Aerospace Coatings Market Size and Growth Rate:
According to our research report, the Aerospace Coatings Market Size was capitalized at USD XX Million in 2018. The Aerospace Coatings Market is expected to exceed USD XX million by 2023 and grow at a compound annual rate of XX% from 2018 to 2023.
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Aerospace Coatings Market Growth Drivers and Restraints:
Aircraft are subjected to high climatic stress, which causes wear & tear of metal surfaces, resulting in frequent maintenance and repair. Aerospace coatings offer high resistance against corrosion, solar heat & ultraviolet rays, fog, and other adverse weather conditions. Along with high protection, it also reduces the weight of aircraft and helps reduce CO2 emissions.
Growing defensive maintenance techniques used in original equipment manufacturers (OEMs) to reduce overall production cost is estimated to drive aerospace coatings market growth over the forecast period. Rising demand for aerospace coatings owing to its superior properties and functionality as compared to other products is a major factor driving the global aerospace coatings market growth over the forecast period.
Moreover, fluctuating raw-material prices in developing as well as developed countries is a major factor expected to hamper the growth of the global market to a certain extent.
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Aerospace Coatings Market Regional Analysis:
In terms of geographical coverage, North America aerospace coatings market size crossed 3-kilo tones in 2016. Presence of key aircraft manufacturers coupled with new aircraft advancements such as 787 & 737 MAX by Boeing and A350 & A320neo by Airbus will support the industry growth. The U.S., Germany, India China, Japan, France, and Russia are expected to persist as successful aerospace coatings markets.
Asia Pacific will present the largest CAGR with huge interest coming from India, Vietnam, Singapore, China, and South Korea. Malaysia and Singapore are the major countries providing MRO services to regional and international airlines. Promoting commercial aircraft demand and aircraft producer’s building manufacturing facilities in the country will stimulate aerospace films market share till 2024.
The Middle East and Africa accounts for a prominent share in aerospace coatings market due to the mounting number or air travelers in Saudi Arabia, UAE, and other countries. However, focus on defense spending for capacity expansion and fleet up gradation will fuel the product demand across the region.
Notable Companies Operating in the Aerospace Coatings Market
- Akzonobel N.V.
- Argosy International
- BASF SE
- Henkel AG & Co. KGaA
- Hentzen Coatings, Inc.
- IHI Ionbond AG
- Mankiewicz Gebr. & Co.
- PPG Industries, Inc.
- The Sherwin-Williams Company
- Zircotec Ltd
- Zodiac Aerospace
Detailed segmentation for the Aerospace Coatings Market:
- Others (Silicone, Polyester etc.)
- Powder Coatings
By End User
- Original Equipment Manufacturer (OEM)
- Maintenance Repair & Operations (MRO)
- Commercial Aviation
- Military Aviation
- General Aviation
By Geographical Segmentation:
- North America
- Latin America
- Middle East & Africa
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