Market Size of Aircraft Fuel Tanks Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Aircraft Fuel Tanks Market Analysis
The aircraft fuel tanks market is expected to witness a CAGR of over 3% during the forecast period.
The measures to stop the spread of COVID-19 severely dented the passenger traffic, and several flights worldwide were grounded in 2020 and 2021. The production halt of new aircraft and the up-gradation of existing aircraft due to the cash crunch faced by the airlines reduced the demand for the aircraft fuel tank market in the commercial sector. However, although the military aircraft manufacturing sector faced issues with production rate cuts due to the pandemic, the demand from end users largely remained stable.
The growing focus of aircraft manufacturers on aircraft weight reduction without compromising its strength and quality of labor is expected to increase the demand for high-strength, lighter-weight material aircraft fuel tanks. The demand for self-sealing fuel tanks is expected to grow due to increased expenditure by several countries on procuring military aircraft. Military aircraft, especially fighter jets, use self-sealing fuel tanks as they are leak-proof and crash-resistant. Ongoing developments in terms of inert foam-filled tanks to avoid detonation are expected to generate new market opportunities for the players during the forecast period.
Aircraft Fuel Tanks Industry Segmentation
Aircraft fuel tanks are a major component of aircraft fuel systems. The market is segmented by type, application, and region.
The report also provides market size and forecast in value (USD million) for the major countries across all the regions.
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Aircraft Fuel Tanks Market Size Summary
The aircraft fuel tanks market is poised for steady growth, driven by the recovery of the commercial aviation sector and the ongoing demand in the military segment. The initial impact of the COVID-19 pandemic led to a significant downturn in passenger traffic and aircraft production, particularly affecting the commercial sector. However, the military aircraft sector maintained stable demand despite production challenges. The industry's focus on reducing aircraft weight while maintaining strength and quality is expected to boost the demand for high-strength, lightweight fuel tanks. Additionally, the increasing military expenditure on aircraft procurement is likely to enhance the demand for self-sealing fuel tanks, which are crucial for their leak-proof and crash-resistant properties. Innovations such as inert foam-filled tanks are anticipated to create new opportunities for market players.
The Asia-Pacific region is expected to emerge as the fastest-growing market for aircraft fuel tanks, fueled by the rapid expansion of the aviation sectors in countries like China and India. The surge in passenger traffic and the large-scale procurement of commercial aircraft in these countries are driving the demand for fuel tanks. The region's military segment is also witnessing growth due to increased military spending and the development of local supply chains. Prominent market players, including Meggitt PLC, Cobham PLC, Safran SA, GKN Aerospace, and Robertson Fuel Systems LLC, are adapting to changing aircraft designs and focusing on producing lightweight fuel tanks to meet the demand for long-range aircraft models. The market's growth is further supported by strategic developments, such as Airbus's construction of the ACJ TwoTwenty and Israel's development of new fuel tanks for its F-35I Adir jets, which aim to enhance the strategic capabilities of their respective defense forces.
Aircraft Fuel Tanks Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Industry Attractiveness - Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size and Forecast by Value - USD million, 2018 - 2027)
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2.1 Type
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2.1.1 Internal
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2.1.2 External
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2.2 Application
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2.2.1 Commercial Aircraft
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2.2.2 Military Aircraft
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2.2.3 General Aviation Aircraft
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.2 Europe
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2.3.2.1 United Kingdom
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2.3.2.2 Germany
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 South Korea
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 Latin America
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2.3.4.1 Mexico
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2.3.4.2 Brazil
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2.3.4.3 Rest of Latin America
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2.3.5 Middle-East and Africa
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2.3.5.1 United Arab Emirates
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2.3.5.2 Saudi Arabia
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2.3.5.3 Egypt
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2.3.5.4 Rest of Middle-East and Africa
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Aircraft Fuel Tanks Market Size FAQs
What is the current Aircraft Fuel Tanks Market size?
The Aircraft Fuel Tanks Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Aircraft Fuel Tanks Market?
Meggitt PLC, Safran SA, GKN Aerospace (Melrose Industries), Cobham PLC and Robertson Fuel Systems LLC are the major companies operating in the Aircraft Fuel Tanks Market.
