircraft cleaning chemicals. Airport and aircraft fleets in Middle East have also increased at a significant rate, which is showcasing newer opportunities for the aircraft cleaning chemicals market participants in the region.
Regional Players to Hold an Edge, Sustainable and Durable Chemicals to act as Growth Levers
Global aircraft cleaning chemicals market is characterized by the presence of a significant number of global as well as regional players. In developing regions, such as India, China, etc., small and medium sized players dominate the market.
There are numerous small to medium scale producers that are operating in the aircraft cleaning chemical market globally. However, five to ten major players account for a significant share in the overall market of aircraft cleaning chemicals.
Bargaining power of buyers in the aircraft cleaning chemicals market is relatively high as there are a large number of suppliers from which various airlines can negotiate prices.
Prominent manufacturers of aircraft cleaning chemicals are focusing on the development of non-toxic, biodegradable, cost efficient, non-hazardous, and durable cleaning chemicals. The manufacturers are also emphasizing on providing chemicals that are free from hazardous ingredients, having no special storage or disposal requirements.
Aircraft Cleaning Chemicals Market Segmentation
Fact.MR has studied the aircraft cleaning chemicals market with detailed segmentation on the basis of product type, formulation, end use and key regions.
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