Aero-Engine Coatings Market is projected to grow at an excellent rate in the coming five years

Launching announcement of a new research report on Aero-Engine Coatings Market which is projected to reach an estimated value of US$ 1.2 billion in 2024- forecasted by Stratview Research. The study provides an in-depth analysis by Aircraft Type (Commercial Aircraft, Military Aircraft, Regional Aircraft, General Aviation, and Helicopter), by Engine Type (Turbofan Engine, Turbojet Engine, Turboprop Engine, and Turboshaft Engine), by Process Type (Spray Process, EBPVD Process, and Others), by Form Type (Powder Coating, Liquid Coatings, and Wired Coatings), by Application Type (Turbine Section, Combustion Section, Compressor Section, Afterburner Section, and Bearings & Accessories), and by Region (North America, Europe, Asia-Pacific, and Rest of The World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024.

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The Aero-Engine Coatings Market: Highlights

Aero-engines are getting hotter day by day in order to address the airlines’ ever-lasting demand for aircraft that consumes lesser fuel and emits lower carbon oxide and nitrogen oxide. Aero-engine sections, especially, turbine and combustor, are experiencing temperatures above 3,000-degree Fahrenheit. Superalloys used in these sections generally melt at temperatures hundreds of degrees lower. Here, coatings play a pivotal role in surviving these parts from such extreme temperatures. The purpose of coatings is to not only protect engine parts from such high temperatures, but also protect them against oxidation, corrosion, wear, erosion, and fouling. In an aero-engine, different types of coatings are applied on different components. For example, turbine blades are coated with thermal barrier coatings to allow components to operate at a higher temperature while limiting the thermal exposure of components and providing oxidation resistance to the parts leading to its increased lifespan.

The market outlook of aero-engine coatings for the next five years seems promising with favorable growth opportunities in the entire ecosystem. The market is projected to grow at an excellent rate in the coming five years to reach an estimated value of US$ 1.2 billion in 2024. Development of high-thrust engines coupled with the requirement of high-performance coatings for complex-shaped engine parts are driving the suppliers to develop new coating systems as well as sophisticated deposition techniques.

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Several factors are stimulating the demand for coatings in aero-engines among which organic growth of the aerospace industry, incorporation of advanced materials in the crucial sections of engines, and advancements in the coating systems and techniques are foremost ones, positively driving the growth of the market.

Aero-engine OEMs keep looking for advanced materials with an aim to improve fuel efficiency, reduce MRO cost, and high lifespan. Several advanced materials including titanium and ceramic matrix composites are strategically incorporated by OEMs in their latest engine series to maximize the benefits. Such adoption in the material mix is shuffling the dynamics of the aero-engine coatings market. Major coating suppliers are working for the development of advanced coating systems addressing the industry requirements. For an instance; development of oxidation-resistant coatings from titanium aluminide, latter is approved for high-pressure compressor sections of the next-generation engines.

Incessant increase in the air passenger traffic is motivating the major airframer to increase the production of their key aircraft programs in order to address the growing demand across the world. Since 2010, the commercial aircraft industry has been growing by registering a remarkable increase in aircraft delivery. The industry touched the unprecedented landmark of the commercial aircraft delivery of 1,586 units in 2018. It is further anticipated that there would be an incessant increase in the commercial aircraft deliveries in near future as Boeing and Airbus, the two commercial aerospace giants, have colossal plans to raise the production rates of their key aircraft programs. This trend is imprinting positive developments in the entire supply chain including coatings business for aero-engines.

Based on the aircraft type, the market is segmented into commercial aircraft, military aircraft, regional aircraft, general aviation, and helicopter. Commercial aircraft is likely to remain the growth engine of the market during the forecast period. Increasing production rates of key aircraft programs, such as B737, B787, A320, and A350XWB to support rising passenger traffic; introduction of variants of the best-selling aircraft programs (A320neo, B737 Max, B777x, and A330neo); advancements in the fabrication process of different aero-engine components; and market entry of new aircraft (C919 and MC-21) are primarily driving the demand for aero-engine coatings in the commercial aircraft segment.

Based on the engine type, the aero-engine coatings market is segmented into turbofan engine, turbojet engine, turboprop engine, and turboshaft engine. Turbofan engine is expected to remain the dominant and fastest growing segment of the market during the forecast period. Turbofan engine preferably used in commercial aircraft, regional aircraft, and business jets. Rise in passenger traffic across the globe has led to an increased demand for the key commercial aircraft programs, such as B737, A320, B787, and A350XWB, which, in turn, is driving the demand for turbofan engines including coating materials for their engine components.

On the basis of the form type, the aero-engine coatings market is segmented into powder coating, liquid coating, and wired coating. Powder coatings are expected to remain the dominant and fastest-growing segment of the market during the forecast period. Powder coatings deliver cost-effective solutions with improved performance. Further, these coating materials are free from volatile organic compounds unlike solvent-based coatings, which results in its significant demand in the aero-engine coatings market.

Based on the application type, the aero-engine coatings market is segmented into turbine section, combustion section, compressor section, afterburner section, and bearings & accessories. Turbine section is expected to remain the dominant and fastest-growing segment of the market during the forecast period. High-pressure turbines of an aero-engine undergo the most severe conditions as they rotate at more than 10,000 rpm. In these extreme conditions, turbine blades may suffer from oxidation and corrosion. In order to avoid degradation of blades, oxidation resistance coatings and thermal barrier coatings are applied upon them as well as in other components of the turbine section.

In terms of region, North America is projected to remain the largest market for aero-engine coatings during the forecast period. All the major aero-engine suppliers, such as GE Aviation, CFM International, and Pratt & Whitney, have their engine assembly plants in the region to address the teething issues of aircraft OEMs. The USA is the growth engine of the region’s market and has one of the largest fleets of commercial aircraft across the world. The country also owns the largest fleet of the military, regional, and general aviation aircraft. Presence of all major aircraft OEMs, aero-engine OEMs, tier players, aero-engine coating suppliers, and raw material suppliers are primarily driving the aero-engine coatings market in the region.

Asia-Pacific is likely to witness the highest growth during the same period, driven by a host of factors including increasing demand for commercial aircraft to support rising passenger traffic, opening of assembly plants of Boeing and Airbus for B737, A320, and A330 in China, upcoming indigenous commercial and regional aircraft (COMAC C919 and Mitsubishi MRJ), and increasing aircraft fleet size.

The supply chain of this market comprises raw material suppliers, aero-engine coating manufacturers, coating service providers, engine tier players, engine OEMs, aircraft OEMs, airlines, aircraft leasing companies, and MRO companies. The key players in the aero-engine coatings market are Praxair Inc., OC Oerlikon Corporation AG, Chromalloy Gas Turbine LLC, PPG Industries Inc., Akzo Nobel N.V., and Dowdupont Inc. Development of high-performance coatings, expansion in untapped and growing markets, and execution of mergers & acquisitions are the key strategies adopted by the major players to gain a competitive edge in the market.

Report Features

The report provides diverse market intelligence with maximum business value. It gives a condemnatory understanding of the market dynamics and enables strategic decision making for the existing market players as well as those willing to enter the market. The key features include the
->industry life cycle and the supply chain analysis of the market structure.
->SWOT analysis, Porter's five forces analysis and Growth Drivers and constraints.
->Market trend and the forecast analysis.
->Forecast of the market segment trend.
->Competitive landscape and dynamics of Market share, product portfolio, product launches, etc.
->Emerging trends of attractive market segments and associated growth opportunities
->Strategic growth opportunities for the existing and new players.
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