New York, USA, Nov. 11, 2021 (GLOBE NEWSWIRE) -- A research report published by Research dive on the global aerospace maintenance chemical market explains the impact of COVID-19 pandemic on the current scenario and the future of the market. All-inclusive analysis on drivers, restraints, growth opportunities, challenges, COVID-19 impact, major segments of the market, and competitive landscape are provided in the report.
Highlights of the Report
The outbreak of the COVID-19 has had an unfavorable impact on the aerospace maintenance chemical market. According to the report, the global aerospace maintenance chemical market gathered $6,720.0 million in 2018, and is projected to garner $8,373.3 million by 2026, and exhibit a CAGR of 2.8% during the forecast period from 2019 to 2026. The anticipated market size in 2020 was $7,129.2 million before the outbreak of COVID-19. But, owing to the COVID-19 chaos, the market size decreased to $3,664.4 million due to the complete lockdown in various countries across the globe.
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Factors Influencing the Market Growth during Coronavirus Pandemic
The analysts at Research Dive states that the outbreak of COVID-19 around the world has impacted the growth of the global aerospace maintenance chemical market in negative way. The unfavorable growth of the market is mainly because the global air traffic has been brought to an almost inclusive standstill due to the outbreak of COVID-19. This has consequently lead to a decrease in the demand for aerospace maintenance chemicals across the world.
Many countries along with notable carriers like Air France, Air France, and Qatar Airways have momentarily suspended flights in response to the coronavirus pandemic. Thus, several key players are expected to see an increasing demand for maintenance, overhaul, & repair (MRO) services. For example, from January to March 2020, PT Garuda Maintenance Facilities (GMF) AeroAsia disinfected 19 Garuda aircraft, 13 Citilink aircraft, and 18 other aircrafts from international carriers.
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Future Scope of the Market
The global aerospace maintenance chemical market is anticipated to recover and restore its growth by 1st/2nd quarter of 2022. The massive increase in the number of air passengers in the coming future post-pandemic crisis is the major factor projected to boost the growth of the global market during the forecast period. According to the International Air Transport Association (IATA), the number of passengers traveling via air could double to around 8.2 billion by 2037.
Moreover, worksafe as well as environmentally compliant chemicals for the aircraft industry are available in the worldwide market. Renowned airlines are also hugely preferring dry wash technique for cleaning the aircrafts, which minimizes the CO2 emissions and also saves water. These factors are predicted to generate massive growth opportunities for the market in the coming future.
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Major Market Players
The key players operating in the global aerospace maintenance chemical industry include
- AAR
- AFI KLM E&M
- Boeing
- GE
- Henkel AG & Co. KGaA
- Bombardier
- Exxon Mobil Corporation
- Delta TechOps
- Airbus S.A.S. 2020
- Nexeo Solutions, Inc.
These players are implementing several strategies such as strategic partnerships, business expansion, R&D investments, technological advancements, and others to gain a competitive edge in the global industry.
For example, in January 2020, Textron Aviation Inc., the general aviation business unit of the conglomerate Textron, announced to strengthen its Asia-Pacific service offerings with the Textron Inc. acquisition of an Australia-based repair and overhaul (MRO) service provider, Premiair Aviation Maintenance Pty Ltd.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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