Aerospace Coatings Market Size, Share, Growth Report 2030

Aerospace Coatings Market: Industry Prospective

The Aerospace Coatings Market was worth around USD 1859.5 million in 2021 and is estimated to grow to about USD 2652.70213 million by 2028, with a compound annual growth rate (CAGR) of approximately 6.1 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.

Aerospace Coatings Market: Overview

An aerospace coating is a covering that is applied to the surface of an object, usually referred to as a substrate. The aerospace coating is also known as aircraft paint, aviation paint, or aircraft coating. It is used by the aircraft's manufacture, repair, and maintenance teams to extend the life of the aircraft's structures. The purpose of applying the coating may be decorative, functional, or both. The coatings are designed in such a way that the fluctuations in temperature and air pressure can be covered. It offers high resistance against corrosion, solar heat & ultraviolet rays, haze, and other adverse weather conditions. Aerospace coatings also allow these machines to achieve faster speeds and greater fuel efficiency while withstanding hard conditions.

The demand for aerospace coatings is being driven by the thriving demand for commercial aircraft throughout the world. Especially in developing countries, more people are opting for air travel as it has become an affordable option. They now prefer modes of transportation that are convenient as well as provide speed. This is furthering the demand for aerospace coatings. Increased international air passenger traffic has triggered the demand for commercial aircraft and, hence, increased the production of commercial aircraft. The considerable growth of the aerospace coatings industry is significantly influenced by the scenario for aviation production and the growing fleet size.

COVID-19 Impact:

Covid 19 pandemic had a huge negative impact on the aerospace coatings market. The COVID-19 outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Chemicals and materials, and aerospace are among the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. It brought the airline industry to a standstill for two years. Now, airline travel is beginning to resume but drastically scaled back. Hopefully, a full recovery will be seen by 2023, as air travel begins to return to normal and more people are comfortable traveling again. Due to this, a reduction in aircraft production has meant there is less demand for coatings. This resulted in not only a decline in demand for coatings in general but also more spontaneous call-offs and an increased focus on slighter maintenance programs.

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Aerospace Coatings Market: Growth Drivers

Increasing air travel demand due to affordable carriers in the developing regions

In emerging regions, people are starting to travel by air much more often now, and therefore the aerospace industry is experiencing an increase in the passenger air travel segment. The reason for this is low-cost carriers and people from the developing economies of APAC, Middle East & Africa, and South America are opting for air travel more than before. The number of people using air transport is increasing, in turn driving the demand for larger airplanes. This demand is projected to fuel the growth of aerospace coatings.

Aerospace Coatings Market: Restraints

Reduced defense expenditure in developed economies

The global defense spending is diminishing due to defense budget reductions by key defense spending countries. The defense market is impacted mainly by the reductions in defense spending by the U.S., which is the highest spending nation in the world. The main reason for this is the fact that Afghanistan has fallen to the Taliban and Iraq no longer needs as much of a Western military presence. Many developing nations, however, are spending more on defense. These include nations like China, India, the nations in the Middle East (UAE), Japan, Russia, and Brazil.

Aerospace Coatings Market: Segmentation

Aerospace Coatings Market is segregated based on resin type, technology, user type, end-user, application, and product type.

By resin type, the global market is distinguished into Polyurethanes, Epoxy, and Others (Silicone, Polyester, and Acrylic). The major resins of aerospace coatings in the industry are polyurethane and epoxy, among others. Epoxy coatings are the dominant product type in the global aerospace coatings market. The epoxy-based resins are reinforced polymers derived from petroleum sources, after a reaction process involving epoxide units. These resins help develop several properties, including strength, durability, and chemical resistance, in coatings. According to the forecast report by GMI, the polyurethane resin segment in the market will witness a growth of over 6.5% through 2026.

By end-user, the global market is bifurcated into Commercial Aviation, Military Aviation, General Aviation, Space, Business Aircrafts, Helicopters, and Others. The leading end-use sectors in the market are military aviation, commercial aviation, and general aviation.

Report Scope:

Recent Developments

• In April, United States president Joe Biden signed off on a USD 29 billion increase to his requested national defense budget for the fiscal year 2022, a massive increase that was approved alongside another USD13.6 billion in the emergency military and philanthropical aid for Ukraine as Russia's deadly war on that country continues.
• In February 2018, PG Technologies Ltd. announced that it plans to add new additional coating capacity in Singapore to meet the ever-increasing demand from the aviation industry.

Aerospace Coatings Market: Regional Landscape

The North American region is expected to dominate both in terms of regional CAGR and market share. The reason for this is that the United States manufactures and exports the largest number of aircraft in the world. This has resulted in the increase of many international and domestic flights which require the usage of more planes. Therefore, the demand for aerospace coatings has increased significantly. Followed by it, the European region has the second-largest aerospace coatings market share. The reason for this is the increase in innovative usages for aerospace coatings. It is followed by the APAC region which is expected to have a CAGR of 4.8%. The Middle East and North Africa and Latin American regions are seeing significant growth because their governments are investing intensively in the aerospace industry and because of the presence of tourism in these areas.

Aerospace Coatings Market: Competitive Landscape

Some of the main competitors dominating the Aerospace Coatings Market include - PPG Industries, AkzoNobel N.V., Mankiewicz Gebr. & Co., Hentzen Coatings, Inc., and Sherwin Williams.

Aerospace Coatings market is segmented as follows:

By Resin Type

• Polyurethanes
• Epoxy
• Others (Silicone, Polyester and Acrylic)

By Technology

• Liquid Coating-based
• Solvent-based
• Water-based
• Powder Coating-based
• Others

By User Type

• MRO
• OEM

By End-User

• Commercial Aviation
• Military Aviation
• General Aviation
• Others
• Space
• Business Aircrafts
• Helicopters

By Application

• Exterior
• Interior

By Product Type

• Topcoat
• Primer
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa