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 post impressive gains, expanding at a CAGR exceeding 6% throughout the forecast period. Increasing production of narrowbody and widebody aircrafts are spurring demand.
Due to the significant demand from the military aviation industry for bias ply aircraft ties, the market experienced consistent expansion over the course of history. The military and defence industries in the US, India, China, and Germany all had considerable demand for narrowbody aircraft, supporting the market expansion.
Bias ply’s comparative advantage over radial ply in offering greater strength, stability, and ground traction will keep driving demand for the former throughout the projection period. In addition to this, a significant trend sweeping the aviation tyre industry is the push for sustainable aircraft tyre manufacture.
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A noteworthy development in this regard is the rapid uptake of high performance materials like Kevlar, with major manufacturers emphasising qualities like responsibly sourced raw materials to create their goods.
For instance, the Bridgestone Corporation uses Kevlar in the construction of its narrowbody military aircraft, while Goodyear Tyre and Rubber Company, another major participant, is engaged in R&D initiatives to incorporate new technology into the production of its bias-ply aviation tyres.
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 FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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