According to the International Air Transport Association, global passenger traffic rose by 7.6% in 2017, which is more than the average annual growth over the last ten years, i.e. 5.5%. This increase creates immense opportunities for players operating in the aircraft cleaning chemicals market.
A research by Future Market Insights sustained by notable increase in the number of airlines, coupled with a mounting number of aircraft refurbishment and leasing activities, reported that global sales of aircraft cleaning chemicals will witness a CAGR of 3.4% in the forecast period of 2019 - 2029. A sustainable shift towards bio-based cleaning chemicals is poised to be a prominent trend shaping up the future of the global aircraft cleaning chemicals market, suggests a new study.
Bio-based and waterbased cleaning chemicals are gaining traction in the market, as these are used to remove hazardous and toxic substances such as trichloroethylene (TCE), perchloroethylene, and other corrosive chemicals from aircraft. Bio-based cleaning chemicals are widely used by both civilian and military aircraft, owing to their nonexplosive, low-flammability formulation, which completely eliminates the risk of fire.
The foreseeable increase in the number of aircraft in the next two decades is expected to provide substantial opportunities for players operating in the aircraft cleaning chemicals services market, i.e. cleaning chemical and cleaning equipment manufacturers. Key manufacturers should focus on developing cost-effective as well as efficient products in order to gain a high brand value.