TAGS: Sealants Epoxy Adhesives
The global aerospace adhesives & sealants market is projected to grow from USD 775 million in 2018 to USD 1,008 million by 2023, at a CAGR of 5.4%. Aerospace adhesives & sealants are used in the interior, exterior, and engine compartment of an aircraft. The market is driven by the rising demand for aerospace adhesives and sealants from OEMs and MROs in the commercial, military, and general aviation end-use industries.
Aerospace Commercial Segment Accounts for Largest Market Share
Aerospace adhesives & sealants are used in various end-use industries such as:
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Commercial
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Military
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General aviation
The commercial segment is the largest end-use industry of aerospace adhesives & sealants. The current surge in demand for commercial aircraft globally bodes well for leading OEMs and their suppliers.
Boeing and Airbus presently have combined orders of over 9,000 commercial aircraft. This demand drives the market of aerospace adhesives & sealants in the commercial end-use industry.
The Fastest-growing Resin Type Segment: Epoxy
The epoxy resin type is projected to be the fastest-growing segment of the aerospace adhesives & sealants market. Epoxy offers a unique combination of adhesion, chemical resistance, and other physical properties that provide outstanding protection against severe corrosive environments. These properties help drive the global epoxy aerospace adhesives & sealants market.
APAC Showcased the Highest CAGR
North America is estimated to account for the largest share, in terms of volume and value, of the overall aerospace adhesives & sealants market in 2018. However, the market in APAC is projected to witness the highest growth during the forecast period.
The emerging middle-class population and rising disposable income levels are expected to further add to the demand in this region as people prefer traveling by air, leading to the rise in demand for newer aircraft and associated services. This will, in turn, drive the aerospace adhesives & sealants market in APAC.
Source: MarketsandMarkets