CHICAGO, Sept. 13, 2019 /PRNewswire/ -- According to the new market research report "Aircraft Fuel Tanks Market by Type (External, Internal), End Use (Aftermarket, OEM), Platform (Commercial Aviation, Military Aviation), Material (Carbon-Based Composites, Metallic Alloys, Hybrid, Polymers), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Aircraft Fuel Tanks Market is expected to reach USD 954 million by 2025 from USD 869 million in 2019, registering a CAGR of 1.6% from 2019 to 2025. Increasing demand for aircraft is a significant growth driver for the aircraft fuel tanks market. This market is also driven by new aircraft programs.
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By type, the external tanks segment is projected to grow at a higher CAGR than the internal tanks segment during the forecast period.
The external tanks segment is projected to grow at a higher CAGR than the internal tanks segment due to increasing demand for military fighter aircraft, which, in turn, will drive the demand for external tanks, such as drop tanks and conformal tanks. Along with the fighter aircraft demand, the replacement of external tanks is more frequent when compared to internal. This is another reason why the demand for external tanks is projected to grow at a higher rate during the forecast period.
By material, the polymers segment is projected to grow at the highest growth rate during the forecast period.
Among materials, polymers are projected to witness the highest growth rate in the aircraft fuel tanks market during the forecast period, due to their extensive use within military aircraft for their self-sealing capabilities. The spending on military aircraft has seen substantial growth across various countries, such as the US, China, and other European countries. This increased spending on military aircraft will drive the demand for fuel tanks that are manufactured using polymers.
North America is expected to lead the market for aircraft fuel tanks during the forecast period.
North America is estimated to account for the largest share of the aircraft fuel tanks market in 2019. The US was the highest military spender in 2018, with a large chunk of the investment focused on the procurement of various military aircraft. The demand for commercial and general aviation aircraft is continually increasing, due to which aircraft manufacturers are expanding their product line, thus creating a significant demand for aircraft fuel tanks. Therefore, increasing aircraft orders offer a significant advantage for the aircraft fuel tanks market. Moreover, there is a growing trend to upgrade existing/older aircraft in the current aircraft industry.
Browse in-depth TOC on "Aircraft Fuel Tanks Market"
88 – Tables
45 – Figures
135 – Pages
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Some of the major vendors in the aircraft fuel tanks market include Meggit PLC (UK), Elbit Systems – Cyclone Ltd. (Israel), Cobham plc (UK), Safran S.A. (France), and Robertson Fuel Systems LLC (US).
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