PUBLISHER: Acute Market Reports | PRODUCT CODE: 1236709
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1236709
Aerospace coating is an excellent performing coating material which resists temperature fluctuation, tackles air instability or imbalance in air pressure, and provides protection from chemical attacks such as from cleaning chemicals, fuel and hydraulic fluid. It also provides protection from corrosion or humid conditions.
Potential global aerospace coatings market drivers are growing cargo traffic followed by increase in air travelers and rise in international trade which helped to develop commercial aviation industry. Increase in investment for military or defense services is projected as a lucrative market mostly in U.S, China, Russia and India. Growth of aviation industry resulted in growth in number of aircrafts in developing markets such as China and India is expected to fuel the growth of aerospace coatings market. Another major driver is mergers and acquisition by airlines which results in increase in product portfolio and innovation which is forecasted to further boost the aerospace coatings market. Apart from this, innovation in chromo free technology, availability of environmental-friendly coatings product, coupled with growth and innovation in engineering and design services are anticipated to make new potential opportunities for expansion of aerospace coatings market.
By resin type, aerospace coatings market is segmented into Polyurethanes and Epoxy among others. In 2022, polyurethanes dominated the market owning to its high resistance to straining, abrasion and chemicals. In addition to this, it is also estimated to grow at the highest CAGR as it shows high resistance for ultraviolet (UV) rays making it an ideal choice for aerospace coatings market. By technology, aerospace coatings market is segmented into liquid or solvent based coating, water based coating and powder based coatings among which liquid or solvent based coatings is anticipated to witness the highest growth owing to exceptional coverage on inside corners and hard to reach areas. It also provides uniform and smooth finishing as compared to its other counterparts. By application aerospace coatings market is bifurcated into exterior and interior where exterior dominated the market and is expected to maintain its dominant position during the forecast period owing to growing use of aerospace coatings to fully coat the exterior side of an aircraft to prevent it from UV rays, cracking or any deterioration.
By end-use, aerospace coatings market is segmented into commercial aviation, military aviation and general aviation among which commercial aviation segment dominated the market owing to increase in aircrafts dedicated for international trade.
On the basis of geography, global aerospace coatings is categorized into North America, Europe, Asia- Pacific, Latin America, and Middle East & Africa. In 2022, North America held the largest market both in value and volume terms mainly due to exceptionally high demand of aerospace coatings in defense and military sector which helped the region to become the market leader among others. While Europe is expected to closely follow North America, Asia Pacific is expected to witness a tremendous increase in aircraft production coupled with a wide expansion of defense services. Apart from this, Latin America and Middle East & Africa is also forecasted to witness significant growth in aerospace technology mainly attributed to increase in number of flight passengers. As per the General Civil Aviation Authority of UAE, it hosts the second largest airport in the United Arab Emirates (UAE). In addition to this, Abu Dhabi International Airport (AUH) is one of the rapidly growing airport hubs, serving almost ninety four destinations in over fifty six countries.
Drivers
Increase in air passenger traffic
Technological innovations will drive the growth
Opportunities
Increasing government spending will propel the growth
Restraints
Volatility in prices will challenge the growth
Key players across the global aerospace coatings market value chain are:
PPG Industries, Inc, The Sherwin-Williams Company, Akzo Nobel N.V, Hentzen Coatings Inc, Mankiewicz Gebr. & Co., BASF, Argosy International, Heinkel, Merck Performance Materials, International Aerospace Coatings Holdings, Asahi, Brycoat, KGaA, BASF SE, IHI Ionbond AG, Mapaero, Zircotec Ltd., AZTRON TECHNOLOGIES, LLC (U.S.), Axalta Coating Systems (U.S.), KC Jones Plating Company. (U.S.), OM Sangyo Co., Ltd. (China), ENDURA PLATING TECHNOLOGY (U.S.), Twin City Plating (U.S.), Nickel Composite Coatings, Inc.(U.S.), SURTECKARIYA Co., Ltd. (Mexico), Hunger International GmbH (Germany), RPM International (U.S.), Others.
Historical & Forecast Period
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Aerospace Coatings market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users and consumption volume, price and value.
Geographical revenues generate by countries considered in the report:
Micro and macro environment factors that are currently influencing the Aerospace Coatings market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
Market Segmentation
Resin
Polyurethanes
Epoxy
Others
Technology
Liquid or Solvent Based Coating
Water Based Coating
Powder Based Coating
Application
Exterior
Interior
End-use
Military Aviation
Commercial Aviation
General Aviation
Region Segment (2021-2031; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report:
What are the key micro and macro environmental factors that are impacting the growth of Aerospace Coatings market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2031.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Aerospace Coatings market?
Which is the largest regional market for Aerospace Coatings market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Aerospace Coatings market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Aerospace Coatings market worldwide?