ALBANY, New York, April 24, 2019 /PRNewswire/ -- Transparency Market Research (TMR) finds top players in the aerospace coatings market are focusing on research and development activities to widen application scope of aerospace coatings. This will help key players sustain their competitive positions in the aerospace coatings market.
In Feb 2019, PPG Industries, Inc., a key player in the market invested USD 10 million in its coating innovation center.
Some of the prominent players operating in the global aerospace coatings market are Sherwin-Williams Company, Akzo Nobel N.V, Mankiewicz Gebr. & Co and Hentzen Coatings Inc. These players aim to offer products at a competitive price in order to strengthen their market position. This is expected to intensify competition in the aerospace coatings market in the coming years.
As per a report by TMR, the global aerospace coatings market was noted at a valuation of US$1.53 bn in 2016. The market is expected to rise at a steady 5.80% CAGR from 2017 to 2025. Rising at this CAGR, the aerospace coatings market is projected to attain a valuation of US$2.53 bn by 2025.
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Geographically, North America is anticipated to dominate the global aerospace coatings market in the forecast period. This is due to the significant growth of commercial aviation in countries like the U.S. and Canada. This is augmenting the demand for aerospace coatings in the region. On the basis of resin, the polyurethane segmented is expected to take a lead over others. This is mainly because of their several desirable properties of polyurethane. Some of them are high resistance to abrasion, staining, and chemicals and ability to combat damaging effects of ultraviolet rays.
Use of Volatile Organic Components in Aerospace Coating to Obstruct Growth
The aerospace coatings market is anticipated to rise at a healthy pace during the forecast period. This is mainly because of the increasing area of application for aerospace coating. Aerospace coatings is applied on the exterior and interior surfaces of an aircraft to protect it from corrosion and increase their shelf life. Growing investments in aviation sector, coupled with increasing number of aircraft fleets are the primary drivers of the aerospace coatings market.
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Apart from this, rising disposable income in emerging countries coupled with growth in global economy is increasing inclination of passengers towards air travel. In 2017, world economy increased by more than 2.5% and global air traffic increase by 4.5% compared to 2016. Surge in air passenger traffic across the globe has led to increased deliveries of aircrafts, further positively influencing the industry demand.
However, growing environmental concerns regarding use of volatile organic components in manufacturing of aerospace coatings is expected to hamper the growth of the aerospace coatings market. To overcome this, manufacturers are focusing on bio-based epoxy resins and water-based counterparts.
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Innovations in Application of Aerospace Coatings to Boost Prospects
Technological advancements such as nano-technology coating is poised to support the growth of the aerospace coatings market. This technology has ability to triple service life of the aerospace and increases metal durability in the aircraft, thereby offering a substantial push to the aerospace coating market. The regular innovations to reduce the overall manufacturing cost and enhance the product efficiency with the help of technology is expected to fuel the global aerospace coatings market.
The review is based on a report by Transparency Market Research, 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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Global aerospace coatings market is segmented into:
- Commercial & Business Aircraft
- Military & Space
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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