Aerospace Coatings Market By Resin, By Technology, By End-User By Geography, Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2019 – 2026
The Aerospace Coatings Market is estimated to reach USD 2.5 billion by 2022, and is poised to witness CAGR of 6.9% over the forecast period 2020-2026. Adoption of nanotechnology in aerospace manufacturing, rising number of aircraft fleets and growing demand from the defense and aerospace industries is expected to propel the market growth.
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The paint industry for aviation industry certainly offers promising growth as paint/s is a crucial component in determining the type of aircraft and purpose of use. Therefore, aerospace coatings are widely used materials across the aviation industry. In addition, many industries are now adopting to eco-friendly alternatives that hold a significant importance in this field. Additionally, paint performance also symbolizes the maintenance of the fleet in order to result in asset protection, optimize fuel parameters and enhance flight performance. Aerospace coatings market is thus analysed to be an emerging market. Earlier coatings were used only by the defence and military but currently it has become a commercial practice in order to magnify the life of aircraft. Rise in number of OEM followed by significant research and development is likely to be the core of market development in the near future.
In any case, coatings incorporated for aircraft applications will lead to integral resists to oxygen. This approach certainly reduces throughput and operational costs. Hence the use of oxygen inhibited UV cure offers a significant advantage in the origination of aerospace coatings market.
Aerospace Coatings Market Drivers:
The aerospace coatings market is significantly driven by increasing urbanization in several countries, inception of eco-friendly products and use of chromo-free technologies. In addition, emergence of the middle-class population in emerging economies are more likely to trigger the market demand in the forecast period. Moreover, use of aerospace coatings for expansion of commercial fleets is augmenting the market growth.