Global Aerospace Coatings Market will reach $ 1,144.1 Million by 2026Download Sample Reports Overview
Aerospace Coatings Market size will exceed $1,144.1 million by 2026, growing at CAGR of 5.5%; according to a new research study by Research Dive.
Growth in the usage of aerospace coatings in various aircrafts such as space, commercial and military will majorly drive the industry over the forecast period. Increasing air passenger traffic globally is further driving the aircrafts deliveries, that is influencing the aerospace coatings industry demand.
Successful growth in worldwide trade is further driving the expansion of commercial aircraft, market size. Governments across the globe are spending huge in aerospace sector, which is significantly contributing towards revenue generation.
Aircraft manufacturers are concentrating majorly on utilization of enhanced quality coatings and paints in the production process. These manufactures are spending huge on research and development process in order to decrease the overall production cost and improve the product efficiency. Additionally, Nano coatings has increased importance in the aerospace industry in recent years due to the various advantages offered such as dirt resistance and retaining of shiny colors for longer life.
Polyurethane resins has accounted for over 42% of the overall revenue in the year 2018. Growing preference towards polyurethane resin is due to its various advantages such as enhanced resistance to the powerful UV rays and other damages that includes staining, abrasion and chemicals. These resins are widely used in latest aircrafts for instance Boeing 787 that is further anticipated to continue its dominance over the forecast period in terms of revenue.
Epoxy resins are projected to raise over the forecast period growing at a CAGR of 6.2%, and is expected to reach$276.9 million by 2026.
Solvent based coatings held the market share of 60% in the year 2018 and is anticipated to continue its dominance over the forecast period. Solvent coatings are highly resistant to environmental damages that occurs due to temperature and humidity. Additionaly, the solvent based coating technology leads to significant reduction in time required for drying which in turn is expected to drive the aerospace coating market over the projected period Water based coatings is anticipated to grow at a CAGR of 6.1% over the forecast period. Regulatory and environmental compliance is another factors that are significantly contributing towards the growth of water based coating segment.
On the basis of aircraft segment commercial aircrafts are anticipated to lead the aerospace coatings market with almost 47% market share by 2026. This can be attributed to the increase in the improvements in coatings for instance chrome-free-technology. The latest technologies include with enhanced capabilities that are cost efficient.
Exterior application is anticipated to value for $652.1 million over the forecast period, this is majorly due to the growing usage of exterior aircraft structures. Application of coatings provides safety to the aircraft exteriors parts from getting cracks, deterioration and erosion, Interior application in aerospace coatings market is anticipated to grow at a CAGR of 5.8% over the forecast period. This growth is majorly due to the increase in the usage of coatings for decorative and functional purposes. Aerospace coatings are widely used for painting as well as upgrading the cabin interiors.
OEM is segment registered a market value of USD 544.2 million in the year 2026. Increase in the usage of coatings in aircraft production will majorly intensify the revenue generation.
North America aerospace coatings market registered the highest market share in the year 2018 accounting for approximately 30% of the global market share. This growth is majorly attributed to the presence of major manufacturer in this region.
Asia-Pacific aerospace coating market is anticipated to grow at a CAGR of 6.3% over the forecast period. This is majorly due to the growing cargo and passenger demand for travelling by air, along with rising international trade in developing economies such as China and India.
The key players in aerospace Coatings key players include Asahi Kinzoku Kogyo Inc., Akzonobel N.V, Hentzen Coatings, Inc., BASF SE, AHC Oberflachentechnik GmbH, Brycoat. Inc., Henkel AG & Co. KGaA, Cheaerospacel, Argosy International, and Hohman Plating & manufacturing LLC. Key industry participants are adopting numerous strategies like new product development and acquisitions to strengthen their position in the current market, and also to expand their existing product line. For instance, on July 2019, AkzoNobel and Airbus partnered and developed and new chromate-free exterior, which is anticipated to enhance the aircraft coatings industry.