The new report by Expert Market Research titled, ‘Aerospace Coatings Industry Report, Size, Share, Analysis and Forecast 2023-2028’, gives an in-depth analysis of the global aerospace coatings market, assessing the market based on its segments like resins, products, industry categories, applications, end uses, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2020): USD 1.7 billion
Forecast CAGR (2023-2028): 5%
Forecast Market Size (2026): USD 2.3 billion
Increased aircraft production and strategic sales due to rapid urbanisation and economic improvements in economies such as Russia, India, Sweden, and China have contributed to the increased demand and subsequent production of aircraft. Thus, the consumption of aerospace coatings has increased over the historical period.
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North America currently dominates the global aerospace coatings industry, and it is expected to continue to remain the leading regional market in the forecast period. The rise of commercial aviation in regional markets such as the United States of Canada and Canada is driving the regional market’s growth. The market growth in North America is also aided by the presence of major players in the region.
Aerospace Coatings Industry Definition and Major Segments
Aerospace coatings are materials that improve the performance of an aircraft while also protecting its interior and exterior. The coatings are made in such a manner that they can withstand changes in temperature and air pressure. They protect the surface from UV radiation at higher altitudes, maintain temperature variations, and provide greater corrosion resistance.
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The market can be differentiated on the basis of resin into:
By product, the industry can be categorised as follows:
Based on industry category, the market can be segmented as follows:
Aerospace coatings find wide applications in the following segments:
The end use sectors in the market are divided as follows:
The regional markets for automated fare collection include:
Middle East and Africa
Aerospace Coatings Market Trends
The growing demand for commercial aircraft around the world is driving the demand for aerospace coatings. Air travel has become a viable option for the majority of the population, particularly in developed countries. Consumers in developed countries now prefer modes of transportation that are both convenient and fast. Short-haul operations have now begun in developed countries as well, using efficient and lightweight aircraft. As a result, the demand for aerospace coatings is increasing.
The growth of the international air passenger traffic has prompted an increase in the demand for commercial aircraft, which has resulted in an increase in commercial aircraft production. The scenario for aviation production and the increasing fleet size has a significant impact on the substantial growth of the aerospace coatings industry.
Key Market Players
The major players in the market are Akzo Nobel N.V., BASF Corporation, Hentzen Coatings, Inc, PPG Industries, Inc., BryCoat Inc., IHI Ionbond AG, and Mankiewicz Gebr. & Co, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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