Aircraft Fuel Tanks Market to Reach Valuation of USD 1007.6 Million by 2028 – Rising Demand for Aircraft on Different Aviation Platforms Drives the Market

In terms of revenue, the Global Aircraft Fuel Tanks Market is expected to reach USD 1007.6 Million by 2028, growing at a CAGR (Compound Annual Growth Rate) of 1.20% from 2022 to 2028.

The increasing focus of aircraft manufacturers on weight reduction without compromising its quality and strength of labor is projected to boost the demand for lighter-weight, high-strength material Aircraft Fuel Tanks, driving the growth of the overall market. In addition, the requirement for self-sealing fuel tanks is anticipated to develop due to increased expenses by numerous countries on procuring military aircraft, which is another factor driving the Global Aircraft Fuel Tanks Market. Military aircraft, particularly fighter jets, use self-sealing fuel tanks because they are crash-resistant and leak-proof. US-based Boeing, European-based Airbus, Brazil-based Embraer, etc., are a few of the top aircraft manufacturers worldwide.

Key Highlights from Report

· Among Types, the External market segment is anticipated to dominate the Aircraft Fuel Tanks Market with the largest market share in the forecast period. This surge is due to the rise in demand for military fighter aircraft that will propel the need for external tanks such as conformal tanks and drop tanks.

· By Applications, the Commercial Aircraft market segment accounted for the maximum CAGR during the forecast period owing to the increasing demand for aircraft. In addition, the internal tanks in commercial aviation aircraft are a vital component of the aerostructure requiring frequent checks and repairs, and such maintenance requirements are driving this segment’s demand.

· In terms of region, North America held the most significant market share in 2021 and is expected to be the most gainful market during the forecast period. The requirement for commercial and general aviation aircraft continues to expand, creating considerable demand for jet fuel tanks, which is among the key factors that propel the need for the North America Aircraft Fuel Tanks Market.

Market Dynamics

The Global Aircraft Fuel Tanks Market growth can be attributable to significant factors such as the escalating number of people traveling using an aircraft. Moreover, the higher costs and complexity involved in producing Aircraft Fuel Tanks and growing military expenses in different regions are other vital factors that will fuel the industry. Also, the stringent government regulations related to Aircraft Fuel Tanks design are projected to stimulate future growth in this market.

Aircraft Fuel Tanks are a vital component of all aircraft; hence, the aerospace sector's expansion will contribute to the overall Aircraft Fuel Tanks Market growth in the coming years. Furthermore, increasing tourism worldwide, globalization of the industrial supply chain, and demand for augmenting connectivity will keep growing air traffic. This increase in air traffic will give rise to an increased number of aircraft deployments. Furthermore, the ongoing developments in inert foam-filled tanks to avoid detonation are anticipated to create growth prospects for market participants over the forecast period.

On the other hand, the stringent standards and guidelines from regulating authorities will likely hinder the market growth.

North America Aircraft Fuel Tanks Market is expected to witness a noteworthy development with a significant growth rate over the analysis period. This surge is because of increased demand continuously for aircraft because aircraft manufacturers are escalating their product line, consequently generating a significant need for Aircraft Fuel Tanks. Moreover, the region’s market growth can be attributable to the growing trend of improving existing or old aircraft in the aviation industry. The United States is a significant contributor to this regional market due to the highest air traffic across the globe. Furthermore, the strong governmental initiatives and ongoing projects will further augment the market in this region.

The Global Aircraft Fuel Tanks Market is Segmented as follows

• Types
  • External
  • Internal
• Applications
  • Commercial Aircraft
  • Military Aircraft
  • General Aviation Aircraft
  • UAVs
• Materials
  • Carbon-based Composites
  • Metallic Alloys
  • Hybrid
  • Polymers
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Aircraft Fuel Tanks Market is

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)

The Global Aircraft Fuel Tanks Market Scope can be Tabulated as below