Aircraft Fuel Tanks Market
Aircraft Fuel Tanks Market - Global Industry Assessment & Forecast
- By Types External, Internal
- By Applications Commercial Aircraft, Military Aircraft, General Aviation Aircraft, UAVs
- By Materials Carbon-based Composites, Metallic Alloys, Hybrid, Polymers
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 932.05 Million|
|Revenue 2030:||USD 1025.36 Million|
|Revenue CAGR (2023 - 2030):||1.20%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||North America|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
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Global Aircraft Fuel Tanks Market is valued at USD 932.05 Million in 2022 and is projected to reach a value of USD 1025.36 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 1.20% over the forecast period.
The growth of the Aircraft Fuel Tanks Market is mainly driven by the increasing demand for air travel, the expansion of the aviation industry, and the need for better fuel efficiency. The rising demand for air travel is one of the key drivers of the Aircraft Fuel Tanks Market. Demand for new and innovative aviation fuel tank products and services is expanding as air travel becomes increasingly popular. Aircraft manufacturers are continually developing new designs and technology to enhance the efficacy of their products and fulfill the industry's shifting demands. Some of the latest trends in the Aircraft Fuel Tanks Market include the use of composite materials, improved corrosion resistance, and weight reduction. These materials and technologies help to improve the performance of Aircraft Fuel Tanks and make them more durable. Composite materials are especially beneficial as they offer high strength-to-weight ratios, which is essential for aviation applications. In addition, composite materials can be manufactured in a variety of shapes and sizes, making them ideal for use in Aircraft Fuel Tanks. The aviation industry has seen a surge in demand in recent years owing to the growing middle-class population and their increased disposable incomes. This has resulted in increased air travel, which is a key driver of the Aircraft Fuel Tanks Market. The expansion of low-cost carriers (LCCs) is another factor driving the growth of this market.
Aircraft Fuel Tanks Market Size, 2022 To 2030 (USD Million)
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As the aviation industry continues to expand, the demand for Aircraft Fuel Tanks is also increasing. This market is being driven by a number of factors, including the need for more fuel-efficient aircraft, the growing demand for air travel, and the aging fleet of aircraft. The expansion of the aviation industry is a key driver of the Aircraft Fuel Tanks Market. The market is being driven by a number of factors, including the need for more fuel-efficient aircraft, the growing demand for air travel, and the aging fleet of aircraft. The commercial aviation sector is projected to grow at a compound annual growth rate (CAGR) of 5.2% in the forecast period, as per our research. This growth will be driven by a number of factors, including an increase in air travel demand, a growing middle class in emerging markets, and replacement demand for aging aircraft. As the aviation industry expands, so too will the demand for Aircraft Fuel Tanks. The expansion of the aviation industry presents both opportunities and challenges for manufacturers of Aircraft Fuel Tanks. On one hand, there is a growing demand for these products; on the other hand, manufacturers must meet stringent safety and regulatory requirements. In order to succeed in this market, manufacturers must be able to produce high-quality products at competitive prices.
The Aircraft Fuel Tanks Market is also expected to grow as a result of this need for better fuel efficiency. Newer aircraft designs are incorporating more fuel-efficient engines and lighter materials that help reduce weight and improve range. The market for fuel tanks is also being driven by the increasing use of biofuels, which can help reduce emissions and lower operating costs. There are a variety of different types of Aircraft Fuel Tanks available on the market, each with its own advantages and disadvantages. The right type of tank will depend on the specific needs of the aircraft and its operating conditions. Some of the most popular options include bladder tanks, self-sealing tanks, and composite overwrapped pressure vessels (COPVs). Bladder tanks are made from a flexible material that can expand and contract as needed. This allows them to hold a large amount of fuel without taking up too much space. Self-sealing tanks are designed to prevent leaks in case of an accident or fire. Composite overwrapped pressure vessels (COPVs) are made from multiple layers of material that can withstand high pressure without rupturing.
The Aircraft Fuel Tanks Market is expected to grow at a rapid pace over the forecast period. However, there are certain factors that are restraining the growth of this market. One of the key restraints for the Aircraft Fuel Tanks Market is the stringent regulations regarding the design and manufacture of these tanks. These regulations are necessary to ensure the safety of both passengers and crew, but they can make it difficult for new entrants to break into the market. Additionally, many airlines have been increasingly moving towards using alternative fuels, which has led to a decline in demand for Aircraft Fuel Tanks. Another factor limiting the growth of the Aircraft Fuel Tanks Market is competition from other aviation products and services. Airlines are under pressure to keep costs down, and they often choose to invest in other areas such as Aircraft Engines or Aviation Maintenance instead of fuel tanks. This trend is likely to continue over the forecast period, which will limit the growth of the Aircraft Fuel Tanks Market.
