The aerospace tapes market is projected to register a CAGR of 4.0%, in terms of value, between 2019 and 2024
The aerospace tapes market is projected to register a CAGR of 4.0%, in terms of value, between 2019 and 2024.
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NEW YORK, Sept. 16, 2019 /PRNewswire/ -- The aerospace tapes market is projected to grow from USD 2.0 billion in 2019 to USD 2.4 billion by 2024, at a CAGR of 4.0% between 2019 and 2024. The major driving factors in the aerospace tapes market are initiatives taken by governments of China and India, increasing demand for lightweight and more fuel-efficient aircraft, growing demand for passenger aircraft in emerging regions, and replacement of old/aging aircraft and modernization of existing aircraft.
However, a shortage of profitable airlines in emerging economies and reduced defense spending in developed economies are expected to restrain the growth of the market.The rising influence of low-cost airlines and the emergence of aircraft manufacturers in APAC and South America will bring new growth opportunities for this market.
Delay in aircraft deliveries and costly MRO services are the challenges faced by this market during the forecast period.
The silicone-based resin segment is expected to grow with the highest CAGR during the forecast period.
The performance of silicone-based aerospace tapes is excellent on low surface energy substrates.Silicone resins consist of silicone polymers and are used widely in the aerospace industry as the aircraft are exposed to extreme environments.
These tapes are used in the form of masking tapes, process tapes, and high-performance insulation film/laminates.
Silicone-based aerospace tapes can maintain adhesion over a high-temperature range and possesses the ability to adhere to tough surfaces.Silicone-based aerospace tapes are used for specialty shielding applications and often find usage as high-performance masking tape.
These tapes prevent aircraft windows from damage during chemical stripping of old paint and for the cleaning of aircraft, among several other applications.
Paper/tissue backed aerospace tapes are expected to be the largest and fastest-growing backing material during the forecast period
Paper/tissue-backed aerospace tapes have high growth opportunities in the aerospace industry.The growing awareness of aerospace tapes in different parts of an aircraft has encouraged tape manufacturers to focus on products where these tapes can replace other fastening systems.
They are relatively thin, flexible, and also smooth, which makes them suitable for aircraft manufacturing.The quality of paper backing tapes can differ widely based on the type of raw material used in the production of paper.
The use of paper backing material depends on the quality and where, how long, and for what purpose the aerospace tapes are to be used.
The market in the commercial aviation end-use industry is expected to witness the highest CAGR during the forecast period.
Aerospace tapes witness high demand from the commercial aviation industry compared to military and general aviation industries.The current surge in demand for commercial aircraft would benefit the leading OEMs and their suppliers in the US.
As the standard of living is improving in developing countries, the demand for air travel will continue to grow.Wide and narrow-body aircraft deliveries are expected to drive most of the market growth.
As per Boeing's report on World Air Cargo Forecast, the global air cargo traffic has grown on an average by 5.2% every year since 1983, adding to the growth of the aerospace tapes market in commercial aviation.
North America is expected to be the largest region in the aerospace tapes market during the forecast period.
Despite the maturity of the market, there is a demand for aerospace tapes in both the US and Canada due to the presence of manufacturing facilities and distribution networks of the major market players.The aerospace industry in North America is highly regulated, which plays a key role in monitoring the performance and commercialization of aerospace tapes.
The aerospace tapes market in Mexico is comparatively smaller than that in the US and Canada, but it is a rapidly growing market as aerospace is one of the largest industries of the country's manufacturing sector.According to Boeing, there will be a demand for 7,290 airplanes in the next 15 years in North America.
According to Bombardier, North America will require 3,650 aircraft in the next 15 years. This is expected to boost the demand for aerospace tapes in the region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in aerospace tapes market, and information was gathered from secondary research to determine and verify the market size of several segments and subsegments.
• By Company Type: Tier 1 – 40%, Tier 2 – 30%, and Tier 3 – 30%
• By Designation: C Level – 20%, D Level – 30%, and Others – 50%
• By Region: North America – 20%, APAC – 40%, Europe – 20%, South America- 10%, and the Middle East & Africa – 10%
The key companies profiled in this report are the 3M Company (US), Nitto Denko Corporation (Japan), Avery Dennison Corporation (US), tesa SE (Germany), Scapa Group plc (UK), Intertape Polymer Group (Canada), Compagnie de Saint-Gobain S.A. (France), Berry Global, Inc. (US), Advance Tapes International (UK), Stokvis Tapes BV (Netherlands), Shurtape Technologies, LLC (US), DeWAL Industries (US), MBK Tape Solutions (US), GERGONNE - The Adhesive Solution (France), Adhesives Research, Inc. (US), American Biltrite Inc. (US), Can-Do National Tape, Inc. (US), Av-DEC, Inc. (US), JTAPE Limited (UK), Fralock Innovative Materials Manufacturing & Automation (US), UltraTape (US), and Mask-Off Company, Inc. (US).
Research Coverage:
This report provides detailed segmentation of the aerospace tapes market based on resin type, backing material, end-use industry, and region.Resin type is divided into acrylic, rubber, silicone, and others.
With respect to the backing material, the aerospace tapes market has been segmented into paper/tissue, film, foam, and others.Based on end-use industry, the market has been segmented into commercial aviation, military aviation, and general aviation.
Based on the region, the market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Key Benefits of Buying the Report
From an insight perspective, this research report focuses on various levels of analyses — industry analysis (industry trends), market share ranking of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.
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