Manufacturers can tap potential from rising investment in the domestic aerospace manufacturing segment within APAC
LONDON, Jan. 9, 2018 /PRNewswire/ -- Regional growth, sustainability concerns, and adoption of technically advanced products are key factors positively impacting the revenue growth within the aerospace sealants market. Rising investment in domestic original equipment manufacturers (OEMs) in developing countries of Asia Pacific represents an opportunity for vendors to establish strong relationships with regional aircraft manufacturers. The industry is transitioning to sustainable materials that are efficient yet cost-effective. It's also vital that vendors develop strategies that include aggressive promotion and distribution, and inform customers about the advantages of these advanced products and chemicals if they want to increase the product adoption rate in an industry infamous for its complex approval procedures.
"Even though polysulfides are the most widely used resins in the aerospace sealants market, their share is gradually being depleted by the high-growth epoxy and PTFE resins that are aggressively being developed and commercialized for want of more sustainable and efficient products," said Christeena Thomas, Senior Research Analyst, Visionary Science at Frost & Sullivan.
Frost & Sullivan's new analysis, Global Aerospace Sealants Market, Forecast to 2023, identifies growth opportunities and restraints for providers serving original equipment manufacturers (OEMs) and maintenance, repair, and overhaul (MRO) end users in the commercial aviation, defense, and general aviation fields.
To access more information on this analysis, please visit: http://frost.ly/23d
The aerospace sealants market currently gains a large portion of its revenues from the commercial aviation end-use segment, driven by robust growth in demand for air travel by the growing middle-income urban population in Asia Pacific. Additionally, significant development of the defense aviation segment has propelled growth in regions such as North America, Europe, and Russia. The high growth of unmanned aerial vehicles (UAVs) in commercial, defense, and general aviation segments is also expected to open up new applications and product development opportunities that will boost the volume and revenue growth of the overall global market.
The aerospace field is highly regulated, with extensive testing, verification, and approval procedures that often delay product launches. Furthermore, OEMs such as Airbus and Boeing remain the key decision makers in terms of material selection. Distributors in the marketplace choose suppliers based on approvals by the OEMs, which is a lengthy and complicated process that results in significant time and costs for material suppliers. Additionally, the time and costs involved in the process act as strong entry barriers for small and regional new entrants to this market.
"Programs such as REACH and US EPA are expected to increase the R&D and transaction costs that businesses incur when developing and distributing advanced resin formulations. Also, companies must pay significant fees to register with these organizations, which has further implications that lead to consolidation of smaller companies with insufficient capital," said Thomas.
Global Aerospace Sealants Market, Forecast to 2023 is a part of Frost & Sullivan's global Visionary Science Growth Partnership Service program.
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SOURCE Frost & Sullivan