Aerospace Adhesives Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)
Author:Cheshire View:14
This section covers the major market trends shaping the Aerospace Adhesives Market according to our research experts:
Epoxy resin is the most used adhesive in the aerospace industry. Epoxy resin in aerospace adhesives has good strength, does not produce volatiles during curing, and has low shrinkage. However, they can have low peel strength and flexibility and are brittle. Aerospace adhesives are used in a variety of places, such as lights, displays, AC, seats, fasteners, cockpit doors, and electronics, among others. These are used in bonding aircraft and airframe structures, such as structural components in the fuselage, control surfaces in wing flaps and tips, empennage components, composite fairings, cargo liners, landing gear doors, and floors.
In 2021, the United States contributed around USD 89.1 billion in aerospace exports, making it the leading country in terms of aerospace exports. Some of the top aerospace makers, including Boeing and Lockheed Martin, are based in this country.
Lockheed Martin is a leading aerospace, security, and military support-producing company and the largest defense contractor globally. For instance, between 2000 and 2021, the revenue of Lockheed Martin almost tripled, up from USD 25 billion in 2000 to roughly USD 67 billion in 2021.
In July 2022, four large Chinese airlines announced a bulk order of 292 aircraft from the European aircraft manufacturing giant Airbus, totaling USD 37.3 billion. Boeing predicted that Chinese airlines will buy 8600 new aircraft over the next 20 years, 6.3 percent higher than the 8090 predicted by Boeing last year, with a total value of USD 1.4 trillion. Boeing expects that demand for commercial aviation services in China will reach USD 1.7 trillion over the next 20 years.
The growing aerospace industry globally is expected to increase the applications of aerospace adhesives in the original equipment manufacturer (OEM) end-user industry.
The United States aerospace sector is the largest in the world, according to the US Bureau of Economic Analysis (BEA). The regional carrier fleet is forecasted to decline slightly. In contrast, the cargo carrier's large jet aircraft fleet is forecasted to increase due to the growth of freight Road Transport Management Systems (RTMS).
Strong exports of aerospace components to countries such as France, China, and Germany, along with the robust consumer spending in the United States, are driving the manufacturing activities in the aerospace industry.
In 2021, aerospace and defense industry exports rose by 11.2 percent to a total value of USD 100.4 billion. The US aerospace and defense industry exported to 205 countries. Canada's aerospace industry, the ninth-largest in the world, exports over 75% of its output, generates over USD 22 billion in GDP and leads all Canadian manufacturing sectors in research and development.
Canada has 5% of the worldwide sales in aerospace, while the province of Quebec alone has a 3% share. The United States and Canadian aerospace supply chains are highly integrated. Canada consistently ranks among the top five export markets for United States aerospace goods. Canada exported around 56.6% of goods from the aircraft, engine, and parts manufacturing industry to the United States in 2021.
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