Aerospace Coatings Market expected CAGR is 6.11% during (2020-2030)

Aircrafts are subjected to very high climatic stress, wear & tear or metal surface, which results in frequent maintenance and repair services. Aerospace coatings are offer high resistance against corrosion, solar, UV rays, fog and other adverse variation owing to which its demand is increasing in the aviation industry. With the increasing air travel in the emerging regions due to affordable service, there is projected substantial growth in the maintenance, repair, and overhaul of various parts, systems, and components; are influencing the growth of the global aerospace coatings market; On the other hand, stringent and time consuming regulatory policies posses significant challenge for the growth of aerospace coatings market.

The aerospace coatings market is expected to witness a CAGR of around 6.11% from 2020-2030 as per new report published by Decision Foresight.

According to the report, rising disposable income in emerging economies along with the boost in growing economy has resulted in expansion of commercial aviation industry. In this regard, a study conducted by the Airbus states that urbanization and development will mean the emerging global middle class of air passengers by 50 % by 2038 to reach 6 billion people.  Also, the study states that Asia-Pacific region is expected to witness significant growth of 4.3% in air traffic, where demand for new planes is set to surpass combined requirement of the North America and Europe. Thus, commercial fleet expansion drives the associated industries, thereby escalating demand over the projected timeline. Also, the rising demand for high performance coatings, significant investments by manufacturers to develop cost-effective products and growing spend on defense leading to grow in military industry, are the other factors driving the growth of the aerospace coatings market.

Based on the type of resin, aerospace coatings market is bifurcated into epoxy, polyurethane, and others. In 2020, Epoxy resins accounted for the largest share of the global aerospace coatings market owing to its higher demand in commercial and military aircrafts; while polyurethane resins is expected to register highest growth rate owing to its high resistance against staining, abrasions, and chemicals. This resin provides an excellent wet look and adhesion to substrates at relatively lower cost.

In 2020, solvent based coatings are projected to dominate the global aerospace coatings market, by technology. The high share of the technology segment is attributed to the on –going technological advancements in this space. Use of advanced technologies such as nano-technology for prevention of corrosions of metals used in aircrafts, solvents development increases the metal durability of the aircraft, thus playing a vital role in the growth of the aerospace coating market. Furthermore, leading players operating in this market are focusing on expanding organically in the aerospace coatings market. In September 2017, AkzoNobel, one of the leading manufacturers of aerospace coatings has established specialty coatings facility at Dongguan, China. This manufacturing facility will aim to develop aerospace coatings for North American and South Asian aviation industry. Also, this facility will provide faster service to existing and new customer base in this rapidly growing market. Such industry developments will propel the growth of aerospace coatings markets during the forecast period.

Consolidations in the aviation industry are generating higher demand for aerospace coatings among the maintenance, repair and overhaul (MRO) service providers. Mergers & Acquisitions in the aviation industry will generate new revenue pockets by rising demand for repainting the aircraft. In addition to this, faster processing time, wide color options, and cost effective services will support the growth of the aerospace coating market.

Leading players in the global aerospace coatings market include PPG industries limited, Akzo Nobel N.V., Hentzen Coatings, Inc, Sherwin-Williams, and Mankiewicz Gebr. & Co., Saint-Gobain S.A; Axalta Coating Systems Ltd; IHI Ionbond AG, Henkel Corporation, and AHC Oberflächentechnik.

Browse key industry insights, market data tables & figures from the report, Aerospace Coatings Market Size By Resin Type (Epoxy, Polyurethane, and others), By technology (Solvent Based Coatings, Water Based Coatings, Powder coatings, and others), By User Type (OEMs, MRO), By end use industry (Commercial Aviation, Military Aviation, and General Aviation), By Application (Exterior, Interior), By Region (US, Canada, Germany, UK, France, China, Japan, India, Korea, Australia, Rest of the world (RoW)), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020-2030”

Market Segmentation

The research report categorizes the global aerospace coatings market by type of resins, by technology, user type, end use industry, application, and region.

By Resin Type           

• Epoxy
• Polyurethane
• Others

By Technology      

• Solvent based coatings
• Water based coatings
• Powder coatings
• Others

By User Type

• Original Equipment Manufacturer (OEMs)
• Maintenance, Repair, and Overhaul (MRO)

By End use Industry

• Commercial Aviation
• Military Aviation
• General Aviation

By Application

• Exterior
• Interior

By Region

• North America

• US
• Canada
• Mexico
• Others

• Europe

• UK

• Germany
• France
• Spain
• Italy
• Others

• Asia-Pacific    

• China
• Japan
• India
• Korea
• Australia
• Others

• Rest of the World (RoW)

• Brazil
• KSA
• South Africa
• Others