ESOMAR-certified consulting firm Future Market Insights (FMI) has recently published a report on the global aircraft tire market for the forecast period by 2031 end. According to the report, the market is expected to reach US$ 3.3 billion post impressive gains, expanding at a CAGR exceeding 6.2% throughout the forecast period. Increasing production of narrowbody and widebody aircrafts are spurring demand.
The military aviation industry has traditionally had a strong need for bias ply aircraft ties, and this demand has resulted in consistent market expansion over time. The military and defence industries in the US, India, China, and Germany were in high demand for narrowbody aircraft, which fueled the market’s expansion.
Throughout the anticipated period, demand for bias ply will continue to be supported by the latter’s comparative advantage over radial ply in offering greater strength, stability, and ground traction. Another significant development that is reshaping the aviation tyre industry is the search for sustainable methods of producing aircraft tyres.
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A notable trend in this regard is the rapid uptake of high performance materials like Kevlar, with major producers emphasising factors like the use of responsibly sourced raw materials in the production of their goods.
For instance, the Goodyear Tyre and Rubber Company, a prominent manufacturer, engages in research and development to incorporate new technology into the production of its bias-ply aviation tyres. Kevlar is used by the Bridgestone Corporation in the construction of its narrowbody military aircraft.
Key Takeaways from FMI’s Aircraft Tire Market Study
- In terms of ply type, bias ply aircraft tires are expected to remain dominant
- Narrowbody aircraft tires are expected to witness higher growth backed by the high production of military aircrafts
- Demand for aircraft tires to witness high growth across aftermarket segment
- The U.S. is expected to be the most lucrative market across North America
- China is anticipated to lead the Asia Pacific aircraft tire market, registering impressive growth through 2031
- Germany and the U.K. are expected to lead Europe’s aircraft tire market over the forecast period
“Advanced technology and increasing investment in the research & development activities for developing fuel efficient and light weight aircraft is improving the demand of aircraft tires, creating impressive growth opportunities for key players,” says the FMI analyst.
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Who is Winning?
Fierce competition within the market have led the key players to adopt numerous organic and inorganic strategies to maintain the lead. Product expansion, technological innovations, research & development activities, targeted mergers & acquisition are few of the strategies manufacturers rely upon among others.
Goodyear Tire & Rubber Company, one of the world’s largest tire company, in October 2020 announced KADEX Aero Supply as its aviation distributor, a Canadian aviation parts distributor company. Though this partnership, Goodyear aims to expand its footprints in Canada.
Dunlop Aircraft Tyres Limited (DATL), another prominent player, recently invested US4invested US$ 70.92 million in an aircraft tyre retreading factory in Karawang, West Java, Indonesia. Also, DATL has announced to start up a new aircraft tyre production plant in the same location to expand their customer base.
Key Companies Profiled
- Bridgestone Corporation
- Goodyear Tire & Rubber Company
- Compagnie Générale des Établissements Michelin
- Dunlop Aircraft Tyres Limited,
- Polymer Enterprises Inc.
Key Segments Covered
Aircraft Type
- Small Widebody Aircraft
- Medium/ Large Widebody Aircraft
- Narrowbody Aircraft
- Propeller Aircraft
- Helicopter
- Defense and Homeland Security Aircraft
- Freighters
Ply Type
- Bias Ply
- Radial Ply
Sales Channel
- OEM
- Aftermarket
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Region
- North America (US and Canada)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Europe (Germany, France, Spain, UK, Italy, Nordics, BENELUX, Russia and Rest of Europe)
- Asia Pacific (India, Malaysia, China, Japan, Australia, Thailand and South Korea and Rest of APAC)
- Middle East & Africa (GCC, South Africa, Turkey and Rest of MEA)
About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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