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.
