Subjects: RCY, MRR
Global Aircraft Recycling Market: Unlocking Value and Sustainability Amidst Growing Retired Aircraft Challenges
Aviation's next frontier: accelerating sustainable aircraft reuse, addressing industry challenges and opportunities.
BOSTON, April 30, 2024 /PRNewswire/ -- "According to the latest BCC Research study, the demand for Global Aircraft Recycling Market is growing from $4.7 billion in 2023 to $9.7 billion by the end of 2028, at a compound annual growth rate (CAGR) of 15.8% from 2023 through 2028."
This report scopes the global aircraft recycling market based on parts, materials, aircraft types, and recycling processes. The market is divided into four regions: North America, Europe, Asia Pacific, and Rest of the World (RoW). North America will account for more than half of the global market by 2022.
Aircraft recycling is dominated by engines, which account for more than 70% of their total value. Recycling aircraft materials is more efficient and cost-effective than raw materials, with recycling rates as high as 99% in some cases. This highlights the sector's potential to significantly improve sustainability and resource efficiency.
To know more about the Global Aircraft Recycling Market report, click here for more details.
Key Drivers of the Global Aircraft Recycling Market
Growth of Global Aircraft Fleet: More aircraft are flying worldwide, and as older aircraft are retired, recycling them is essential to sustainably manage the fleet and recover valuable parts.
High MRO (Maintenance, Repair, and Overhaul) Cost of Aircraft: Maintenance costs for older aircraft are high. Recycling provides a cheaper way to recover parts, lowers maintenance costs, and makes aircraft ownership more affordable.
Advances in Aircraft Technology: Newer planes are more efficient and safer. Recycling old models helps airlines transition to these greener options and drives innovation in sustainable aviation.
Low Prices of Old Aircraft Parts and Materials: Used aircraft parts are cheaper than new aircraft parts. Recycling allows these parts to be resold, saving airlines and customers money while reducing waste.
High Cost of Storing a Flying-Condition Airframe: Keeping unused planes in flying condition is pricey. Recycling allows airlines to break them down, saving on inventory costs and cost-effectively for all involved.
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Report Synopsis
Report Metrics | Details |
Base year considered | 2022 |
Forecast Period considered | 2023-2028 |
Base year market size | $4.0 billion |
Market Size Forecast | $9.7 billion |
Growth Rate | CAGR of 15.8% from 2023 to 2028 |
Segment Covered | By Component, Material, Aircraft Type, Recycling Process, and Region |
Regions covered | North America, Europe, Asia-Pacific, and the Rest of the World (RoW) |
Key Market Drivers |
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Segmentation Analysis:
- Components: Aircraft recycling targets valuable components like engines, landing gear, avionics, and smaller parts, for reuse and disposal.
- Materials: Aluminium, steel, composites, titanium, and other materials are recycled from aircraft to conserve resources and minimize waste.
- Aircraft Types: Commercial and general aircraft, including narrow and wide-body planes, as well as military aircraft, undergo tailored recycling processes.
- Recycling Process: Mechanical and chemical methods disassemble aircraft to salvage components and materials, ensuring efficient and sustainable recycling practices.
This report on the Global Aircraft Recycling Market provides comprehensive insights and analysis, addressing the following key questions:
- What is the projected market size and growth rate of the market?
The global aircraft recycling market was valued at $4.0 billion in 2022 and will reach $9.7 billion by 2028, and the growth rate is 15.8% for the forecast period 2023-2028. - What are the key factors driving the growth of the market?
- Growth of the global aircraft fleet.
- High maintenance, repair, and overhaul (MRO) cost of aircraft.
- Technological advancements in current aircraft technology.
- Low prices of old aircraft parts and materials.
- High cost of storing a flying condition airframe.
- What segments are covered in the market?
The aircraft recycling market is segmented based on Components, Materials, Aircraft Type, and Recycling Process. The Component segment is categorized into Engines, Landing Gears, Avionics, and Other; the Materials segment is categorized into Aluminium, Steel, Composites, Titanium, and Other; the Aircraft Type is categorized into Commercial, General, and Military; and the Recycling Process is categorized into Mechanical and Chemical. - By Components, which segment will dominate the market by 2028?
The Engine segment dominates the component segment. - Which region has the highest market share in the market?
North America has the highest market share in the market; the market is holding the highest share based on various factors such as major presence of aircraft and recyclers in the region, easy and fast technological penetration in the region, and favourable government support for sustainable aviation practices and environmental stewardship.
Some of the Key Market Players Are:
- AIRCRAFT END-OF-LIFE SOLUTIONS (AELS) BV
- AEROCYCLE
- AIRCRAFT RECYCLING INTERNATIONAL LTD.
- CAVU AEROSPACE INC.
- COMAV (COMMERCIAL AVIATION SERVICES)
- ECUBE
- EIRTRADE AVIATION
- JET AIRCRAFT SERVICES
- TARMAC AEROSAVE
- VALLAIR
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