The aircraft industry represents less than 1% of the total gaskets market but is expected to be one of the fastest-growing markets for gaskets in the coming five years. The global aircraft gaskets market is projected to grow at a healthy rate over the next five years to reach US$ 249.5 million in 2024. Increasing production rates of key aircraft programs, such as B737, B787, A320, and A350XWB; increasing demand for fuel-efficient aircraft; advancement in gasket materials; and rising global aircraft fleet size are the major factors mushrooming the growth of the market. The market for aircraft gaskets is gradually consolidating as the major companies are performing mergers & acquisitions to quickly gain the leading position in the market. For instance; TransDigm Group Incorporated, a leading global designer, producer, and supplier of highly engineered aircraft components, acquired the Kirkhill Elastomers business of Esterline Technologies at a total purchase price of US$ 50 million in cash. Kirkhill Elastomers is one of the leading companies in the aircraft gaskets market.