$2.4 Bn Aerospace Tapes Markets, 2024 by Resin Type (Acrylic, Rubber, Silicone), Backing Material (Paper/Tissue, Film, Foam) - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Sep 9, 2019--
The “Aerospace Tapes Market by Resin Type (Acrylic, Rubber, Silicone), Backing Material (Paper/Tissue, Film, Foam), End-use Industry (Commercial Aviation, Military Aviation, General Aviation), and Region - Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
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.
- Initiatives Taken By Governments of China and India
- Increasing Demand for Lightweight and More Fuel-Efficient Aircraft
- Increasing Demand for Passenger Aircraft in Emerging Regions
- Replacement of Old/Aging Aircraft and Modernization of Existing Aircraft
- Shortage of Profitable Airlines in Emerging Economies
- Reduced Defense Spending in Developed Economies
- Rising Influence of Low-Cost Airlines
- Emergence of Aircraft Manufacturers in APAC and South America
- Delay in Aircraft Deliveries
- Costly Mro Services
Porter’s Five Forces Analysis
Impact on Aerospace Division on Future Revenue Pockets of the Manufacturers
- Mega Industry Trends
- Continued Technological Advancement
- Unmanned Aircraft Systems (UAS)
- In-Flight Entertainment & Connectivity
- Strong Replacement Demand
- Decline in Fuel Prices
- Increasing Focus on Enhancing Safety and Efficiency
- 3M Company
- Nitto Denko Corporation
- Avery Dennison Corporation
- Tesa SE
- Scapa Group Plc
- Intertape Polymer Group
- Compagnie De Saint-Gobain
- Berry Global Group, Inc.
- Advance Tapes International
- DeWAL Industries, Inc.
Other Key Companies
- Shurtape Technologies, LLC
- Stokvis Tape Bv
- MBK Tape Solutions
- GERGONNE - the Adhesive Solution
- Adhesives Research, Inc.
- American Biltrite Inc.
- Can-Do National Tape, Inc.
- Av-DEC, Inc.
- JTAPE Limited
- Fralock Innovative Materials Manufacturing & Automation
- Mask-Off Company, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/5q91sm
View source version on businesswire.com:https://www.businesswire.com/news/home/20190909005565/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
INDUSTRY KEYWORD: AEROSPACE MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 09/09/2019 08:48 AM/DISC: 09/09/2019 08:48 AM