Rising Aircraft Production Boosting the Uniaxial Diffusion Bonding Furnace Market Growth
According to our latest study on “Uniaxial Diffusion Bonding Furnace Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Ceiling Temperature and Application,” the uniaxial diffusion bonding furnace market is projected to grow from US$ 140.46 million in 2022 to US$ 230.74 million by 2028; it is estimated to grow at a CAGR of 8.6% from 2022 to 2028.
The aircraft manufacturing industry has been witnessing constant pressure from the commercial aviation sector to deliver the required volumes of aircraft fleets of various models. The demand for aircraft fleets is growing among commercial airlines due to the surging number of low-cost carriers (LCCs) and the adoption of fleet expansion strategies by full-service carriers (FSCs). Airbus, Boeing, and other aircraft manufacturers are receiving increasing order volumes and adding substantial fleets due to the growing number of LCCs. Currently, the demand for wide-body and narrow-body aircraft fleets is high. However, the inclination toward long-range, narrow body types is increasing as most commercial aviation companies are focusing on enlarging the fleet size and lowering operational costs. The manufacturers of general aviation aircraft, such as piston aircraft, turboprop aircraft, business jets, and helicopters, have been observing remarkable demand for their aircraft models over the past couple of years. The demand for chartered and business jets is rising across the world. Uniaxial diffusion bonding process is extensively used in aircraft manufacturing to integrate composites to advanced alloys for functional, structural, and thermal management applications such as fuel cells, heat exchangers, gas turbines, fuel injectors, and other systems. Thus, the increasing production of aircraft fuels the growth of the uniaxial diffusion bonding furnace market.
Uniaxial Diffusion Bonding Furnace Market – by Region, 2021 and 2028
North America and Europe Uniaxial Diffusion Bonding Furnace Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Ceiling Temperature (Equal or Greater than 1800 C and Less than 1800 C) and Application (Aerospace, Automotive, Medical, Energy & Power, Tools & Dies, and Others)
North America and Europe Uniaxial Diffusion Bonding Furnace Market to Grow at a CAGR of 8.6% to reach US$ 230.74 million from 2022 to 2028
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Source: The Insight Partners Analysis
The growing demand for charter operations across different regions is one of the major drivers aiding the growth of general aviation aircraft production across the world. Charter operators worldwide are constantly expanding their routes and also adding new aircraft to their respective fleets, owing to the growing need for nonscheduled business travel. Thus, the demand for business jets and turboprops is growing across the world. Further, the demand for light sport and trainer aircraft remained high worldwide, thereby leading to growth in the overall general aviation fleet production worldwide. The increasing manufacturing of aircraft is also influencing the demand for aircraft wings. Aircraft wings are highly manufactured with titanium and titanium alloys, which is propelling the demand for uniaxial diffusion bonding furnaces for seamless bonding of different materials. Thus, the above-mentioned factors are driving the uniaxial diffusion bonding furnace market growth.
The uniaxial diffusion bonding furnace market is segmented on the basis of ceiling temperature, application, and region. Based on ceiling temperature, the uniaxial diffusion bonding furnace market is bifurcated into equal or greater than 1800 C and less than 1800 C. In terms of application, the uniaxial diffusion bonding furnace market is segmented into aerospace, automotive, medical, energy and power, tools and dies, and others. Based on region, the uniaxial diffusion bonding furnace market is segmented into North America and Europe.
Impact of COVID-19 Pandemic on Uniaxial Diffusion Bonding Furnace Market Growth
The emergence and rapid spread of SARS-CoV-2 infection paralyzed several developed and developing countries across the world. Stringent lockdowns imposed by regional government bodies to combat the rapid spread of the virus infection and regulations on international trade were among the major factors that negatively impacted the market growth. The manufacturing sector was drastically impacted during the first two quarters of 2020. Industries across the regions operated at low capacity to ensure the safety of the workers and maintain social distancing norms imposed by the governments. These factors decreased the production volume across industries such as automotive and aerospace. The drop in the production volume in the industries mentioned above, negatively impacted the demand for uniaxial diffusion bonding furnaces. Moreover, the supply chain disruption across the world negatively impacted the supply of raw materials and components for the manufacturing of diffusion bonding furnaces. These factors hindered the market in the first two quarters of 2020. However, with the ease in restrictions by government bodies, the supply of components from countries such as China resumed, thereby aiding in the revival of the market from Q3 of 2020.
Centorr Vacuum Industries, Ipsen, Oxy-Gon Industries Inc, Thermal Technology LLC, Seco/Warwick SA, AVS Inc, PVA TePla AG, TAV Vacuum Furnaces Spa, IHI Machinery and Furnace Co Ltd, and IVI Corp are among the key players operating in the uniaxial diffusion bonding furnace market.
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