The key role of aircraft tires in providing the proper support to the body weight of aircrafts upon landing and while being stationed on ground makes them a crucial commodity. The aerospace industry continues to witness millions of dollars in terms of investment and expenditure, of which a major part are spent on using the right set of aircraft tires. Over the years, manufacturers of aircraft tires have been struggling to meet the requirements standardized by regulatory bodies regarding the use of rubber in the production of aircraft tires. Moreover, environmental protection agencies have compelled companies to focus on recycling and reusing these tire to avoid disposing large amounts of rubber in the open.
A recently published report by Future Market Insights reveals that the global demand for aircraft tires will witness moderate traction in the foreseeable future. During the forecast period, 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$ 1.9 Bn worth of aircraft tires will be sold globally. Companies manufacturing aircraft tires are expected to increase the focus on optimizing the use of rubber by reinforcing hybrid composite materials in the 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 through 2026. These companies will be observed as the leaders in the production of aircraft tires.
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Demand for Bias Ply Aircraft Tires to Gain Traction
The report reveals that the global aircraft tire market will witness a growing demand by bias ply tires. 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 have brought in nearly US$ 838 Mn in global revenues. The report also reveals that majority of aircraft tires will be used for equipping the narrowbody aircrafts. By the end of 2026, narrowbody aircrafts will account for around half of the overall revenues being procured in the global aircraft tire market.
North America to Represent Leading Market for Aircraft Tires through 2026
The report also reveals that aftermarket sales of aircraft tire will gain traction. By the end of 2026, almost every other aircraft tire being manufactured in the global market will be sold through aftermarkets. Meanwhile, OEMs are expected to emerge as a fast-growing sales channel in the global aircraft tire market. Manufacturers are expected to form strategic partnerships with OEMs to reap high profit margins and avoid added value loss from third-party distributors.
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The report further reveals that sales of aircraft tires will concentered in North America. By the end of 2026, nearly US$ 600 Mn worth of aircraft tires will be sold in the US and Canada. The report further projects that the demand for aircraft tires will gain traction in the Asia-Pacific excluding Japan (APEJ) region. Favorable industrial regulations and easy procurement of rubber will drive aircraft tire manufacturers towards the APEJ region. The report also estimates that the APEJ aircraft tire market will register fastest expansion at a CAGR of 4.4% during the forecast period.