Top Market Trends
The Global Aircraft Fuel Tanks Market is growing at a fast pace, and various market trends are emerging. Some of the latest trends in this market include:
1. Growth of the Commercial Aviation Industry: The commercial aviation industry is expanding rapidly, particularly in developing countries. This growth is fuelling the demand for Aircraft Fuel Tanks as more airplanes are needed to cater to the increasing passenger traffic.
2. Rising Demand for Passenger Aircrafts: With the growth of the commercial aviation industry, there is a rising demand for passenger aircraft. This is another factor that is driving up the demand for Aircraft Fuel Tanks as more fuel is required to fly these larger planes.
3. Increase in Military Spending: Military spending around the world has been on the rise in recent years, which has led to an increased demand for military aircraft. These aircraft require larger fuel tanks, thereby boosting the demand for Aircraft Fuel Tanks.
4. Technological Advancements: Several technological advancements have been made in recent years that have made Aircraft Fuel Tanks more efficient and lightweight. These advances have resulted in lower operating costs for airlines and have made it possible to fly long distances without stopping to refuel.
5. Composite materials are becoming increasingly popular for fuel tanks, due to their lighter weight and higher strength. These materials can also be designed to provide better resistance to damage from impact or fire.
6. Fuel tank coatings are also evolving, with new coatings being developed that can provide improved protection against corrosion and degradation. Some of these new coatings can also improve the aerodynamic performance of the fuel tank by reducing drag.
7. Fuel tanks are being designed with an increasing focus on safety, with features such as self-sealing capabilities and redundancies built in to prevent catastrophic failure.
8. The use of alternative fuels is becoming more prevalent in the aviation industry, and Aircraft Fuel Tanks are being designed to accommodate these fuels.
The market is segmented by Types, Applications, Materials, and Region. On the basis of Types, the market is segmented into External and Internal. Based on Applications, the market is segmented into Commercial Aircraft, Military Aircraft, General Aviation Aircraft, and UAVs. Based on Materials, the market is segmented into Carbon-based Composites, Metallic Alloys, Hybrid, and Polymers. Based on Geography the Aircraft Fuel Tanks Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Below tree is interactive. You can click the nodes to get more information.
Based on Types
The External-Type Fuel Tank is projected to grow at a higher CAGR during the forecast period. The External Type Fuel Tanks are further segmented into Wing-mounted and Fuselage-mounted. Wing-mounted Fuel Tanks are expected to hold the largest market share of the Aircraft Fuel Tanks Market, by type, during the forecast period. Wing-mounted fuel tanks usually have greater capacity than Fuselage-mounted tanks and can be easily filled without having to remove the aircraft from service. The growth of the External Type segment is attributed to the advantages offered by these types of fuel tanks such as easy installation, no modification required in the aircraft structure, and reduced maintenance cost. Moreover, External-Type Fuel Tanks offer improved aerodynamics as compared to internal-type fuel tanks. External-type Tanks are further segmented into self-sealing and non-self-sealing. The majority of military aircraft are designed with external fuel tanks as they need to carry large amounts of fuel for long-range missions. The latest generation commercial aircraft such as Airbus A350 XWB and Boeing 787 are also equipped with external fuel tanks. With the rise in demand for new passenger aircraft, the demand for external fuel tanks is expected to increase during the forecast period.
Based on Applications
As the global Commercial Aviation industry expands, so does the demand for fuel tanks that can store enormous quantities of gasoline reliably and securely. As airlines look to replace their fleets with newer, more fuel-efficient aircraft, this segment is predicted to grow at the highest rate during the forecast period. Manufacturers are now able to make fuel tanks that are lighter and more durable than ever before as a result of the development of new materials and technology. These developments have enabled airlines to expand the range and efficiency of their aircraft, resulting in a rise in demand for these items. Composite materials such as carbon fiber and Kevlar are used to create a number of the most popular commercial items on the market today. These materials are both incredibly durable and lightweight, making them ideal for usage in Aircraft Fuel Tanks. Typically, composite fuel tanks are 20-30% lighter than their metal counterparts, resulting in substantial weight savings for airlines. In addition, these materials are resistant to corrosion and wear, which means they will last longer and require less care in the long run.
