Stratview Research publishes a new report titled Aircraft Engine Seals Market which is segmented by Aircraft Type (Commercial Aircraft, Regional Aircraft, Helicopter, Military Aircraft, and General Aviation), by Application Type (Nacelle; Oil Fuel Systems, Fan Blade, Combustion Exhaust Section, and Others), by Function Type (Fire Seals, Conductive and Insulative Seals, Air Fluid Handling Seals, and Others), by Material Type (Elastomer Seals, Thermoplastic Seals, and Metal Seals), by Motion Type (Static Seals and Dynamic Seals), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Market Insights
The aircraft engine seals market was estimated at USD 0.32 billion in 2021 and is likely to grow at a CAGR of 8.8% during 2021-2026 to reach USD 0.5 billion in 2026.
Market Highlights
Aircraft engines have immensely evolved throughout the journey of the aircraft industry as they play the most pivotal role in an aircraft. Most of the innovations happening in an aircraft engine are primarily targeting three areas: more power, more durability, and more efficiency. Almost all the engine systems and their components have had a disruptive journey with significant changes in design, technology, and materials. Seals are also not untouched by such market dynamics and have experienced significant changes in design and material over the period. Seals are some of the most important components of an aircraft, used in countless applications throughout a plane – from exterior flaps to cockpit windshields. In addition, although they are just one small part of a modern aircraft, they are crucial to its operation – if they fail, they can compromise the entire plane’s performance.
The long-term growth prospects still seem favorable, credit goes to the strong market fundamentals (a huge pile of backlogs of Boeing, Airbus, and COMAC, expected increase in air passenger traffic, development of next-generation aircraft, etc.). LEAP engines are the sweet spots for the market. However, to align with the market condition, Safran/CFM has slashed its LEAP engine deliveries to 815 engines in 2020 from 1,736 engines in 2019. The company aims to recover the 2019 level of LEAP engine deliveries by 2024. With the expected recovery in 2021 due to the resumption of B737 Max, the two biggest aero-engine makers GE and Safran; aims to boost their revenues by unveiling lower-emission jet engines.
Covid Impact
In the year 2020, the market witnessed its biggest decline in the past 16 years, mainly due to the rapid outbreak of the COVID-19 pandemic. The aircraft industry was already under immense pressure due to several factors ceasing the market growth including the grounding of the B737 Max. The rapid spread of the pandemic further deteriorated the industry's health and severely affected the entire industry ecosystem including aircraft engine seals. As per the recent impact assessment of IATA, the total global passenger airline revenue plummeted by around US$ 418 billion in 2020 which was 66% below 2019’s revenue; with a decline of over 88% in international RPKs and 51% in domestic RPKs. However, the growth in the first half of 2021 is shaping the hope of recovery.
Key players active in the market –
The following are some of the key players in the Aircraft Engine Seals Market:
- Hutchinson SA
- Trelleborg AB
- Meggitt PLC
- TransDigm Group Inc.
- Freudenberg Group
- Eaton Corporation Plc
- Parker-Hannifin Corporation
- Greene Tweed
- Saint-Gobain S.A.
- SKF Group
Customization of the report –
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