The global aircraft adhesive market is anticipated to grow at a considerable CAGR of 7.8% by 2031. The market growth is driven by the increasing penetration of composites in aircraft manufacturing. Furthermore, the use of combined carbon nanotubes and nano additives with epoxy adhesives will provide a considerable opportunity for the growth of the market.
Additionally, the increasing government spending on defense is contributing significantly to the market growth. According to the International Monetary Fund (IMF), the outlay of the military expenditure in small countries has increased to 5% of GDP, however, the spending in developing countries has fallen to lower levels. The union budget allocated INR 6,21,940.8 crore ($75 billion), to the Ministry of Defence (MoD), which is the highest among the Ministries.
Other factors contributing to the market growth include the increase in the number of aircraft and air passengers and the rising demand for commercial aircraft. According to the Federal Aviation Administration (FAA), the Air Traffic Organization (ATO) serves more than 45,000 flights and 2.9 million airline passengers across more than 29 million square miles of airspace, daily from the US airports. The FAA handles 16,405,000 flights annually.
According to GAMA (General Aviation Manufacturers Association), 2023 marked an increase of 3.3% in shipments and billings in all segments and preliminary aircraft deliveries, amounting to $28.3 billion. Furthermore, piston airplane deliveries increased by 11.8% to 1,682 units, turboprop airplane deliveries by 9.6% to 638 units, and business jet by 2.5% to 730 units. The value of airplane deliveries for 2023 was $23.4 billion, an increase of 2.2%, over 2022.
Similarly, the Piston helicopter saw an increase of 7.7%, with 209 units, and the civil-commercial turbine helicopter increased 9.9%, with 811 units. The value of helicopter deliveries increased by around 9.0%, amounting to $4.9 billion.
The major companies serving the global aircraft adhesive market include Beacon Adhesives, Inc., Bostik Inc. (Arkema Inc.), Dupont De Nemours, Inc., Solvay S.A., and among others. The market players are contributing to market growth through various strategies, including product innovation, strategic partnerships, mergers and acquisitions, and more.
Recent Developments
Encapsulating, the global aircraft adhesive market is estimated to grow owing to the increasing penetration of composites in aircraft manufacturing, the use of combined carbon nanotubes and nano additives with epoxy adhesives, increasing government spending on defense, an increasing number of aircraft and air passengers, and the significant contribution by market players in R&D. However, the decreased government spending on defense in certain developing countries challenging the market growth.