Aviation industry recovery prompts demand for aircraft tires
September 23, 2022 | By Monica Ferguson
According to a Frost and Sullivan’s analysis, Commercial Aircraft Tire Industry Growth Opportunities, the market is expected to reach $8.84 billion by 2032 from $2.31 billion in 2021, registering a compound annual growth rate (CAGR) of 13 per cent.
“The increasing demand for aircraft tires and manufacturers’ needs to meet sustainable compliance encourages them to invest in identifying new materials for manufacturing,” said Abhilash Abraham, aerospace and defense research analyst, Frost and Sullivan. “Further, manufacturers are investing in automation and artificial intelligence technologies and leveraging them to digitize their processes and enable sustainability initiatives.”
According to the report, to reap the benefits of the growing global commercial aircraft tire industry, market participants should:
- Leverage digital technologies and incorporate next-generation technologies to develop new revenue streams.
- Deploy IIoT and focus on industrial automation to streamline manufacturing processes, lower manufacturing costs, and reduce equipment downtime.
- Source renewable materials for manufacturing and adopt environmentally friendly recycling processes to achieve sustainability goals and gain the upper hand over competitors.