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  • Aerospace & Defense Elastomers Market, Size, Share, Outlook and Growth Opportunities 2019-2026




    (Transportation-News.com, March 26, 2020 ) Market Overview
    The Global Aerospace & Defense elastomers Market is expected to grow at a CAGR of 5.4% in the forecast period of 2019-2026.
    Elastomer seals are often one of the last components to be specified or designed in military and commercial aviation. They are the ubiquitous filler that closes gaps between components in a wing, fuselage and doors. Due to changing regulations regarding firestop testing requirements and pressure from OEMs to reduce aircraft weight, however, materials and design of elastomer seals are evolving.
    Global aerospace and defence elastomers market is divided into type, and application. By type aerospace & defense elastomers market is segmented into EPDM, Fluroelastomers, and Silicone Elastomers, by application the market is divided into O - Rings & Gaskets, seals, profiles, and hoses. Whereas by geography the market is divided into North America, South America, Europe, Asia Pacific and Rest of the World.
    The growth of the aerospace & defense elastomers market across the globe can be attributed to the increasing consumption of aerospace & defense elastomers in the aviation industry of emerging economies such as India and China. In addition, the replacement of the existing aircraft by new aircraft is also expected to drive the growth of the aerospace & defense elastomers market across the globe.

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    Market Dynamics
    The growth of the aerospace & defense elastomers market across the globe can be attributed to the increasing consumption of aerospace & defense elastomers in the aviation industry of emerging economies such as India and China. In addition, the replacement of the existing aircraft by new aircraft is also expected to drive the growth of the aerospace & defense elastomers market across the globe.
    The world's fleet of commercial aircraft grew its numbers by 4% in 2017, to end the year at more than 31,000 for the first time. The number of aircraft on order was more than half of this number, and the order backlog was almost 10 years.
    Both the leading aircraft manufacturers delivered a record number of aircrafts in 2017, moving forward the air fleet is anticipated to double compared to current levels, that is air fleet size is expected to reach 50,660 fleet size by 2038 from current 25,830 levels in 2018. Therefore the robust growth in the aircraft manufacturing industry is set to drive the aerospace elastomers demand.

    Application Segmentation
    By application, the aerospace & defense elastomers market is segmented into o - rings & gaskets, seals, profiles, and hoses. The global aerospace & defense elastomers market size by O-rings & gaskets application was worth USDXX million in 2018 and is estimated to reach USDXX million by 2026, at a CAGR of 5.4% during the forecast period. Elastomers for o - rings & gaskets application is expected to grow with high CAGR rate in the forecast period.
    The equipment that are used in aerospace industry is are more advanced than ever before. Sealing solutions and materials must keep up with demanding environments, chemicals, high temperatures and a range of pressures.
    O-Rings and gaskets are used for static sealing in various parts of aero engines, including the gearbox, air, oil and fuel systems. Example sealing applications include landing gear assembly that includes hydraulics, wheel & brake, actuator. and flight control sealing such as hydraulics, fuel lines, connectors, lubrication, fuel system seals.

    Geographical Analysis
    The Asia Pacific aerospace & defense elastomers market size was worth USD XX million in 2018 and is estimated to reach USD XX million by 2026, at a CAGR of XX % during the forecast period.
    Economic growth and rising incomes across the region, followed by government incentives to aircraft manufacturers are making companies to invest in the aircraft manufacturing industry, therefore simultaneously engineering material such as elastomers.
    For instance, In December, 2018 Boeing opens first 737 plant in eastern China, aiming to deliver 100 Boeing 737 planes a year. The plant is being set up amid forecast by Boeing that China will need 6,810 new aircraft in the next 20 years at an estimated cost of USD 1 trillion. This development in the region to aid demand of one of the aircraft building component such as PU film.
    The leading national markets for aerospace & defense elastomers in the region includes by size are China, Japan, India and South Korea.
    While Boeing Co. of the United States and other major international aircraft makers are moving to build manufacturing bases in Southeast Asia. Thailand and Malaysia are eager to attract industries from overseas, in the hope of developing their economies. This is presenting opportunities for small and midsized Japanese companies that manufacture airplane parts or provide other services to start operations in the region.
    Thailand is planning to build a base for the maintenance, repair and overhaul (MRO) of aircraft in a special economic zone. Demand for MRO services is growing due to an increase in the number of airplanes flying in the region.
    Whereas higher defense spending by major regional powers such as China, India, and Japan are expected to drive defense sector growth in the region.
    Over the next 20 years, China could require 7,690 new commercial aircraft worth US$1.2 trillion. The country is the second-largest defense-spending nation after the United States. Chinas 2018 defense budget grew 8.1 percent year over year to US$175 billion, which is the largest increase in the past three years. Moving ahead the countrys defense expenditure is projected to grow in the range of 9 to 10 percent in the near future.
    While India 201819 defense budget for the country stood at US$43.8 billion, a 7.7 percent increase compared to previous year budget.
    Therefore the growth of aerospace & defense elastomers end user industries in the region will make Asia Pacific region as a key market area for Aerospace & Defense Elastomers industry.

    Competitive Landscape
    The Aerospace & Defense Elastomers market is highly competitive with existing players in the market. Some of the major players include Trelleborg, Dow Corning, Greene, Tweed, The Chemours Company, Wacker Chemie AG, Momentive, Solvay, James Walker, SKF
    Companies are focusing to extend their market shares through acquisitions and facility expansions.
    On April, 2019 Parker Hannifin Corporation has entered into a definitive agreement to acquire LORD Corporation in strategic transaction that significantly expands engineered materials business.
    On March, 2019 TransDigm Group Incorporated acquires Esterline Technologies Corporation, Esterline Corporation is a leading worldwide supplier to the aerospace and defense industry specializing in three core business segments such as advanced materials, avionics & controls, and sensors systems.

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