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Global Aerospace Sealant Market Impacted Seriously by COVID-19 in 2020- QYResearch Report

Author: QYResearch  |   Published Date: 2021-03-29   |   Views: 58



Aerospace sealants are substances curing within a certain period of time, to isolate environment such as isolation of fuel/solvent, insulation, and flexible to play a supporting role in aerospace manufacturing, aerospace maintenance repair, and overhaul (MRO) industry.

Due to the breaking of COVID-19 at the beginning of 2020, the aerospace industry was impacted seriously, so did the aerospace sealants industry as well.

Global aerospace and defense (A&D) industry revenue is expected to begin to recover in 2021 after a difficult year in 2020. But this recovery will likely be uneven across the two key sectors, commercial aerospace and defense. The commercial aerospace sector has been significantly affected by the COVID-19 pandemic, which has led to a dramatic reduction in passenger traffic, in turn affecting aircraft demand. As a result, the commercial aerospace sector is expected to recover slowly, as travel demand is not expected to return to pre–COVID-19 levels before 2024.

Commercial air travel is gradually recovering, albeit at a slow pace, with global passenger traffic substantially lower (-70%) in November 2020 compared with a year ago. Capacity levels also declined year over year in November 2020 (-59%), while load factors decreased to 58%. The continued impact on passenger demand is expected to result in a 61% decline in passenger numbers in 2020, with an expected rebound in 2021 (+56% year over year). Despite the rebound, passenger traffic will likely remain about 38% below prepandemic levels. An effective vaccine against COVID-19 could result in short-term growth in passenger traffic, driven by pent-up demand. However, this is unlikely to offset the ongoing damage to lucrative business travel, which may take two to three years to recover, as virtual meetings are expected to continue to substitute in-person meetings for a prolonged period.

In 2020, the global demand of aerospace sealants decreased to 15838 MT from 22631 MT in 2019, with the growth of -30%.

 

Global Aerospace Sealant Market- Key Players

PPG Industries, 3M, Flamemaster, Chemetall, HB Fuller, Dow, Henkel, Permatex, Master Bond, Solvay, AVIC, are some of the key players, functioning in the global Aerospace Sealant market. The largest producers of aerospace sealants in the worldwide is PPG Industries with more than 47% market share , 3M, Flamemaster, Chemetall, HB Fuller, and Permatex are followers. The top 5 players take a combined share of 80.55% in 2020.The largest producing area of aerospace sealants are Europe and North America, especially in Germany and France and USA. The industry is highly concentrated.

Information from Deloitte revealed that passenger traffic may not return to prepandemic levels before 2024. According to the research from QYResearch, The market size of aerospace sealant is valued at 561.33 million USD in 2020, with a decrease of -31.89% in comparison with 2019. According to our latest research, the global Aerospace sealant size is estimated to be USD 1135.03 million in 2027 and is expected to grow at a CAGR of 8.99% for the next six years.

 

Read More Information: https://www.qyresearch.com/index/detail/2789369/global-aerospace-sealants-industry-research-report-growth-trends-and-competitive-analysis-2021-2027

 

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