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The global aircraft tire market has been witnessing high growth owing to advancements in materials for enhanced durability and performance. Aircraft tires experience heavy wear and tear due to high speeds and loads during takeoff and landing. Advanced composites and thermoplastic elastomers are being increasingly used to manufacture durable yet lightweight tires. Aircraft tires made from these innovative materials offer improved traction, impact resistance, and longevity. With growing aircraft fleet and air traffic, the demand for reliable and high-quality tires is surging considerably.
Aircraft tires play a vital role in aircraft operations as they support the entire weight of the aircraft during taxi, take-off, and landing. They need to withstand extreme pressure and temperatures during operations.
The global Aircraft Tire Market is estimated to be valued at US$ 2.38 Bn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the aircraft tire market include Michelin (France), Goodyear Tire and Rubber Company (US), Bridgestone Corporation (Japan), Dunlop Aircraft Tyres Ltd. (UK), Qingdao Sentury Tires Company Limited (China), Wilkerson Aircraft Tires (US), Petlas Tire Corporation (Turkey), Aviation Tires and Treads, LLC (US) and Specialty Tires of America (US) among others. Major players are investing in R&D to develop advanced materials with enhanced durability, traction, and energy efficiency.
Rising aircraft deliveries and increasing long haul flights are encouraging airline operators to replace older fleet with newfuel-efficient aircraft. This is expected to drive the replacement demand for aircraft tires. Emergence of advanced thermoplastic elastomers and composite materials is aiding manufacturers to produce lightweight aircraft tires with extended lifespan. Adoption of additive manufacturing for complex structural designs of aircraft tires is also gaining traction.
Market Drivers
Increasing aircraft deliveries driven by expansion of global air passenger and freight traffic is a key factor driving the aircraft tire market growth. Airlines are procuring new fuel-efficient aircraft to replace aging fleets and accommodate future travel demand. This has significantly boosted the OEM demand for aircraft tires. Growing focus on aircraft modernization programs by defense forces worldwide is another important aspect fueling the replacement demand. Moreover, rising investments by manufacturers in advanced material research will enable development of more durable and traction aircraft tires with minimal maintenance requirements. This will encourage adoption across both civil and military aircraft fleets globally.
Challenges in the Aircraft Tire Market
The aircraft tire market faces significant challenges in terms of high costs of raw materials, stringent airworthiness regulations, and safety issues. Volatility in raw material prices impacts tire manufacturing costs. Key raw materials for aircraft tires include synthetic and natural rubber, steel belt cords, carbon black, and petroleum-based oils. Price fluctuations in these commodities affect the overall manufacturing costs. Additionally, strict regulatory guidelines pertaining to aircraft component airworthiness make the testing and certification process lengthy and expensive for manufacturers. Any changes to existing tire designs require fresh regulatory approval cycles which delays new product introductions. Safety also remains a top priority in aircraft operations. Even minor tire damage or defect can potentially cause accidents considering the high speeds and loads involved. Extensive testing is necessary to prevent premature failures and ensure maximum durability under demanding service conditions.
SWOT Analysis
Strength: Aircraft tires feature robust construction with high tread wear resistance to handle heavy loads and speeds. They also possess self-sealing properties to retain air in case of punctures.
Weakness: Aircraft tires have high replacement and maintenance costs. The recycling process for worn tires is complex due to rubberized materials.
Opportunity: Growing aircraft fleets and expanding regional/low cost carriers is driving the need for frequent replacement tires. New compounds for reducing rolling resistance and improving fuel efficiency present opportunities.
Threats: Economic slowdowns negatively impact commercial aircraft procurement lowering new aircraft tire demand. Stringent environmental norms for disposal of worn tires pose compliance challenges.
The aircraft tire market is concentrated in North America where a majority of commercial aircraft manufacturers and airlines are based. The region leads in terms of indigenous demand as well as exports. Asia Pacific follows North America due to increasing aircraft fleet sizes in China and India coupled with rising passenger air travel. Among countries, the U.S. accounts for the bulk of the regional market share and is a key manufacturing hub for aircraft tire OEMs. The fastest growing market is expected to be Asia Pacific as low cost carriers proliferate regional connectivity and fleets rapidly modernize over the forecast period. Emerging economies will drive new aircraft procurement supporting regional market growth.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
