Market Trends of aerospace adhesives & sealants Industry
Rapid growth of civil and military aviation will boost the aircraft production
- The global aerospace industry is largely dominated by North America, Asia-Pacific, and Europe. The United States is both a global and regional leader in the aerospace industry due to its design, development, and production capabilities of technologically sophisticated aircraft, space systems, and military aircraft. In 2021, a total of around 1,956 units of aircraft, including civil, general, and military, were delivered to the country, compared to 1,807 units in 2020. It is forecast that the country may need 2,269 units of aircraft by 2028.
- In the Asia-Pacific region, China is the largest and fastest-growing market for civil aerospace and aviation services. In 2021, the country experienced a decline in aircraft deliveries, registering around 264 units of total aircraft in civil, general, and military, compared to 367 units delivered in 2020. However, it is forecast to recover and reach 969 units in 2028.
- In Europe, Germany has one of the largest aerospace industries, with the presence of original equipment manufacturers (OEMs), Tier I suppliers, and systems integrators. In 2021, the country saw an increase in aircraft deliveries, amounting to around 138 units of total aircraft in civil, general, and military, compared to 98 units in 2020. The market is projected to reach 262 units in 2028. In 2021, the aerospace industry's revenue stood at EUR 31.4 billion. In 2020 and 2021, civil aviation was the highest revenue-generating sector, amounting to around EUR 22 billion in both years, compared to EUR 32 billion in 2019. However, the market is not expected to recover until 2024-2025.
- All the abovementioned factors are expected to impact the global aerospace industry during the forecast period.
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