The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aircraft Tapes Market.
It was estimated prior to this unanticipated outbreak that the Aircraft Tapes Market was likely to witness an impressive CAGR of 4.7% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Based on the resin type, the market is segmented as acrylic, rubber, silicone, and others. The acrylic-based tape held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. Acrylic-based tapes are firmer and more durable, further it offers excellent properties such as fast-curing time; excellent resistance to oxidation, temperature, and UV radiation; color stability; exceptional anti-aging properties; excellent water resistance; and good balance of adhesion and cohesion. Acrylic-based tapes are majorly used in aircraft interior applications.
Based on the backing material type, the aircraft tapes market is segmented as paper/tissue, film, foam, and others. The paper/tissue segment holds the largest share of the market and is also expected to witness a healthy growth during the forecast period. Paper/tissue tapes are environmental-friendly and available in a wide range of colors. These tapes are relatively thin, flexible, and smooth; leading to their wide usage in the aircraft industry.
Based on the aircraft type, the market is segmented as commercial aircraft, regional aircraft, general aviation, military aircraft, and helicopters. Commercial aircraft is expected to remain the dominant segment of the market during the forecast period. Rising passenger traffic across the globe, increasing demand for fuel-efficient aircraft, increasing production rate of best-selling aircraft (A320, B787, and A350 XWB), aging aircraft fleet size, and modernization of existing aircraft fleets are the major factors behind the dominance of the segment.
In terms of regions, North America is estimated to be the largest market for aircraft tapes during the forecast period. The USA is the manufacturing hub of the aerospace industry with presence of a large number of OEMs, tier players, aircraft tape suppliers, distributors, and airlines. Asia-Pacific is expected to remain the fastest-growing market for aircraft tapes during the forecast period, driven by the opening of assembly plants from Boeing and Airbus in China, upcoming indigenous aircraft programs (C919 and Mitsubishi MRJ), increasing defense budget of emerging economies such as China and India, and increasing aircraft fleet size.
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