By Product (Aircraft Paint Stripper, Aircraft Exterior Polish, Heavy Duty Oil & Carbon Remover, Aircraft Solvent, Runway Rubber Removal, Degreasers, Aircraft Dry Wash Cleaners and Others); By Cleaning Type (Interior Cleaning and Exterior Cleaning); By End User ( Aircraft, Defense Aircraft, Business Aircraft and Others) - Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
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Our in-depth analysis has segmented global aircraft cleaning chemicals market into the following segments:
By End User
Global aircraft cleaning chemicals market is further classified on the basis of region as follows:
Global aircraft cleaning chemicals market is anticipated to flourish at a CAGR of 5.1% during the forecast period 2017-2024. Further, the market of aircraft cleaning chemicals is anticipated to grow on the account of the growth of the aviation industry across the globe. Similarly, growing global air traffic flow and surging new deliveries of aircraft is opening the opportunities for the growth of the aircraft cleaning chemicals market.
Geographically, North America dominated the overall aircraft cleaning chemicals market in 2016. Besides, North America is expected to continue its dominance over the forecast period. This can be attributed to the high spiraling passenger air traffic in the region. Moreover, healthy outlook of the commercial aviation industry in the region is expected to turbocharge the growth of the aircraft cleaning chemicals market.
Asia Pacific is anticipated to witness high growth rate during the forecast period. In 2016, Asia Pacific accounted for more than 50% of overall new airport investments globally. This factor is envisioned to strengthen the growth of aviation market which further, is anticipated to supplement the growth of aircraft cleaning chemicals market during the forecast period. Further, rise in number of upper middle class composition in the aircraft travelling is likely to strengthen the growth of the aviation industry in the developing countries such as China, India, Thailand and others. Furthermore, expansion of low cost aviation is anticipated to supplement the growth of aircraft industry which in turn will drive the growth of the aircraft cleaning chemicals market.
Europe aircraft cleaning chemicals market is the projected to grow at significant CAGR during the forecast period. Development of advanced cleaning chemicals is anticipated to impetus Europe aircraft cleaning chemicals market. Additionally, Middle East & Africa market is anticipated to likely to contribute significantly to the growth of the aircraft cleaning chemicals market. The market of the aircraft cleaning chemicals is mainly expanding on the back of the growth and expansion of major airlines such as Qatar airways, Etihad and Emirates. Latin America is anticipated to showcase decent growth during the forecast period owing to the consistent growth in the air travel.
Based on cleaning type, global aircraft cleaning chemicals market is segmented into interior cleaning and exterior cleaning, out of which, interior cleaning dominated the overall aircraft cleaning chemicals market in 2016.
Rise in number of air travels all across the globe is one of the major factors driving the market of global aircraft cleaning chemicals market. Further, rising disposable income of the middle class population is boosting the demand for the tourism. These factors are expected to substantially raise the demand for the aircraft which in turn paves the way for the growth of aircraft cleaning chemicals market during the forecast period. Moreover, 38,050 aircraft are expected to be delivered between 2015 and 2034 which further, is likely to positively impact the growth of the aircraft cleaning chemicals market.
Stringent regulation by the aviation agencies regarding the safety and cleaning of aircraft is likely to spur the demand for aircraft cleaning chemicals in the upcoming years. Further, presence of standard regulations signals promising growth of global aircraft cleaning chemicals market. Apart from this, the market is witnessing the launch of improved and innovative cleaning chemicals. This factor is anticipated to intensify the growth of the global aircraft cleaning chemicals market.
In contrast, decline in the defense budget spending in some nations is anticipated to negatively impact the growth of the global aircraft cleaning chemicals market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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