Extraordinary growth in sales of cleaning and disinfecting chemicals is one of various impacts of outbreak of novel coronavirus in 2020. Sales of aircraft cleaning chemicals is expected to rise at hurried rates after the outbreak of novel coronavirus owing to various restriction and regulations imposed by government to control the further spread of virus which resulted in diffusion of awareness about cleanliness among all categories of the population.
Considering this, FMI has forecasted the global Aircraft Cleaning Chemicals sales to reach a valuation of US$ 3,339.6 Mn in 2029.
2014-2021 Aircraft Cleaning Chemicals Market Outlook Compared to 2022-2029 Forecast
Sales of Aircraft Cleaning Chemicals increased at a 4.3% CAGR, between 2014 and 2021, steady growth in air traffic passengers was the key factor promoting the growth of aircraft fleet across the globe which eventually increases the need of cleaning and disinfection chemicals used to clean aircrafts which has boosted the sales of aircraft cleaning chemical.
However, the market has witnessed heavy drop in 2020 owing to complete halt in travel restrictions and seization of international borders to control the COVID-19 various.
However, the restrictions and regulations imposed on international travels with some flexible regulations which includes sanitization and proper cleaning of aircrafts and other transport means is expected to elevate the demand for cleaning chemicals over the upcoming assessment period of 2022-2029.
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What Is The Expected To Be The Key Driver Of The Market?
Underpinned by increasing disposable income and rapidly growing middle class population the air passenger traffic is expected to witness robust growth. Going forward, rising per capita income, increasing affordability and propensity to travel is set to continue to propel traffic growth and drive the need for more aircraft.
Further, factors such as the growth in the tourism industry, growth of international travel, competitive pricing of air travel fare by airline carriers and increase in amenities provided during air travel are largely contributing to increasing consumer preference for air travel. This has led to airline carriers deploying new aircrafts. This in turn is will augment the demand for aircraft cleaning chemicals market during the forecast period.
For instance, the global international air passenger witnessed has increased at CAGR of 7.3% and has increased from a total of 2.25 Bn in 2009 to 4.55 Bn in 2019. Further the international passengers in the country is forecasted to witness an annual growth of 8.3% and that of domestic passengers to witness a growth of 9.6% in the coming decade.
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What Is the Key Challenge Faced By Aircraft Cleaning Chemicals Manufacturers?
According to IATA, airlines carriers in Africa are estimated to deliver the weakest financial performance with a net loss of $800 Million, which can be attributed to civil conflict and disturbances being witnessed in the region. This, in turn, may stagnate the growth of the aviation industry. Which might indirectly impact the growth of the aircraft cleaning chemicals market.
Moreover, due to low GDP, people and manufacturers operating in the aviation industry are less interested in the refurbishment of aircraft interiors and are also compromising with the quality of the interiors. This is the key factor that may hinder the growth of the aircraft cleaning chemicals market.
What are the Opportunities for Manufacturers In Market?
Developing countries such as, India and China are well equipped and have a strong framework to afford all mandatory resources for the aviation industry. Manufacturing expertise due to the presence of global firms located in India and China, a huge pool of skilled manpower, effective supply chain network and leading information technology & engineering services are some of the factors supporting the growth of the aviation industry.
These countries will provide immense opportunities for new & existing players working in the industries linked to the aviation sector, such as maintenance services, food services & cleaning services, among others
Favourable policies launched by the Indian government have encouraged growth & expansion of the aerospace & related industries. Schemes, such as UDAN (Ude Desh Ka Aam Nagrik), implemented by the government, will increase the number of passengers preferring airline travel. Due to this airline, companies are bound to provide better services for their increased passenger base
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What is the Demand Outlook for Aircraft Cleaning Chemicals High in the U.S.?
As per FMI, the U.S. is projected to account for a significant share in the global Aircraft Cleaning Chemicals market. Over the projection period, the United States is expected to dominate the North American Aircraft Cleaning Chemicals market, with a substantial value share in terms of consumption.
High awareness and high disposable income of the population in the United States, has positioned the country at the top of the chart with title “Top countries in Air Transport Market”. High growth in number of air passengers in the country is expected to be the key factor propelling the demand for aircraft cleaning chemicals market in the country.
Why is China Considered a key Market for Aircraft Cleaning Chemicals?
China is projected reach an estimated value of US$ 640.5 Mn by the end of 2029 owing to increase in aircraft fleet along with rise in air passengers traffic in the country. China is the country with largest population in the world. With consistent rise in disposable income of the population in the country consumer shift towards air travel is propagating rapidly. Which is expected to benefit the Chinese aircraft cleaning chemicals market over the forecast period.
China has the largest growth potential in aircraft cleaning chemicals triggered from growth in aircraft freight, industrialization and tourism. Channelization of this potential for country’s market growth is expected to place the country as the leading consumer of aircraft cleaning chemicals by the end of forecast period.
What is the Growth Outlook of Interior Aircraft Cleaning Chemicals?
Interior aircraft cleaning chemicals holds majority of shares in the global market. With the rising regulations and spreading awareness towards importance of cleanliness and sanitization demand for interior aircraft cleaning chemicals is expected to witness high surge in the upcoming assessment period of 2022-2029.
Among interior aircraft cleaning chemicals glass cleaners and disinfectants are the most grossing segments in interior aircraft cleaning chemicals.
Which Formulation Type of Cleaning Chemicals Is Preferred?
Solvent based cleaning chemicals is mostly preferred by aircraft maintenance or end users owing to high efficiency of the product over others. Solvent based Cleaning chemicals is anticipated to grow at a CAGR of 4.2% during 2022-2029 and attain a value of about US$ 1,618.8 Mn by the end of same period.
Among solvent based cleaning chemicals Bio based cleaning chemicals is expected to grow at high growth rates owing to consistent consumer shift towards bio-based products over the forecast period
In recent years, producers have turned their focus to emerging countries in order to meet expanding demand for Aircraft Cleaning Chemicals. Several big players are also focusing on improving their production capacities, R&D investments, collaborations, and mergers and acquisitions.
- In 2021, PPG Industries introduces new products PPG Linegaurd coatings for cleaning and maintenance.
The latest study conducted by Future Market Insights covers all the strategies and success factors of key manufacturers of the market.
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis is available in the report
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