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Aerospace Coatings Market is expected to cross 16 kilo tons till 2024. High usage of these coatings in various aircrafts such as military, space, and commercial will primarily drive the industry over the forecast timeframe. Frequent rising air passenger traffic across the globe has led to increased deliveries of aircrafts, further positively influencing the industry demand.Aircraft producers are focusing on using high quality paints and coatings in their manufacturing process. The business is witnessing regular innovations to reduce the overall manufacturing cost and enhance the product efficiency. Nano coatings has gained prominence in the industry in last decade owing to benefits offered such as resistance to dirt and retention of shiny colors for longer duration.
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Epoxy resins are anticipated to generate a demand of approximately 8 kilo tons by 2024. High usage of these resins in traditional aircrafts has resulted in high demand from maintenance, repair, and overhaul (MRO), fostering the industry growth. Additionally, consumer preference can be attributed to its cost effectiveness as compared to the counterparts.
Solvent based coatings will account for over 60% share till 2024. These coatings are less prone to environmental damages due to humidity and temperature. Moreover, the technology leads to considerable reduction in drying time which in turn drive the aerospace coatings market share over the forecast timeline. Water based coatings will exhibit over 6% CAGR from 2017 to 2024 owing to high usage in aircrafts. Environmental and regulatory compliance is another factor significantly contributing to the segment demand.
OEM is expected to register over USD 580 million till 2024. High usage of coatings in aircraft manufacturing will primarily escalate the revenue generation. Rising number of aircraft deliveries has led to increased production of aircrafts, further strengthening the product penetration.
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Exterior application will account for over USD 890 million by 2024 owing to high usage of aerospace coatings in exterior aircraft structural applications. Usage of coatings provides protection to the aircraft exteriors against cracking, erosion, and deterioration. Aerospace coatings market from interior applications will exhibit approximately 7% CAGR owing to rising usage of coatings for functional and decorative purposes. They are used for painting and upgrading the cabin interiors.
Commercial aircrafts are expected to dominate the industry with almost 35% business share by 2024. This can be credited to rising innovations in coatings such as chrome-free-technology. The new technologies are featured with advanced capabilities that offer cost saving. Enhanced coating products lower the overall fuel cost by USD 700 annually. Rising air passenger traffic along with increasing airline mergers across the globe will further propel the industry growth.
Asia Pacific is certainly one of the profitable growth avenues for the overall aerospace coatings market share. Increasing international trade across emerging economies like China and India, along with heavy cargo and passenger traffic are the two primary determinants driving the regional aerospace coatings market demand. As per a latest report by the International Air Transport Association- China pegs the title of world’s fastest growing aviation industry and is projected to surpass even U.S. market valuation from 2022.
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North America aerospace coatings market size is forecast to exceed USD 350 million by 2024. Other than the regional governmental support, this belt houses established coatings manufacturers and new generation aircrafts such as Airbus A350, Boeing 737 MAX, and Boeing 787, which undeniably has opened slew of opportunities for aerospace coatings industry players.
The strategic landscape of aerospace coatings market is chronicled to be rather consolidated with renowned giants like Mankiewicz, PPG Industries, Akzo Nobel NV, Merck Performance, and BASF, procuring almost 50% of the global share. Other prominent players include Brycoat.Inc, Zodiac Aerospace, Argosy International, Cheaerospacel, International Aerospace Coatings Holdings, and NVSC Speciality Coatings.
Table of Contents (ToC) of the report:
Chapter 7. Aerospace Coatings Market, By Aircraft
7.1. Global aerospace coatings market share by aircraft, 2016 & 2024
7.2. Commercial aircraft
7.2.1. Global market estimates and forecasts, 2013 – 2024
7.2.2. Market estimates and forecast, by region, 2013 – 2024
7.3. Military aircraft
7.3.1. Global market estimates and forecasts, 2013 – 2024
7.3.2. Market estimates and forecast, by region, 2013 – 2024
7.4. Helicopters
7.4.1. Global market estimates and forecasts, 2013 – 2024
7.4.2. Market estimates and forecast, by region, 2013 – 2024
7.5. Spacecrafts
7.5.1. Global market estimates and forecasts, 2013 – 2024
7.5.2. Market estimates and forecast, by region, 2013 – 2024
7.6. Others
7.6.1. Global market estimates and forecasts, 2013 – 2024
7.6.2. Market estimates and forecast, by region, 2013 – 2024
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/aerospace-coatings-market
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