The “Aircraft Aerodynamic Seals Market by Aircraft Type, by Application Type, by Material Type, by Motion Type, and by Region, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023” report has been added to ResearchAndMarkets.com’s offering.
The global aircraft aerodynamic seals market is projected to grow at a healthy rate over the next five years to reach US$ 494.7 million in 2023.
Increasing production rates of commercial aircraft are primarily driving the demand for aerodynamic seals. Both major commercial aircraft manufacturers, Boeing and Airbus, are incessantly increasing the production rates of their best-selling aircraft in order to meet such huge order backlogs.
At the same time, both have strategically been launching fuel-efficient version of their best-selling aircraft programs to have a better grip on the market growth. Currently, Boeing and Airbus had a combined total order backlog of 13,090 commercial aircraft as of 31 March 2018. Owing to this factor, it is estimated that there would have a sustained demand for aerodynamic seals in the foreseeable future.
Another factor assuring a greater demand for fuel-efficient aircraft. The aerospace industry is highly regulated by stringent regulations imposed by different regulatory bodies located across the world. Currently, these bodies are tightening the aerospace industry by introducing more stringent regulations on the airline industry regarding the carbon emissions reductions.
Additionally, volatile crude oil prices plummet the margin of airlines in this fiercely competitive market as fuel is the leading cost component of the overall airline operating cost, roughly accounting for 35% to 40% of the total operating cost. These factors are pushing airlines to demand more fuel-efficient aircraft in order to elevate their profit margin as well as to abide such stringent regulations. Making aircraft lightweight and aerodynamic are the major ways through which the aerospace industry can make aircraft more fuel efficient. This, in turn, is driving the usage of aerodynamic seals in various sections of the aircraft.