The aircraft industry represents less than 1% of the total gaskets market but is expected to be one of the fastest-growing markets for gaskets in the coming five years. The Aircraft Gaskets Market is projected to grow at a healthy rate over the next five years to reach US$ 249.5 million in 2024. Increasing production rates of key aircraft programs, such as B737, B787, A320, and A350XWB; increasing demand for fuel-efficient aircraft; advancement in gasket materials; and rising global aircraft fleet size are the major factors mushrooming the growth of the market.
The market for aircraft gaskets is gradually consolidating as the major companies are performing mergers & acquisitions to quickly gain the leading position in the market. For instance; TransDigm Group Incorporated, a leading global designer, producer, and supplier of highly engineered aircraft components, acquired the Kirkhill Elastomers business of Esterline Technologies at a total purchase price of US$ 50 million in cash. Kirkhill Elastomers is one of the leading companies in the aircraft gaskets market.
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Aircraft Gaskets Market Segment Insights:
By Aircraft Type:
Commercial aircraft is expected to remain the largest and fastest-growing segment of the market during the forecast period. Increasing demand for commercial aircraft to support rising air passenger traffic, increasing production rates of key programs, such as B737, A320 family, B787, and A350XWB; market entry of new players, such as COMAC and Irkut; introduction of variants of existing best-selling aircraft programs, such as B737 max, A320neo, and B777X; and rising commercial aircraft fleet size across regions are the key factors propelling the demand for gaskets in the commercial aircraft segment.
By Application Type:
Airframe is expected to remain the most dominant segment of the market during the forecast period. Gaskets are used in a wide array of airframe applications including fairings, antennas, wings, doors, windows, hatches, fuselage, canopies, and access panel, leading to its dominance in the market.
By Material Type:
Polymer gasket is expected to remain the largest segment of the market during the forecast period, whereas composite gasket is expected to witness the highest growth in the same period. There has been an incessant replacement of metal gaskets with composite gaskets, owing to their excellent strength-to-weight ratio at a relatively lower weight.
By End-User Type:
The OE segment is projected to maintain its dominance over the next five years. Increasing production rates of key programs, such as B737 and A320 family; market entry of new players, such as COMAC; and upcoming aircraft programs are likely to create a strong demand for gaskets in the OE segment. The aftermarket segment, a relatively smaller segment, is likely to grow at a higher rate during the forecast period, owing to rising commercial aircraft fleet size and increasing demand for advanced lightweight gaskets, in order to achieve fuel efficiency.
By Region:
North America is expected to remain the largest market for aircraft gaskets during the forecast period. The USA is the growth engine of the region’s market with the presence of major aircraft OEMs, tier players, gasket suppliers, and airlines. All the major gasket manufacturers have presence in the region to address the emergent needs of the OEMs in order to be the partner for their upcoming aircraft programs or upcoming fuel-efficient variants of the existing aircraft programs.
Asia-Pacific is expected to experience the highest growth in the global market during the forecast period. The highest growth of Asia-Pacific is mainly attributable to the increasing aircraft fleet to support rising passenger traffic; opening of assembly plants of Boeing and Airbus for B737, A320, and A330 aircraft programs; increasing procurement of military aircraft, owing to rising defense budget; and upcoming indigenous commercial and regional aircraft (C919 and MRJ).
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