Market Trends of Aircraft Fuel Tanks Industry
This section covers the major market trends shaping the Aircraft Fuel Tanks Market according to our research experts:
Commercial Aircraft Segment May Record the Highest CAGR During the Forecast Period
Commercial aircraft are incorporated with large internal fuel tanks that are significantly huge compared to the military fighter jet tanks and general aviation aircraft fuel tanks. The rebound in the commercial aircraft deliveries is expected to drive the demand for the related fuel tanks in the coming years. In 2020, there was a decline in commercial aircraft deliveries due to the COVID-19 pandemic. However, the aircraft deliveries improved in 2021, and the major commercial aircraft OEMs, like Airbus and Boeing, are currently increasing their aircraft production and delivery rates. In 2021, Boeing delivered 340 aircraft, of which 245 deliveries were of the 737MAX model. In November 2020, Boeing's 737MAX returned to service after being temporarily grounded since March 2019. The return of the 737MAX to service boosted Boeing's revenue in 2021. The Boeing Company received orders for 909 aircraft in 2021, of which 749 orders were for 737MAX aircraft. However, in 2021, Airbus SE delivered 611 aircraft, including 533 narrowbody aircraft, 18 A330 aircraft, 55 A350 aircraft, and 5 A380 aircraft. The aircraft manufacturer also received 771 new orders in the same year. By 2021, Airbus reported a backlog of 7,082 jets. On the other hand, by 2021, Boeing's backlog was 5,136 aircraft. These numbers reveal that the deliveries of commercial aircraft may continue at a healthy rate during the forecast period, which may drive the commercial aircraft fuel tanks market in the coming years.
The Market in Asia-Pacific Region is Expected to Grow with the Highest CAGR in the Years to Come
Many countries in the Asia-Pacific region have large and fast-growing aviation sectors, which is expected to make the region the fastest-growing market for aircraft fuel tanks globally. The region comprises countries like China and India, two of the world's largest aviation markets d. In the commercial sector, with the growth in passenger traffic being faster than ever, airlines in these two countries are procuring commercial aircraft on a large scale, thereby generating demand for parts and components like fuel tanks. Most of the demand for new aircraft developed by the manufacturers present in this region, like the C919, CR929, and Mitsubishi SpaceJet, is also from the region itself, which is expected to boost the market for aircraft fuel tanks. Even in the military segment, many new aircraft are expected to enter the service in the region, driven by the growth in military spending in the wake of several geopolitical issues surrounding the countries in the region. China, India, Japan, and South Korea, among others, are now focusing on manufacturing their military aircraft and developing their local supply chain capabilities, which may help the region's local suppliers of fuel tanks. Therefore, the above-mentioned factors are expected to help the market grow in the region during the forecast period.
