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 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 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.
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.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
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.
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
By User Type
By Product Type
Aerospace is a diverse industry which comprises of space, commercial aviation, defense and military, business aviation. A single aircraft is a highly complex assembly of specific machinery and components. This specific component has its own technical functionalities and requirements. When it comes to airplanes or aircraft, the coating part represents a highly technical challenge for paint makers because the coating is important in the aircraft and aerospace industry as compared to the paints. This is because they need to withstand temperature variations ranging from -44.45°C in the air to 50°C on the ground, as well as it should possess the ability to withstand strong UV ray exposure at 35,000 feet. Including temperature fluctuations, the coatings also need to withstand the air pressure variations, resist erosion from air drag and deflect which is caused by the impact of dust traveling at 500 mph and resist contact with aggressive fluids such as de-icing fluids and hydraulic liquids.
The aerospace coating is experiencing the highest growth rate in developed as well as developing nations. The development of the market is totally driven by technology. The introduction to the chrome-free and low VOC coatings is expected to drive the growth of the market. This is because of the strict government rules and regulations formulated across the nations in order to maintain sustainability. Rising fuel cost and increase in passenger traffic across the globe due to economical airfares are going to have a positive impact on the development and growth of the market. In addition, continuous R&D activity to lower the manufacturing and operating cost with enhanced production efficiency is the key focus area of the manufacturers. Furthermore, the rising need to replace old and less-efficient airplanes is expected to propel the market growth. Such factors are contributing to the aerospace coatings market growth over the forecast period.
Based on resin, the aerospace coatings market is segmented into epoxy, polyurethanes, and others. On the basis of technology, the market is segmented into liquid based coatings and powder-based coatings. On the basis of application, the market is categorized into interior and exterior. On the basis of end-user, the market is bifurcated into commercial aviation, military aviation, and general aviation.
Asia Pacific is expected to grow at the highest CAGR rate in the global aerospace coatings market during the forecast period. The growth of this regional market is attributed due to high demand from India, China, Vietnam, Singapore, and South Korea. Moreover, Singapore and Malaysia are the nations which are considered for providing MRO services to regional and international airlines. These factors are anticipated to further drive the industry growth in the region over the forecast period. The Middle East and Africa region are predicted to provide significant opportunities for aerospace coatings. The increase in the air traffic in the region is expected to fuel the market. Such factors are expected to drive the aerospace coatings market growth over the forecast timeframe.
Some of the industry players operating in the aerospace coatings market include Hohman Plating & Manufacturing LLC, NVSC Specialty, Asahi Kinzoku Kogyo Inc., Cheaerospacel, AHC Oberflchentechnik GmbH, Argosy International, International Aerospace Coatings Holdings LP, Brycoat Inc., Coatings, Merck Performance Materials, and Zodiac Aerospace.