India Aerospace Coating Market - chromo-free technology is the major factor boosting the growth of the market

India Aerospace Coating Market was valued at $80 million in 2016, and is projected to reach $130 million by 2023, growing at a CAGR of 7.2% from 2017 to 2023. The solvent based coatings segment accounted for more than 60% share of the India aerospace coating market in 2016.

The growth of the India aerospace coating market is majorly driven by development of the aviation industry. Moreover, advancement in the field of chromo-free technology is the major factor boosting the growth of the market.

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The major companies profiled in this report
• Akzonobel N.V.
• BASF SE
• Henkel AG
• Hentzen Coatings Inc.
• IHI Ionbond AG
• Mankiewicz GEBR
• Mapaero
• PPG Industries INC
• The Sherwin-Williams Company
• Zircotec Ltd.

In addition, growth in the civil aviation sector due to development of new airports and air services propels the market growth. Furthermore, the demand for high-quality paints & coatings for use in aircraft is on a constant increase, which has led to development in the technologies used for manufacturing aerospace coatings. Nano-coatings are witnessing increased popularity, as they resist drag, dirt, stain, and are widely utilized for retaining shiny colors for a longer period. Thus, increase in use of nanotechnology in paint and coatings industry is anticipated to offer growth opportunity for the market.

The India aerospace coating market is segmented based on resin type, technology, user type, end user, and application. In terms of value, polyurethane resin generated the highest revenue in 2017, and is anticipated to maintain its dominance during the forecast period. High resistance to ultraviolet rays, abrasion, staining, and chemicals fuels the adoption of polyurethane resins. According to technology, the solvent-based coating accounted for a share of 60% of the market in 2017, in terms of volume. By user type, the India aerospace coating market is segmented into original equipment manufacturer and maintenance, repair, and overhaul. Original equipment manufacturer garnered about 73.19% of the market share by value in 2017, and is projected to exhibit prominent growth rate, owing to surge in use of chromium-free product. Depending on end user industry, the commercial aviation generated the highest revenue of $42.62 million in 2017.

According to Onkar Sumant, Manger, Chemical and Material at Allied Market Research, Aerospace coatings manufacturers and research institutions are investing significantly to develop environment-friendly and nonhazardous aerospace coatings. Moreover, technological advancements are expected to enhance the performance of aerospace coatings, making them superior to conventional VOC-contained aerospace coatings.

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Key Findings of the India Aerospace Coating Market:
• In terms of volume, polyurethane accounted for share of nearly 59.13% in the India aerospace coating market in 2017.
• Exterior application is anticipated to grow with the highest CAGR throughout the forecast period.
• In terms of value, commercial aviation accounted for 49.45% of the India aerospace coating market in 2017.
• The polyurethane resin segment is anticipated to grow at the highest rate in the India aerospace coating market during the analysis period.

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