Aircraft Tire Market: Global Industry Analysis (2012 - 2016) and Opportunity Assessment (2017 - 2026)
LONDON, May 21, 2018 /PRNewswire/ -- On the ground, providing proper support to the weight of an aircraft rests upon the strength of the tires, which can be tubed or tubeless. Over the years, the production of aircraft tires has witnessed a few roadblocks arising from the ban on the industrial use of rubber, environmental laws curbing the disposal of rubber products, and growing complexities in terms of manufacturing. Companies manufacturing aircraft tires are forced to follow strict standards in terms of production, wherein airline companies agree to invest millions for getting the perfect set of tires. In the years to come, the production of aircraft tires is slated to become more complex with changing dynamics of aircraft bodies, growing number of airline passengers, and increasing emphasis on lowering the bodyweight of aircrafts to attain maximum fuel efficiency.
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According to a report published by Future Market Insights, the global aircraft tire market is poised to expand at a moderate CAGR of 4% during the forecast period 2017-2026. The report further reveals that by the end of 2026, nearly US$ 1.9 Bn worth of aircraft tires will be sold in the global market. A range of factors influencing the demand for aircraft tires have been addressed in the report. Changing production techniques and influence of new technologies have transformed the manufacturing landscape of global aircraft tire market. Landing operations continue to remain critical for airline companies, which has propelled the demand for high-quality aircraft tires that can avoid the risks of tire popping. Companies manufacturing aircraft tires are reinforcing hybrid composite materials into raw rubber to create indestructible materials. The tensile strength of aircraft tire is among the key factors driving their sales, and products that can endure highest amount of weight and at fast speeds are expected to emerge as top-sellers.
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High Demand for Bias Ply Tires to Drive Market Growth
The report has forecasted that the demand for bias ply aircraft tires will be relatively high compared to radial ply aircraft tires. In 2017, bias ply aircraft tires worth over US$ 838 Mn have been sold in the global market. Advantage of bias ply in terms of stability, ground control, and surface resistance has driven their demand in the global aircraft tire market. The report further reveals that majority of aircraft tires will be sold for their use in narrowbody aircrafts. By the end of 2026, aircraft tires equipped to narrowbody aircrafts are estimated to bring in more US$ 950 Mn in terms of revenues. Medium or large widebody aircrafts, freighters, and defense and homeland security aircrafts will also showcase considerable traction in terms of adoption of aircraft tires.
The report has further revealed that aftermarket sales of aircraft tires will bring in the largest chunk of revenues in the global aircraft tire market. By the end of forecast period, global revenues procured from the aftermarket sales of aircraft tires are expected to touch US$ 1 Bn mark. The report also reveals that OEMs will represent a fast-growing sales channel in the global aircraft tire market, registering a CAGR of 4.6% over the forecast period. Key players in the global aircraft tire market have been profiled in the report, which include Bridgestone Corporation, Goodyear Tire & Rubber Company, Compagnie Générale des Établissements Michelin, and Polymer Enterprises, Inc. These companies are expected to remain active in the overall expansion of the global aircraft tire market through 2026.
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