According to a latest study conducted by Fact.MR, the demand for aircraft cleaning chemicals is set to witness modest gains in 2021 over 2020, as the airline industry gradually rebounds from the recessionary impacts induced by the COVID-19 pandemic. However, growth prospects are expected to be stable, as success with vaccine development raises optimism of a stable long-term outlook.
According to Fact.MR's projections, the market has made unprecedented gains in the recent past, largely an end-product of a flourishing global airline industry. Projections by the International Air Travel Association (IATA) indicate over two fold compounded growth of the revenue from global passenger air traffic, reaching US$ 612 billion by 2019, since 2015. Hence, airline operations have multiplied, leading to a proliferation of maintenance and cleaning service, providing a wide berth for aircraft cleaning chemical products growth. However, the abrupt standstill in 2020 has severely impacted the bottom-line of a majority of manufacturers.