Global Aerospace coatings Market Size Brief Analysis by Top Key Players - BASF SE, PPG Industries, AkzoNobel, Sherwin-Williams, Mankiewicz Gebr. & Co, and Zodiac Aerospace

Market Study Report, LLC, elucidates a comprehensive research of the ‘Aerospace coatings market’ that mentions valuable insights pertaining to market share, profitability graph, market size, SWOT analysis, and regional proliferation of this industry. This study incorporates a disintegration of key drivers and challenges, industry participants, and application segments, devised by analyzing profuse information about this business space.

Aerospace coatings market size has been forecast to surpass a revenue collection of USD 1 billion by the end of 2024, owing to the surging use of coatings in commercial, military, and space aircrafts. The rise in international trading opportunities have further had a significant impact on the growing requirement of commercial aircrafts. Regional governments have also been taking initiatives to promote cross-country trading, while simultaneously making investments in the aviation industry to fulfill the increasing requirement of aircrafts. For instance, China invested USD 3 billion in the aerospace sector in 2014, fueled by the demand for aircrafts. The escalating investments in research and development programs in the aviation sector is thus poised to boost aerospace coatings industry share over the coming timeframe.

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The global aerospace coatings market is estimated to accumulate significant gains over the ensuing years with attribution to the rising sales of commercial planes in consort with the high sales of military aircraft.

The commercial aircraft segment holds a highly extensive share of the aerospace coatings market primarily due to growing purchasing power of consumers and increasing affordability of air travel. Recently, Airbus announced that it is planning to deliver an increase of 90 aircraft in 2019 compared to the sales in previous year. To deliver its promised orders, the company is expecting to ramp up its production.

Taking into account the popularity and increasing adoption of aircrafts for transportation, prominent aerospace coatings market players are looking forward to not only enhance product efficiency but also to minimize the associated manufacturing costs. In addition to this, manufacturers have been continuously involving themselves in research and developments activities to innovate high quality paints and coatings. Nano Coatings for instance, in one of the most remarkable inventions in this business space, that has gained considerable popularity owing to its capability to provide an extended lifespan and resist dust particles.

The shifting trends toward the usage of composite materials for manufacturing integral parts of next-generation aircraft may hamper the future growth of aerospace coatings market size. In consequence, players in aerospace coatings industry are looking forward to developing effective coating technologies.

The product segment of aerospace coatings market mainly includes epoxy and polyurethane resins. Currently, polyurethane resins are extensively used in the next-generation aircrafts such as Boeing 787, pertaining to the advantages they provide, such as high resistance to UV rays and ability to prohibit abrasion, chemical, and staining damages. Polyurethane resins will hold 55% of the overall aerospace coatings market share by 2024, driven by its excessive sales and growing popularity.

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Regionally, North America aerospace coatings industry is predicted to collect a revenue of more than USD 350 million by 2024, owing to the fact that the region houses some of the biggest players. Moreover, increasing development of next-generation aircrafts such as Airbus A350, Boeing 737, and Boeing 787, mainly for commercial applications, will also push the product demand across North America.

Meanwhile, renowned biggies in aerospace coatings market are substantially investing in technology developments and R&D activities to introduce products with an improved service life. This business sphere encompasses some of the most notable players such as BASF SE, PPG Industries, AkzoNobel, Sherwin-Williams, Mankiewicz Gebr. & Co, and Zodiac Aerospace.

Likewise, Vietnam’s aviation startup Bamboo Airways and Vietnam Airlines are planning on buying a massive fleet of Boeing aircraft to start direct flights to new locations. In view of the above events, it wouldn’t be incorrect to state that the rise in aircraft production will generate a huge demand for aerospace coatings. The demand would be further driven by the need for substances that can secure aircraft from extreme weather conditions and exposure to light. Therefore, increased aircraft production will be a significant driver for the aerospace coatings market.

Furthermore, increased defense spending across the globe and the growing demand for high-performance defense aircraft capable of withstanding explosive blasts during fights will augment the demand for defense aviation, thereby promoting aerospace coatings market growth. For example, India’s state-run Hindustan Aeronautics Ltd has reportedly elevated its production to supply 16 light combat aircraft to the Indian Air Force by the end of 2019. Such initiatives will considerably boost aircraft requirement, thereby augmenting the aerospace coatings market in the coming years.

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