Based on Materials
Polymers are expected to grow at the highest CAGR during the forecast period. Polymer fuel tanks are made from high-strength polymers such as polyethylene and polypropylene. These polymers offer superior tensile strength and chemical resistance, which makes them ideal for use in Aircraft Fuel Tanks. Moreover, polymers are lighter in weight than metals, making them suitable for use in lightweight aircraft. The use of polymers in Aircraft Fuel Tanks has increased in recent years due to their superior physical and chemical properties over other materials. Polymer fuel tanks are lighter in weight than metal fuel tanks, which helps reduce the overall weight of the aircraft and improve its fuel efficiency. In addition, polymer fuel tanks are resistant to corrosion and have excellent impact resistance, which makes them ideal for use in Aircraft Fuel Tanks. The rising demand for lightweight and fuel-efficient aircraft is one of the major factors driving the growth of the aircraft fuel tank market. The increasing number of orders for new commercial aircraft is another key factor driving the market growth.
Based on Region
The Asia Pacific Aircraft Fuel Tanks Market is expected to grow at the highest CAGR during the forecast period. The aviation industry in the region has been growing due to the increasing air traffic and government initiatives to boost the regional economy. China is projected to be the largest market for Aircraft Fuel Tanks in the Asia Pacific region, due to the presence of a large number of commercial airlines and airports in the country. India is another major market for Aircraft Fuel Tanks in the region, due to the growing aviation industry and rising middle-class population. The market in Europe is expected to grow at a moderate CAGR during the forecast period. The aviation industry in Europe has been growing steadily over the past few years, owing to factors such as increasing air traffic and government initiatives to promote air travel. The North American Aircraft Fuel Tanks Market is projected to grow at a significant CAGR during the forecast period. The US is projected to be the largest market for Aircraft Fuel Tanks in North America, due to increased military spending and the presence of major original equipment manufacturers (OEMs) in the country.
The key players in the Global Aircraft Fuel Tanks Market include- Meggitt PLC (UK), Cobham PLC (UK), Safran S.A. (France), GKN Aerospace (UK), Robertson Fuel Systems LLC (US), Aero Tec Laboratories Ltd (UK), Elbit Systems Ltd. (Israel), General Dynamics Corporation (US), Marshall Aerospace & Defence Group (UK), Applied Aerospace Structures Corporation (US) and others.
Recent Market Developments
● Airbus stated the first assembly of an Airbus Corporate Jet TwoTwenty would begin in Canada in May 2021. Comlux, the company that will be the Xtra Large Bizjet's launch customer, will be responsible for equipping the plane before it enters service in 2023. The ACJ TwoTwenty, as a private jet, will have a massive range thanks to the availability of up to five auxiliary fuel tanks.
● According to reports from April 2021, Israel was working on improving the F-35I Adir jets' external fuel tanks. For the purpose of improving the Israel Defense Forces (IDF) strategic capabilities against third-circle countries, the Israeli Ministry of Defense, Air Force, and defense industry are working together to create new fuel tanks.
● On March 4, 2021, Safran received a 500 million euro credit line from the European Investment Bank (EIB) to fund its development of cutting-edge propulsion systems for the next generation of single-aisle commercial aircraft. This is an important milestone in Safran's path toward its goal of emission-free aviation.
● Zodiac Aerospace was acquired by Safran (France) in February 2018. As a result, they were able to greatly increase the variety of aircraft equipment they offered, which now included fuel tanks
● In one of the largest aerospace sector mergers ever, UTC Aerospace Systems (US) purchased Rockwell Collins in November 2018.
Segmentation of the Global Aircraft Fuel Tanks Market
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
What is the global demand for Aircraft Fuel Tanks in terms of revenue?
The global Aircraft Fuel Tanks valued at USD 932.05 Million in 2022 and is expected to reach USD 1025.36 Million in 2030 growing at a CAGR of 1.20%.
Which are the prominent players in the market?
The prominent players in the market are Meggitt PLC (UK), Cobham PLC (UK), Safran S.A. (France), GKN Aerospace (UK), Robertson Fuel Systems LLC (US), Aero Tec Laboratories Ltd (UK), Elbit Systems Ltd. (Israel), General Dynamics Corporation (US), Marshall Aerospace & Defence Group (UK), Applied Aerospace Structures Corporation (US).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 1.20% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the Aircraft Fuel Tanks include
- Increasing Aircraft Orders
Which region accounted for the largest share in the market?
North America was the leading regional segment of the Aircraft Fuel Tanks in 2022.