Global, North America, and Asia Pacific Aerospace & Defense Chemical Distribution Market: Introduction
Transparency Market Research delivers key insights on the global, North America, and Asia Pacific aerospace & defense chemical distribution market. In terms of revenue, the global, North America, and Asia Pacific aerospace & defense chemical distribution market is estimated to expand at a CAGR of 5.5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global, North America, and Asia Pacific aerospace & defense chemical distribution market.
The global, North America, and Asia Pacific aerospace & defense chemical distribution market has been positively impacted by the rise in investment in aerospace and defense industries across the globe.
Global, North America, and Asia Pacific Aerospace & Defense Chemical Distribution Market: Dynamics
The commercial aerospace market expanded at a healthy annual growth rate of 5.6% year-on-year (YoY) in 2020. Rise in air traffic and load factors, coupled with older fleets continuing to fly, is expected to positively impact maintenance, repair, and overhaul (MRO) of aircraft parts.
The defense sector sustained its growth in 2020, as security threats intensified, requiring governments across the globe to continue to increase their defense budgets. Defense expenditure is expected to rise in the near future, as governments of various countries across the globe continue to modernize and recapitalize their militaries. Expansion of the defense sector is anticipated to be driven by an increase in defense spending in the U.S., China, and India. This is expected to propel the global, North America, and Asia Pacific aerospace & defense chemical distribution market in the near future.
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The commercial aerospace sector witnessed a decline in deliveries in 2020 due to production-related issues in certain aircraft models. Order backlog of commercial aircraft decreased from the 2018 peak levels of about 14,700 aircraft to slightly more than 14,000 at the end of August 2019. However, the commercial aerospace sector is likely to recuperate from 2021, as the long-term demand for commercial aircraft continues to remain robust, with nearly 40,000 units expected to be produced over the next few years. Thus, increase in number of aircraft is projected to boost demand for global, North America, and Asia Pacific aerospace & defense chemicals, thereby driving the global, North America, and Asia Pacific aerospace & defense chemical distribution market.
Global, North America, and Asia Pacific Aerospace & Defense Chemical Distribution Market: Prominent Regions
The aerospace & defense chemical distribution market in North America is expected to expand in the near future due to the growth of the aerospace & defense sector and technological advancements in the region. North America held prominent share of the global, North America, and Asia Pacific aerospace & defense chemical distribution market in 2020, owing to the presence of major distributors, aircraft manufacturers, and service providers in the region. Additionally, rise in spending by the U.S. defense sector in order to combat security threats is likely to fuel the production of various aircraft and its parts in the near future. This, in turn, is anticipated to propel the demand for aerospace & defense chemical distribution in North America in the near future. Aerospace and defense chemicals have the ability to provide protection against corrosion and heat resistance from inside as well as outside areas of the aircraft.
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Asia Pacific is also one of the leading regions of the global, North America, and Asia Pacific aerospace & defense chemical distribution market. Rise in air passenger traffic, improving economy, and changes in lifestyle are projected to drive air travel in Asia Pacific during the forecast period. This is expected to drive the demand for chemical products. In turn, this is estimated to drive the aerospace & defense chemical distribution market in Asia Pacific in the near future.
Europe is also considered a high potential market for aerospace & defense chemical distribution, due to the rise in demand for air travel in the region. This is expected to drive the demand for aircraft as well as aircraft parts, thereby leading to an increase in the production of commercial aircraft in Europe. The growth of the aerospace & defense chemical distribution market is directly dependent on the total aircraft production and the fleet size. Thus, Europe is anticipated to create lucrative opportunities for the aerospace & defense chemical distribution market in the near future.
Global, North America, and Asia Pacific Aerospace & Defense Chemical Distribution Market: Key Players
Prominent players operating in the global, North America, and Asia Pacific aerospace & defense chemical distribution market are Univar Solutions Inc., Wesco Aircraft Holdings Inc., Boeing Distribution Services Inc., Jaco Aerospace, AVIOCOM B.V., GracoRoberts, Aviation Chemical Solutions, Inc., Spectrum Aerospace GmbH, Sky Mart Sales Corp, Ellsworth Adhesives, Aerospace Chemical Supplies Ltd, Overlake Oil, Inc., Aviall, Inc., and AirChem Consumables.
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