Aerospace Coatings Market Surging at 6% CAGR; Increasing Demand for Aircrafts in Military Applications Drives Market Growth: Fact MR Study

NEW YORK, June 22, 2021 /PRNewswire/ -- The global aerospace coatings market is estimated to surpass US$ 2 Bn in forecast period 2021-2031 expanding at 6% CAGR. Increasing application of substrates to enhance durability and longevity of aircraft bodies using less amount of material is driving aerospace coatings market growth.

According to the International Civil Aviation Organization (ICAO), the number of passengers travelled by air services increased at 6.4% CAGR in 2018, accounting nearly 4.3 billion people. Furthermore, the number rose to 4.5 billion in 2019. Hence, the demand of air services fueled aircraft manufacturers to focus on aircraft building, which will enhance aerospace coatings market.

According to the Stockholm International Peace Research Institute (SIPRI), global military spending in 2019 was over US$ 2 trillion which improved at 3.6% CAGR from 2018. Increasing fleet size in defense system is fuelling the demand for high-quality aerospace coatings in order to ensure greater longevity by developing durability of aircraft bodies to prevent corrosion, UV rays, and abrasion caused by frequent use.

"As national security concerns rise, key countries such as the United States, India, and China are immersing in strengthening existing military infrastructure, including aircraft components and body. This is driving demand for aerospace coatings globally," said a Fact MR analyst.

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Key takeaways:

• The U.S. will register increasing aerospace coating sales due to high defense spending.
• China market is expected to grow steadily, reaching nearly $500 million by 2031.supported by the expansion of its domestic commercial aerospace industry,
• India, Australia, and South Korea will each contribute more than US$300 million by 2031.
• Polyurethane aerospace coatings are expected to exceed US$1 billion by 2031, at a CAGR of more than 6%.
• The demand for epoxy aerospace coatings is expected to rise at a rapid pace, at a CAGR of nearly 6% between now and 2031.

 Growth Drivers:

• Emergence of low-cost airlines is increasing the demand for air travel across emerging economies that will drive aerospace coating market.
• Advanced aerospace coatings offer enhanced durability and abrasion resistance which are vital to ensure longevity of aircraft fleet. This will drive market growth.
• Rising government initiatives to strengthen domestic aerospace industry will boost market growth.

Key restraints:

• Lack of skilled professionals hampering market growth
• Lack of low-cost materials availability restraining growth of aerospace coating market.

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Competitive Landscape

Key players in the aerospace coatings market are focusing on expansion strategies, including new product launches, collaborations, and mergers & acquisitions.

• In May 2021, BASF SE declared a collaboration with German aircraft carrier Lufthansa Group to equip its Boeing 777 freighters with its AeroSHARK surface film which provides the fine structure of a shark's skin to reduce aerodynamic drag which will be equipped starting 2022.
• In April 2020, Hohman Plating & Manufacturing LLC introduced a new controlled environment facility for new aerospace adhesive primers manufacturing, which will be used on the Pratt & Whitney PurePower® PW1000G next generation engine parts.

Key Questions Answered in Report

• Which are the most lucrative markets for aerospace coatings?
• Which factors will impact the growth of the market?
• How will changing trends impact the strategies of market players?
• How can market players capture the low-hanging opportunities across regions?
• Which companies are leading the aerospace coatings industry?
• What are the winning strategies of stakeholders in the market?

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More Insights on Global Aerospace Coating Market

Fact.MR, in its new offering, presents an unbiased analysis of the aerospace coatings market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.The study divulges essential insights on the market on the basis of application (commercial, military, and general aviation), end use (MROs and OEMs), and resin (polyurethane, epoxy, and other resins), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).

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