The demand within the global market for aerospace coatings has been rising on account of tremendous advancements in the field of defense and aerospace. Aerospace equipments are high-end products that need to be built with immense precision, strength, and miniaturization to ensure improved performance of aircrafts. Hence, aerospace coatings are an important product in the production cycle of aircrafts and drones which is projected to propel demand within the global market for aerospace coatings. It is expected that the global market for aerospace coatings would expand as new rules and regulations with regards to the manufacture of aerospace products come to the fore. Aircrafts consist of highly-complex components that are subjected to harsh external environments, thus, necessitating the coating of high-performance paints on these components. The use of aerospace coatings is not just restricted to the outer surface of aircraft components but is also used for painting the inner surface of aircrafts. Hence, a wide application-portfolio of these coatings is also expected to drive demand within the global market for aerospace coatings. Wing frame, tail frame, and fuselage frame are some of the key aircraft components that are coated with specialised paints.
A report by Transparency Market Research (TMR) predicts that the global market for aerospace coatings would accumulate revenues worth US$2.53 bn by 2025-end, rising up from a value of US$1.53 bn in 2016. The CAGR of the global market for aerospace coatings for the period between 2017 and 2025 is projected to be 5.80%.
Commercial and Business Aircrafts at the Helm of Market Growth
On the basis of end-user, the global market for aerospace coatings can be segmented into military and spacecrafts, helicopters, and business and commercial aircrafts. Amongst these, the demand for commercial and business aircrafts has been touching new heights on account of the growth of globalisation and greater interconnectivity of regions. Furthermore, a number of commercial aircrafts have been bought by multinational firms over the past decade which has propelled global demand for aerospace coatings. Based on the type of resin, the global market for aerospace coatings is segmented into epoxy, polurathene, and acrylics. Besides this, water-based coatings have attracted the highest demand in the aerospace sector on account of the improved performance of these coatings. The other segment based on the technology used for aerospace coatings is solvent-based coatings that shall also gain popularity in the years to come. On the basis of user, the demand for aerospace coatings has flown in from OEMs and MROs over the past decade.
North America to Lead Other Regional Segments
The global market for aerospace coatings has captured a substantial customer base in North America over the past decade. A number of factors including the prominence of the aerospace sector in the US and Canada are responsible for the growth of the regional market. It is also safe to assert that the defense and military industry in the US has attained fruition in recent times, which has also aided the growth of the market for aerospace coatings in North America. Besides North America, the demand for aerospace coatings in Asia Pacific is also expected to reach new levels in the years to follow. This projection can be attributed to the voluminous use of aerospace coatings in the defense sector in India, China, and Pakistan. Furthermore, the efforts of government entities in Asia Pacific to enhance the growth of the aerospace industry have also propelled demand within the regional market for aerospace coatings.
Some of the key players in the global market for aerospace coatings are The Sherwin-Williams Company, Hentzen Coatings Inc, Akzo Nobel N.V, and Mankiewicz Gebr. & Co.
Global Aerospace Coatings Market: Overview
Aerospace Coatings are used to coat the interior and external structural components of aircraft. Innovative technologies and industry friendly regulations implemented by various governments fuel the expansion of aerospace coatings market. Expansion of the aerospace coatings market can be ascribed to the advancements made in the defense and space sector. However, commercial and business aircraft is the key factor driving the global aerospace coatings market.
Increasing air passenger traffic, emerging economies and growing number of low cost carriers are expected to boost the aerospace coatings market in the future. Recent trend of spending heavily on military and space programs are expected to fuel the growth of the aerospace market in near future.
Aerospace coatings are primarily used in aircraft parts such as horizontal stabilizers, vertical fins, wings fairings, and engine cowlings. In the military application segment, coatings are employed in radar panels, avionic racking and rotor blade boxes. Fleet expansion activities, increased competition among global aircraft leaders such as Boeing, expansion of low cost carriers and clause relaxation are the key drivers of the aerospace coatings market. The commonly used resins in the aerospace coating applications include polyurethane, epoxy, acrylics and other resins such as fluoropolymers and polyesters. Among the various technologies, water-based technologies are anticipated to surpass the solvent-based technology in the upcoming years. Aerospace coatings market is heavily dependent on both OEM and MRO segments. With the introduction of new aircraft, OEM is gaining popularity across the globe. The lion’s share of the aerospace coatings market is consumed by the commercial & business aircraft. However, increased spending on the military sector is anticipated to propel the expansion of aerospace coatings market in the near future.
The study provides comprehensive view of the Aerospace Coatings market by dividing it into resin type, technology, user, end-user and geography.
Global Aerospace Coatings Market: Scope of the Study
The report estimates and forecasts the Aerospace Coatings market on the global, regional, and country levels. The study provides forecast between 2017 and 2025 based on volume (tons) and revenue (US$ Mn) with 2016 as the base year. The report comprises an exhaustive value chain analysis for each of the product segments. It provides a comprehensive view of the market. Value chain analysis also offers detailed information about value addition at each stage. The study includes drivers and restraints for the Aerospace Coatings market along with their impact on demand during the forecast period. The study also provides key market indicators affecting the growth of the market. The report analyzes opportunities in the Aerospace Coatings market on the global and regional level. Drivers, restraints, and opportunities mentioned in the report are justified through quantitative and qualitative data. These have been verified through primary and secondary resources. Furthermore, the report analyzes substitute analysis of Aerospace Coatings market and global average price trend analysis.
The report includes Porter’s Five Forces Model to determine the degree of competition in the Aerospace Coatings market. It comprises qualitative write-up on market attractiveness analysis, wherein products, processes, applications and countries have been analyzed based on attractiveness for each region. Growth rate, market size, raw Process availability, profit margin, impact strength, Application, competition, and other factors (such as environmental and legal) have been evaluated in order to derive the general attractiveness of the market. The report comprises price trend analysis for Aerospace Coatings between 2017 and 2025.
Global Aerospace Coatings Market: Research Methodology
Secondary research sources that were typically referred to include, but were not limited to company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report.
In-depth interviews and discussions with wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further helped in developing the analysis team’s expertise and market understanding.
Global Aerospace Coatings Market: Regional Outlook
Regional segmentation includes the current and forecast of Aerospace Coatings in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Key countries such as the U.S., France, Germany, the U.K., China, India, ASEAN, South Africa, Mexico, and Brazil have been included in the study. Market segmentation includes amount of Aerospace Coatings consumed by product, process, and application in all the regions and countries.
Global Aerospace Coatings Market: Competitive Outlook
The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Key players in the aerospace coatings market include PPG Industries, Inc, The Sherwin-Williams Company, Akzo Nobel N.V, Hentzen Coatings Inc, Mankiewicz Gebr. & Co etc. Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments, acquisitions, and financial overview (wherever applicable).
The Aerospace Coatings Market has been divided into the following segments.
Aerospace Coatings Market – Resin Analysis
Aerospace Coatings Market – Technology Analysis
Aerospace Coatings Market – User Analysis
Aerospace Coatings Market – End User Analysis
- Commercial & Business Aircraft
- Military & Space
Aerospace Coatings Market – Regional Analysis
- Rest of Latin America
- Rest of Europe
- Rest of Asia Pacific
Middle East & Africa
- South Africa
- Rest of Middle East & Africa