According to a new market research report "Military Aerospace Coatings Market by Resin Type (Polyurethane and Epoxy), Technology (Liquid and Powder), User Type (OEM and MRO), Aircraft Type (Fixed Wing and Rotary Wing), and Region (North America, Europe, APAC) - Global Forecast to 2023", published by MarketsandMarkets™, the market is projected to reach USD 390.7 million by 2023. The market size of military aerospace coatings is projected to grow from USD 310.7 million in 2018 to USD 390.7 million by 2023, at a CAGR of 4.69% from 2018 to 2023. The market is driven by a wide range of user types, namely, OEMs and MRO service providers for different military aircraft. In addition, the increasing number of fixed wing and rotary wing military aircraft globally is also expected to drive the use of military aerospace coatings in the OEM and MRO user type industry.
Polyurethane (PU) is the largest resin type segment of the Military Aerospace Coatings Market
The Military Aerospace Coatings Market has been segmented on the basis of resin into polyurethane, epoxy, and others which include acrylic and silicone. In 2018, the PU resin type is estimated to account for the largest market share, in terms of volume, due to the demand for military aerospace coatings for fixed wing and rotary wing military aircraft. PU is used as a top coat and epoxy is generally used as primer. The UV resistant property leads to the high demand for the PU resin.
Rising demand from emerging economies is expected to drive the Military Aerospace Coatings Market during the forecast period
North America is expected to account for the largest share of the Military Aerospace Coatings Market, in terms of both, volume and value by 2023. But, the Military Aerospace Coatings Market in APAC is projected to grow at the highest CAGR between 2018 and 2023, in terms of value, because of the increasing number of aircraft deliveries and increasing budgets of defense sectors of China and India. China is estimated to be the leading country in the APAC Military Aerospace Coatings Market in 2018, owing to the increase in demand from the OEM and MRO user types.
Key players profiled in the Military Aerospace Coatings Market report include PPG (US), Akzo Nobel (Netherlands), Sherwin-Williams (US), Hentzen Coatings (US), Mapaero (France), 3Chem (US), Creative Coatings (US), and Qioptiq (UK).
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