Future Market Insights forecasts aircraft tire market to expand at a CAGR of 4% by 2026
Over the years, manufacturers of aircraft tires have struggled to meet the requirements of regulations. Moreover, environmental protection agencies have pushed companies to focus on recycling and reuse of tires to avoid disposal of large amounts of rubber.
A recently published report by Future Market Insights forecasts that the global demand for aircraft tires will witness moderate traction in the foreseeable future.
During the forecast period of 2017-2026 the global aircraft tire market is pegged to expand at a moderate CAGR of 4%; the report estimates that by the end of 2026, nearly US$1.9bn worth of aircraft tires will have been sold globally.
Aircraft tire manufacturers will increase their focus on optimizing the use of rubber by using reinforced hybrid composite materials in production.
Bridgestone Corporation, Polymer Enterprises, Inc, Compagnie Générale des Établissements Michelin, and Goodyear Tire & Rubber Company are expected to be at the forefront of global aircraft tire market expansion during this period.
Demand for bias ply aircraft tires to gain traction
The report forecasts that the global aircraft tire market will witness a growing demand for bias ply tires. The competitive advantage of bias ply over radial ply in providing higher strength, stability and ground traction will continue to drive its demand in the future. In 2017, bias ply aircraft tires sold in the global market brought in nearly US$838m in global revenue. The report also reveals that the majority of aircraft tires will be used for equipping narrowbody aircrafts. By the end of 2026, narrowbody aircrafts will account for around half of the overall revenue being procured in the global aircraft tire market.
North America to lead market for aircraft tires until 2026
The report also forecasts that aftermarket sales of aircraft tires will gain traction. By the end of 2026, almost every other aircraft tire manufactured in the global market will be sold in the aftermarket.
Meanwhile, OEM sales are expected to emerge as the fast-growing channel in the global aircraft tire market. Manufacturers may form strategic partnerships to reap high profit margins and avoid added value loss from third-party distributors.
The report further forecasts that sales of aircraft tires will be concentered in North America. By the end of 2026, nearly US$600m worth of aircraft tires will be sold in the USA and Canada.
In addition, the report projects that the demand for aircraft tires will gain traction in the Asia-Pacific region, excluding Japan (APEJ). Favorable industrial regulations and easy procurement of rubber will drive aircraft tire manufacturers toward the APEJ region.
The report also estimates that the APEJ aircraft tire market will register the fastest expansion at a CAGR of 4.4% during the forecast period.
