ALBANY, New York, February 2, 2018 /PRNewswire/ --
In a new study, Transparency Market Research (TMR) has identified PPG Industries Inc, Akzo Nobel N.V, The Sherwin-Williams Company, and BASF SE as some of the key players in the global aerospace coatings market. These companies adopt various strategies to maintain a strong position amidst the prevailing companies. For instance, many among the prominent market players have shifted their focus toward emerging nations. Not only do companies benefit from expansion strategies, positive effect is also reflected on the overall market as it reports increased penetration in developing nations. In addition, the global aerospace coatings market will witness a considerable number of strategic collaborations in the coming years. These strategies together will have prolific influence on the global aerospace coatings market.
TMR pegged the global aerospace coatings market at US$1,537.9 mn in 2016. Steadily expanding at a CAGR of 5.8% between 2017 and 2025, the market is poised to value US$2,532.9 mn by the end of 2025. In terms of technology, the global aerospace coatings market is dependent in OEM and MRO segments alike. Based on end user, commercial and business aircrafts held the lion's share in the overall market. However, in the forthcoming years the market is likely to witness surging investment in the military sector. Regionally, North America emerged dominant in the base years, driven by significant contribution from the US and rising investment in the military and science & technology domains.
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Rising Demand from Emerging Nations Creates Lucrative Growth Prospects
"Trends are currently in favor of the global aerospace coatings market with expansion of low cost carriers, intensifying competition between Boeing and other prominent names in the global aircraft industry, surging fleet expansion activities, and cause relaxations," said a lead TMR analyst. Spurring opportunities in India, China, and Brazil, buoyed by economic growth also provide an environment conducive to the market's growth. In the near future, the rising disposable income of individuals will fuel air travels around the world, especially in emerging and underdeveloped nations. These factors together serve a perfect concoction supporting the expansion of the global aerospace coatings market. Other ancillary factors supporting the market's growth include elevated spending in tourism, especially international travels, reduced air fares, and better hospitality.
As a result of the aforementioned factors, the revenue passenger kilometers (RPK) has considerably increased across the world. Consequently, investment in the aerospace infrastructure, which encompassed airports, support vehicles, airline finance, and manufacturing facilities has surged. This will in turn create lucrative prospects for the aerospace coatings market. Aerospace coatings are used to reduce skin friction and helps reducing fuel consumption, thus, bringing down the overall cost incurred and carbon footprint.
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Increased Expenditure on Maintenance and Repair of Aircrafts to Fuel Demand for Aerospace Coatings
The existing aircrafts also require repairs and maintenance to keep up performance and improve efficiency. Therefore spending on upgrades and repainting in the industry is quite high. This in turn fuels the demand for aerospace coatings. Therefore during the course of the report's forecast period, the global aerospace coatings market will witness a spike in investment on account of rising aircraft manufacturing and increased spending on their maintenance and repair. In addition, the rising demand from the developed nations in North America and Europe will keep the demand for aerospace coatings high through the forecast period. However, the rising demand for greener products to improve performance and durability of aircrafts without causing harm to the environment will pose new challenge to the market players. Nonetheless, TMR forecasts long term growth for the global aerospace coatings market, following the increased expenditure for infrastructural development and rising coating consumption reported from around the world.
Information provided in the review is derived from a TMR report, titled "Aerospace Coatings Market (Resin - Polyurethane, Epoxy, and Acrylics; Technology - Water-based and Solvent-based; User: OEM and MRO; End-User - Commercial & Business Aircraft, Military & Space, and Helicopters) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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- Increasing investment in upgrades and repainting in the aerospace industry fuels demand for aerospace coatings.
- Lucrative prospects across emerging nations to boost global aerospace coatings market.
The report segments the global aerospace coatings market as:
Aerospace Coatings Market - Resin Analysis
Aerospace Coatings Market - Technology Analysis
Aerospace Coatings Market - User Analysis
Aerospace Coatings Market - End User Analysis
- Commercial & Business Aircraft
- Military & Space
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