Aerospace Coatings Market
Aerospace Coatings Market (Resin - Polyurethane, Epoxy, and Acrylics; Technology - Water-based and Solvent-based; User: OEM and MRO; End-User - Commercial & Business Aircraft, Military & Space, and Helicopters) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
- Chemicals & Materials
- 307 Pages
Aerospace Coatings Market: Demand from the Defense and Aerospace Industry Soars Wing
The aerospace coatings market is expected to register a significant growth in the near future, thanks to rising demand from the defense and aerospace industry. Aerospace coatings have improved significantly in stature. High strength, miniaturization, and precision have become key features of products in the aerospace coatings market. Additionally, these coatings are an important part of not just aircraft manufacturing but are expected to support the new drones industry on the horizon. Coatings used in the aerospace industry are highly complex and protect aerial vehicles from harsh weather conditions. Additionally, aerospace coatings not only help the exterior of aerial vehicles but also decorate the interiors. Furthermore, key components in aircraft designs such as fuselage frame, wing frame, and tail frame benefit significantly from specialized coatings. The high-surface application of coatings, and growing advancements are expected to drive significant demand for aerospace coatings market. Due to the robust demand from the defense and aerospace industry, the aerospace coatings market is expected to clock a CAGR of 5.80% during 2017-2025. The market was evaluated at $1.53 bn in 2016 and is likely to reach US$2.53 bn by 2025-end.
Business Aircrafts to Ride High in the Aerospace Coatings Market
The aerospace coatings market report is segmented into space crafts, military, business, helicopters, and commercial aircrafts. Among these, the business and commercial aircrafts are expected to drive the application of aerospace coatings. The commercial and business aircrafts are witnessing a worldwide expansions, thanks to globalization and increasing cooperation among various governments. Moreover, personal or commercial aircrafts are witnessing a significant rise in demand, thanks to the convenience, prestige, and growing interest in learning modules. Additionally, business aircrafts are often laden with a high-quality, premium coating, and increasing margins in the aerospace coatings market. Rising demand for commercial and business aircrafts, growing purchases by multinational companies, and growth of global aviation in the past decade are expected to boost the aerospace coatings market in the near future.
Water-based Coatings to Dominate the Aerospace Coatings Market
Based on resin type, the global aerospace coatings market is divided into polyurethane, epoxy, and acrylics. Among these, the acrylic coatings, or water-based coatings are expected to dominate demand in the market. The acrylic coatings provide several advantages to aircrafts. Traditional acrylic paints dry quickly. Moreover, these do not require end-users to wait between sessions. Furthermore, these can be shipped quickly and safely within a day or so. The rapid expansion of business aircrafts which require high-quality paints and the rapid delivery of water-based coatings are ideal for each other. Hence, the water-based coatings are expected to dominate growth in the aerospace coatings market in the near future. Moreover, solvent-based coatings are expected to gain traction in the near future. This will also create more opportunities for growth in the aerospace coatings market.
Asia Pacific to Open Up Major Opportunities
Among regions, the aerospace coatings market is expected to witness the highest demand in North America. The growing defense and aerospace spending in US is expected to drive significant demand for the aerospace coatings market. Additionally, growing demand from India, China, and some turbulent regions around the world in defense and aerospace sector is rising. This is expected to drive significant growth for the aerospace coatings market in the near future. Asia Pacific is also witnessing tremendous opportunity for growth as the region witnesses old rivalries intensify, resulting in increased demand in the aerospace coatings market.
Beneficial Properties to Escalate the Growth Prospects across the Aerospace Coatings Market
The aerospace coatings market is anticipated to gain good growth opportunities across the assessment period of 2017-2025. The escalating demand from the aerospace and defense sector will serve as a profitable growth prospect. Investments in the aviation sector have increased considerably over the years. Thus, this aspect will prove to be a prominent growth generator for the aerospace coatings market.
- Aerospace coatings are one of the most advanced types of coating available in the market. The maintenance team makes use of these coatings on a large scale to extend the life of aircraft. These coatings are applied to helicopters, jets, airplanes, and aircraft to protect them from corrosion and maintain their appearance. The functionality of these coatings will add extra stars of growth.
- The properties of aerospace coatings make them of great use across the aerospace industry. They are weather-resistant and minimize drag resistance. Many other properties make these coatings a great option for aircraft. Thus, all these factors bring tremendous growth opportunities.
- The increasing investments in research and development activities by the players for introducing new formulations will boost the growth prospects to a great extent. Expansion activities and strategic collaborations will propel the growth.
- The novel coronavirus pandemic has led to stagnancy in the aviation sector. The restrictions on air travel ruined the growth projections of the aviation industry. It has affected the associated industries as well. Manufacturing units were also closed for a brief period in the strict lockdown period further leading to great losses across the aerospace coatings market.
- The relaxation in air travel restrictions has provided relief to the players in the aerospace coatings market. The mass vaccination drives undertaken by various countries will further help in improving the growth rate of the aerospace coatings market.
Aerospace Coatings Market to Rise Remarkably Owing to Use of Nano-structure Metals on Airplane Production
The aerospace coatings market is to a great extent driven by expanded interest for aerospace coatings from different end clients, like business avionics, military flight, and general flying. Developing pattern of lighter and productive airplanes has prompted reception of nanotechnology in aerospace fabricating. Nanostructure metals are utilized in airplane producing, as nano structure metals have preferred properties over bigger grain structures. Nano-Structure metals offers rigidity, consumption opposition, and low thickness alongside lighter material. This light weight of airplane development prompts less fuel utilization and low carbon impression.
Aerospace coatings have improved essentially in height. High strength, scaling down, and accuracy have become key highlights of items in the aerospace coatings market. Also, these coatings are a significant piece of airplane producing as well as are relied upon to help the new robots industry not too far off. Coatings utilized in the aerospace business are exceptionally perplexing and shield airborne vehicles from brutal climate conditions. Moreover, aerospace coatings help the outside of flying vehicles as well as design the insides. Moreover, key parts in airplane plans, for example, fuselage outline, wing casing, and tail outline advantage altogether from specific coatings. The high-surface utilization of coatings and developing progressions are relied upon to drive critical interest for aerospace coatings market.
The business and business airplanes are witnessing overall extensions, responsible to globalization and expanding participation among different governments. Additionally, individual or business airplanes are seeing a critical ascent popular, on account of the comfort, notoriety, and developing revenue in learning modules. Also, business airplanes are frequently loaded down with an excellent, premium covering, and expanding edges in the aerospace coatings market. Rising interest for business and business airplanes, developing buys by worldwide organizations, and development of worldwide avionics in the previous decade are relied upon to support the aerospace coatings market sooner rather than later.
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.
End User Analysis
Middle East & Africa