The Aircraft Gaskets Market report research highlights key dynamics of the global sector. The potential of the industry has been investigated along with the key challenges. The current market scenario and prospects of the sector has also been studied.
Stringent government regulations mandating the regulation inspection of the aircraft components for ensuring aircraft safety is providing a positive outlook for the aircraft gaskets market augmentation over the projected timeframe. For instance, the Federal Aviation Administration (FAA) publishes multiple regulations that mandate the regular aircraft inspection for the general aviation aircraft owners, under AC20-106, playing a significant role in the industry expansion over the study timeframe.
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An upsurge in passengers opting for air travel compared to other modes of transportation is supporting the aircraft gaskets market proliferation over the projected timeframe. Growing adoption of low-cost carrier services along with expansion of aircraft routes across multiple cities is further augmenting the revenue generation till 2024.
Based on applications aircraft gaskets market place consist of landing gear, engines, wheels and brakes, and airframe. In airframe application gaskets is used in wide array such as window, door, antenna, wings, fuselage, hatches, access panel, fairing, and canopies. Aircraft gasket includes in various parts of aircraft such as pressure retaining, environmental sealing purpose, fire resistant, and vibration damping. It designed as an environment sealant.
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Based on aircraft, the industry is classified as military aircraft, general aviation, regional aircraft, helicopter, and commercial aircraft. The commercial aircraft is expected to showcase significant growth rate due to the increase in aircraft deliveries across the globe to support rising passenger traffic. For instance, in 2017, Boeing accounted for 763 commercial aircraft deliveries with 912 net orders and 5,864 backlogs, positively influencing the aircraft gaskets market penetration till 2024.
Aircraft Gaskets Market is predicted to see exponential gains over the forecast timeframe propelled by increasing demand for light weight aircrafts with improved fuel efficiency and increased seating capacities. Improving living conditions along with the proliferation of low-cost carrier services are playing a major role in the industry expansion till 2024. Innovations in gasket materials including improved fire-proofing capabilities along with higher stress bearing functionalities is further strengthening the industry share over the study timeframe.
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Asia Pacific will showcase significant growth rate over the projected timeframe. This growth is attributed to the increasing prevalence of low-cost airliners across the region. The proliferating tourism sector along with increasing disposable income will further support the aircraft gaskets market expansion till 2024. Increasing MRO activities offering periodic maintenance and replacement components for complying with stringent regulations for airworthiness is providing a positive outlook for the industry growth.
Few aircraft gaskets market players include Meggitt Plc, Esterline technologies corporation, compagnie de Saint-Gobain S.A., SKF Group, Eaton corporation, Freudenberg Group, and Hutchinson SA. Industry participants are engaged in agreements and strategic partnerships with aircraft manufacturers for improving their market share. For instance, in July 2014, SKF Group entered into a contract with Boeing for providing advanced sealing solutions for Boeing 777 aircrafts.
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