Rising aircraft manufacture and sales by key manufacturers is expected to fuel the global aerospace coatings market growth, with a CAGR of 5.5% in the 2019-2026 timeframe. The Asia Pacific region is likely to lead the market in the future.
NEW YORK, Jan. 25, 2023 /PRNewswire/ — Research Dive has added a new report to its offerings titled, “Aerospace Coatings Market, By Resin (Polyurethane Resin, Epoxy Resin, Others), By Technology (Solvent Based Coating, Water Based Coating, Powder Coating, Others), By Aircraft (Spacecraft, Military Aircraft, Helicopter, Commercial Aircraft, Others), By (Interior, Exterior), By End-use (MRO, OEM): Global Opportunity Analysis and Industry Forecast, 2019–2026”.
The global aerospace coatings market is expected to garner $1,144.1 million by 2026, growing at a CAGR of 5.5% from 2019 to 2026. The report delivers comprehensive insights into the current condition and future prospective of the industry by meticulously examining market drivers and restraints, opportunities, major segments, and regions.
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Key Segment Findings of the Aerospace Coatings Market
The market is segmented based on resin, technology, aircraft type, application, end-use, and region.
- The epoxy sub-segment of the resin segment is estimated to witness leading growth by surpassing $478.4 million in the estimated period. This growth is mainly because epoxy resins-based aerospace coatings possess several properties like chemical resistance, strength, and durability.
- The solvent-based sub-segment of the technology segment is anticipated to observe highest growth with a CAGR of 5.3% in the estimated period. This growth is mainly because of the rising use of solvent-based coatings owing to their several properties like better coverage, even surface finish, and high carrion resistance.
- The commercial aircrafts sub-segment of the aircraft type segment is anticipated to observe maximum growth with a CAGR of 5.3% in the estimated period. This growth is mainly because of the rising per capita income of passengers, among middle as well as higher class population across the globe, to spend on air travels.
- The exterior application sub-segment of the application segment is anticipated to observe highest growth in the estimated period. This growth is mainly because of the rising use of aerospace coatings for exterior use owing to the need to handle severe climate conditions.
- The OEM sub-segment of the end-use segment is estimated to witness rewarding growth opportunities in the estimated period. This growth is mainly because of the growing spending of government on military airplanes.
- Regionally, the Asia Pacific aerospace coatings market is projected to observe augmented growth with a CAGR of 6.3% in the estimated period. The growth of this region market is mostly owing to the increasing demand for aerospace coatings due to rising cargo traffic, growing number of air travelers, and mounting international trade in the developing nations like China, India, and South Korea in this region.
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Aerospace Coatings Market Dynamics
The key factor fueling the growth of the global aerospace coatings market is a significant rise in the number of air travelers which is boosting the need to uphold the maintenance of aircrafts. In addition, increasing aircraft manufacture and sales by key manufacturers is projected to open doors to innovative opportunities for the market growth in the projected period. However, fluctuations in the costs of raw materials used in aerospace coatings is projected to deter the market growth during the forecast period.
Top Players of the Market
The major players of the global aerospace coatings market are
- Brycoat Inc.
- Asahi Kinzoku Kogyo Inc.
- AHC Oberflachentechnik GmbH
- Hentzen Coatings Inc.
- BASF SE
- Argosy International
- Akzonobel N.V
- Henkel AG & Co. KGaA
- Hohman Plating & manufacturing LLC.
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a robust position in the global market.
Granular Research on Specific Regions or Segments of Aerospace Coatings Market & Avail 10%OFF
For instance, in January 2022, Sherwin-Williams Aerospace Coatings, a foremost producer of excellent exterior & interior paint and coatings solutions for the aviation sector, launched a novel interactive aircraft paintwork tool called, ‘Aircraft Color Visualizer’. This tool enables aircraft owners, aircraft designers, paint shops, OEMs and aviation admirers to customize 6 aircraft models with any color in the Sherwin-Williams aircraft color library. With this launch, Sherwin-Williams Aerospace Coatings is aiming to make a strong presence in the global aerospace coatings market.
Moreover, the report offers other key details such as business tactics, financial performance, and product/service range of the leading players along with Porter’s five forces analysis and SWOT analysis.
More about Aerospace Coatings Market:
- Painting of Aircrafts with Aerospace Coatings is Essential, Here’s why
- Aerospace Coatings Market: Propelling with the Rising Demand of Safe Air Travel
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