Aerospace Coatings Market Size Historical Growth, Analysis, Opportunities and Forecast

The global aerospace coatings market size is expected to reach USD 2.7 billion by 2026 according to a new study by Polaris Market Research. The report “Aerospace Coatings Market Share, Size, Trends, Industry Analysis Report By Resin (Polyurethane, Epoxy, and Acrylics); By Product (Water based and Solvent based); By Industry (OEM and MRO); By End User (Military & Space, Commercial & Business Aircraft, and Helicopters); By Regions, Segments & Forecast, 2019 – 2026” gives a detailed insight into current market dynamics and provides analysis on future market growth.

 

Aerospace coating is a protective layer for decorative and functional aspects applied to the surface of the aircraft. It’s also called a substratum. Airlines use such coatings for repair, maintenance and painting while protective layer is used to avert external reaction of parts and to prevent chemical reaction with other parts as well. Aircrafts are subjected to high climatic stress causing metal surfaces to wear and tear, resulting in frequent maintenance and repair. Aerospace coatings provide high corrosion resistance, solar heat & ultraviolet rays, fog, and other adverse weather conditions. It also reduces aircraft weight along with high protection and thus helps to reduce CO2 emissions. Increasing number of aircraft in emerging markets such as China due to the growth of the aviation industry, and India is expected to boost demand for aerospace coatings. Airline fusions are of major interest to manufacturers of aerospace coatings, which is expected to fuel the growth of this market.

 

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Technological advances like nano technology will support the growth of the this market. The technology prevents metals used in aircraft from being corrosive. Due to high chemical reactivity, metals such as magnesium are highly prone to corrosion. Materials developed from this technology enhance the aircraft’s metal durability, establishing a significant role in the market for aerospace coating. Aircraft industry’s positive outlook driven by increased demand for commercial, military and general aviation will fuel the market share. Increasing global air traffic, particularly in emerging economies, has led to the expansion of commercial fleet size for airlines.

 

 

Commercial aviation is expected to grow at the significant CAGR during the forecast period as the most lucrative market for aerospace coatings. An increase in the number of air travelers, an increase in cargo traffic and an increase in international trade have resulted in the development of the commercial aviation industry, which is driving the market. Military aviation is the second most attractive market because of increased military & defense investment in countries like the U.S., Mexico, China, India, and Russia. Maintenance, repair and overhaul (MRO) demand will experience the highest rate of growth due to aviation industry consolidation. In the aviation industry, mergers & acquisitions generate new demand for logos, thus fueling demand for aircraft repainting. Furthermore, during the forecast period, faster processing time, wide color options and cost-effective services will support MRO’s market demand.

 

Asia Pacific will display the highest demand CAGR from China, India, Vietnam, Singapore and South Korea. Singapore and Malaysia are the major countries that provide regional and international airlines with MRO services. Increasing demand for commercial aircraft and the establishment of manufacturing facilities in the region by aircraft manufacturers will stimulate market share from 2019 to 2026. Due to rising numbers or air travelers in the UAE, Saudi Arabia and other Middle East countries, Middle East and Africa have a prominent share in the market. Furthermore, focusing on defense spending to expand capacity and upgrade the fleet will fuel the demand for the product across the region.

 

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There are several major players in the market including PPG Industries, Inc.; AkzoNobel N.V; Hentzen Coatings, Inc.; Sherwin-Williams; and Mankiewicz Gebr. & Co. among others. Other major comprises Saint-Gobain S.A; Axalta Coating Systems Ltd; IHI Ionbond AG; Henkel Corporation; AHC Oberflächentechnik; LORD Corporation; NV Specialty Coatings and BryCoat Inc. among others. Acquisitions and mergers by airlines provide manufacturers with growth opportunities as airlines repaint their fleets due to brand and identity changes. Increasing demand is projected to boost market rivalry due to the expansion of the aviation sector and customer preference for quality products. Competition is intense as customer requirements, regular innovation and performance product development are crucial to business growth and to maintaining the global industry position. In order to increase their production, manufacturers focus on cost reduction, faster cycle time, waste reduction and improved efficiency.