The recent report published by Stratview Research on the Protein Engineering Market Report for the forecast period of 2022-2027 is a source of insightful data for business strategists. The report provides the industry an overview with growth analysis and historical, present, and future prices, revenue, demand, and supply data, etc. This market study provides in-depth data that enhances the understanding, scope, and application of this report.

According to the report, the aircraft tires market which accounted for US$ 1.5 billion in 2021, is estimated to register an uncharted growth trajectory by recording a promising CAGR of 6.1% to reach a market value of US$ 2.6 billion in 2027.

COVID IMPACT

The COVID-19 outbreak has brought forth several unprecedented challenges before aircraft and airline companies with thousands of planes grounded around the world, devastating their profits and balance sheets, and sending them at least a decade back. Tires, one of the most pivotal parts of an aircraft, endured a heavy decline of over 40% in demand in the year 2020.

The aerospace industry had already started marching toward the path of recovery. However, the emergence of new COVID-19 variants affected its growth trajectories and delayed the overall recovery period.

It is still uncertain when the commercial aerospace industry will hit back its peak level in 2018. However, the entire industry stakeholders are highly resilient and have been accustomed to such fatal market environments. It is anticipated that the commercial aerospace industry stakeholders will emerge again and create gargantuan opportunities before market stakeholders. 

Market Dynamics

Aircraft tires are difficult to design since they must avoid bursting, to prevent damage to the aircraft. Maintaining stability, carrying huge weight at fast speeds, and giving effective braking capabilities are significant expectations from aircraft tires. As an aircraft's weight increases, the number of tires required grows as the weight must be spread more evenly.

Aircraft tires are designed to carry heavy weights for short periods. Increasing air passenger traffic over the past two eons paired with frequent take-offs & landings make the tire a more important and indispensable focus area of the entire aerospace community.

Key Market Players –

• Compagnie Generale Des Etablissements Michelin S.C.A.
• Bridgestone Corporation
• The Goodyear Tire & Rubber Company
• Dunlop Aircraft Tyres Ltd.
• Mitas a.s. (a Trelleborg A.B. company)
• Kumho Tire Co. Inc.
• Petlas Tire Corporation
• Qingdao Sentury Tire Co., Ltd.
• Specialty Tires of America
• Wilkerson Company, Inc.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Findings

Based on the tire type, the market is segmented into the radial tire and bias tire. A radial tire is expected to remain the dominant as well as the faster-growing tire type in the market during the forecast period. The demand for radial tires is driven by continuous innovations targeting a reduction in weight, increased durability, and mobility. These aspects enable companies to improve fuel efficiency, tire life, and passenger comfort, resulting in higher usage of radial tires in the industry.

Based on the aircraft type, the market is segmented as commercial aircraft, regional aircraft, military aircraft, helicopters, and general aviation. During the projection period, commercial aircraft will continue to lead the market.

An expected recovery in air passenger traffic is likely to imprint a positive impact across the supply chain including the demand for tires. An expected rise in flying activity paired with higher wear and tear of tires is likely to drive the demand for tires at the aftermarket level. Continuous rise in military aircraft production is further estimated to drive the demand for tires in the years to come.

Based on the end-user type, the market is segmented as OE and aftermarket. Aftermarket is expected to remain the dominant segment of the market during the forecast period. The long service life of aircraft requires a large number of tires throughout its lifetime. Aircraft tires are subjected to operation in extreme temperatures and pressure.

Tires continuously degrade during take-off and landings. Take-off is the most common cause of wear & tear of tires as the aircraft is fully loaded with fuel, passengers, and luggage. Tires are already pre-heated by taxiing on the runway, making take-off more crucial leading to the wearing of tires, creating a greater demand for tires.

In terms of regions, Asia-Pacific is expected to remain the largest market for aircraft tires during the forecast period. Major countries in the region (China, India, Japan, Singapore, and South Korea) have a large fleet of aircraft in order to meet the large passenger traffic. Furthermore, these countries also generate a sustained demand for new aircraft to address the incessant rise in passenger traffic. North America and Europe are other markets and are likely to generate a sizeable demand for tires in the years to come.

FAQs in the report -

The research report aims to help the users learn about their market size and potential to connect with customers. This report answers to the following questions:

• How big is the potential Protein Engineering?
• Will this market grow or shrink in the future?
• Who are our top competitors or key players?
• What market share do the competitors own?
• How Covid19 has affected the market?
• How long will it take to recover from the Covid-impact?

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