Aircraft Recycling In-Depth Analysis Of The Market: Key Drivers, Trends, Growth Opportunities, And Forecast 2024-2033

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The aircraft recycling market has recorded impressive growth in the recent past. The market, which was worth $4.74 billion in 2023, will grow to $5.14 billion in 2024, exhibiting a compound annual growth rate CAGR of 8.3%. This sturdy growth in the historic period has been driven by fleet retirement and replacement, tightening of environmental regulations, the adoption of sustainability goals, circular economy initiatives, growing scrap value of aircraft components, and airline cost reduction strategies. Meanwhile, an elevation in the retirement and phasing out of aircraft is predicted to stimulate the augmentation of the aerospace recycling market going forward.

So, What Is the Future Projection of the Aircraft Recycling Market?

The aircraft recycling market size is poised to chart a hefty growth trajectory in the forthcoming years. Forecast suggests the market will escalate to $6.94 billion in 2028, growing at a solid CAGR of 7.8%. Factors laser-focused on driving this growth in the forecast period include increasing fleet sizes and renewal cycles, robust regulatory support and standards development, the rise of sustainable aviation initiatives, surging market demand for recycled materials, and escalating public awareness of environmental impact. The horizon also reveals a surge in major trends, including advancements in recycling technologies, strategic partnerships and collaborations, technological advancements in aircraft design, a global focus on green technologies, and innovations in recycling processes.

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And What Are the Growth Stimulants Driving the Market?

An increase in retired and worn-out aircraft projects an expansion in the growth of the aerospace recycling market. Aircraft that have reached the end of their useful lives or have become too expensive to maintain and operate are classified as retired or worn-out. Through recycling, the most valuable components such as engines and parts can be reused, adding to the profitability of recycling operations. The International Civil Aviation Organization ICAO, a Canada-based specialized agency of the United Nations, estimates that every year, around 600–1000 commercial aircraft are retired worldwide. Projections from ICAO and Airbus suggest that there could be 15,000 retired aircraft by 2040. Therefore, the increase in retired and worn-out aircraft is driving the growth of the aircraft recycling market.

Who Are the Key Players in the Market?

Conglomerates driving growth in the aircraft recycling market include Bombardier Inc., GA Telesis LLC, Evergreen Aviation Technologies Corporation, AerSale Inc., Roswell Aerospace Inc., Apple Aviation Limited, ComAv Technical Services LLC, AerFin Ltd., Jet Midwest Group LLC, Aerothrust Holdings LLC, Vallair Industry Sarl, Aviation International Recycling Ltd., Tarmac Aerosave SAS, Universal Asset Management, AeroTurbine Inc., VAS Aero Services LLC, KLM UK Engineering Limited, Air Salvage International Limited, Total Technic Limited, ARC Aerosystems, GJD AeroTech Ltd., eCube Solutions Ltd., Aerocycle Inc., Sycamore Aviation Ltd., Aircraft Part Out Company Ltd., AELS, ELG Carbon Fibre Limited, AeroMock-Ups Inc., Regional Air Services LLC, and Recycled Aircraft Materials Inc.

Any Key Trends Gaining Traction in the Market?

The wave of sustainable aircraft recycling services is whipping up a storm in the aircraft recycling market. Aircraft recycling market majors are developing sustainable aircraft recycling services to reinforce their foothold in the market. Airbus, a France-based aerospace company, signed a Memorandum Of Understanding MOU with the city of Chengdu and Tarmac Aerosave, a France-based aerospace company, to develop a sustainable aircraft lifecycle service center in China. The pact paves the way for a myriad of services including aircraft parking, maintenance, storage, conversions, upgrades, recycling services, and dismantling for different aircraft.

How Is the Market Segmented?

The aircraft recycling market recorded in this report is segmented throughout:

1 By Product: Engines, Landing Gear, Avionics
2 By Material: Aluminum, Other Metals And Alloys
3 By Aircraft: Narrow-Body, Wide-Body, Regional

Which Regions Are Leading in Market Penetration?

In 2023, North America proved to be the biggest region in the aircraft recycling market. Other regions covered in the aircraft recycling market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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