The future of the global aerospace tyre industry is looking positive with opportunities in the commercial, regional aircraft, general aviation, helicopter and military aircraft segments. The global aerospace tyre market is set to grow at a CAGR of 3.9% from 2016 to 2021, driven by the increase in aircraft delivery and frequency of flights.
The two types of tyres in the market are radial and bias tyres. According to a new market report published by Lucintel, radial tyre demand is likely to experience the highest growth in the forecast period due to more durability and light weight, which increases life span of the aircraft tyre.
Commercial aircraft is expected to remain the largest market within the aerospace tyre industry during the forecast period. While the retrofit market type is expected to remain the largest market.
Increase of passenger traffic is expected to push North America to remain as the largest market during the forecast period.
Due to increasing demand of new aircraft and introduction of new airlines as well as the expected increase in passenger traffic, demand for aircraft tyres in the APAC region is expected to rise. The region is also forecasted to grow with the highest CAGR during the forecast period.
Innovation and new product development, where the unique features of tyre can be capitalised, are also suggested for market expansion.
Most of the aircraft tyre manufactures are expanding their markets to APAC region to capture the growth opportunity in this region. Dunlop Aircraft Tyres opened a new tyre distribution and retreading facility in China.
A recent statement by Ian Edmondson, executive chairman of Dunlop Aircraft Tyres Ltd (DATL), has confirmed talks of possible new investors to help the company retain its current state of positive growth.
Since being acquired by AAC Capital Partners in 2007, the company has continuously delivered strong growth and doubled the size of its business, said Edmondson. He also added that the company is targeting a similar performance over the next five years with its great position in attractive markets.
The company’s recent successes include one of the largest contracts the company has secured in its history when they were selected by Boeing to support the global fleet of C-17 Globemaster III military transport aircraft.
Edmondson also said that the company is currently focused on continuing to grow through product innovation and geographic expansion. In line with this strategy, Dunlop is now developing its first retreading and distribution facility, which received approval from the Federal Aviation Administration (FAA) in February this year, in the US to support customers across the Americas.
Dunlop Aircraft Tyres , along with Michelin, Goodyear Tire and Rubber Co., and Bridgestone, are among the major manufacturers of aerospace tyres.