The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aircraft Interior Elastomers Market.
The COVID-19 pandemic has worsened the already troubled aerospace industry, which was expected to be recovering from some burning challenges from the second half of 2020 with FAA’s approval to Boeing for B737 max. Aircraft Elastomers business could not escape itself from this changing market conditions and are estimated to witness a humongous decline in 2020, mainly due to the pandemic. Airlines are either canceling their orders or requesting airframers to delay the aircraft deliveries, which, in turn, heavily impacting the business of OEMs, tier players, as well as raw material suppliers including elastomers for aircraft interiors.
However, the long-term outlook is still promising with rebounding growth opportunities across regions. Boeing in its 2019-2038 outlook, anticipated the total new commercial and regional aircraft deliveries to be 44,040 aircraft units during 2019-2038. Similarly, Airbus anticipated the 39,210 commercial and regional aircraft deliveries during the same period, asserting a positive comeback in the demand from 2021 onwards, ultimately driving the market to reach US$ 45.5 million in 2025.
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Aircraft Interior Elastomers Market Segment Insights:
By Platform Type:
Commercial aircraft is further sub-segmented into narrow-body aircraft, wide-body aircraft, and very large aircraft. Commercial aircraft is expected to remain the largest as well as the fastest-growing segment of the market during the forecast period. Strong order backlogs of the best-selling aircraft programs, such as B737 and A320 including their variants; upcoming aircraft programs, such as C919 and MC-21 are likely to revive the market, in the long run, creating a healthy demand for elastomers in the commercial aircraft segment.
By Material Type:
The market is segmented as ethylene propylene diene monomer (EPDM), silicone, fluoroelastomers, nitrile rubber (NBR), polychloroprene or neoprene (CR), and others. Silicone is expected to remain the largest segment of the market during the forecast period, propelled by its outstanding properties. Silicone offers excellent heat resistance, cold flexibility, dielectric properties, and good resistance to oxygen and ozone; and have operating temperatures ranging between -60°C and 200°C. Silicone elastomers are replacing neoprene in many aviation seals as it is up to 15% lighter. Furthermore, there have been advancements in silicone polymers, resulting in even lighter grades as compared to the existing ones.
By Product Type:
The market is segmented as seals, gaskets, hoses & tubes, and others. Gaskets are likely to remain the most dominant segment of the market during the forecast period. Gaskets serve environmental sealing purposes, pressure retaining, vibration damping, fire-resistant or fireproof, and EMI/RFI shielding. They are mostly produced via an extrusion process. In aircraft interiors, gaskets are majorly used in doors & windows, sidewall panels, ceiling panels, galleys, and lavatories.
By Region:
Asia-Pacific is among the worst-hit regions by the COVID-19 pandemic; however, the region is estimated to maintain its growth momentum in the long run with few bumps in 2020. There has been a gradual shift of manufacturing facilities from the developed regions: North America and Europe, to the developing region, a prime factor acting as a catalyst for market growth. Furthermore, the development of indigenous aircraft programs C919 and Mitsubishi Space Jet are likely to drive the demand for elastomers in the aircraft interior applications in the region.
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Based on the research, a proper report is crafted with the following key features:
Market structure: Overview, industry life cycle analysis, supply chain analysis
COVID-19 Impact Assessment.
Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
Market trend and forecast analysis
Market segment trend and forecast
Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
Attractive market segments and associated growth opportunities
Emerging trends
Strategic growth opportunities for the existing and new players
Key success factors
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