Aerospace Coatings Market to Witness Astonishing Growth with Key Players PG industries, Argosy International, The Akzonobel, BASF SE, Henkel AG & Co. KGaA, PPG Industries, Inc., Sherwin-Williams, Safran and Specialty Coating Systems

Rise in per capita income, increasing consumer preference towards air travel is poised to drive global aerospace coatings market trends, along with the gradually expanding economical aircraft fleet. The air passenger traffic is increasing every year and, in a bid, to cater to the growing demand for travel, airline companies are focusing upon expanding the number of aircraft and add new routes.

PG industries, Argosy International, The Akzonobel, BASF SE, Henkel AG & Co. KGaA, PPG Industries, Inc., Sherwin-Williams, Safran and Specialty Coating Systems are among the leading suppliers of aerospace coatings.

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It is estimated that to meet the demand of air travelers, more than 40,000 commercial carriers will be required over the next two decades. Global aerospace coatings market will reach US$1.2 billion valuation by 2026.

Considering the applications of these coatings, interior segment in aerospace coatings market will witness growth at more than 6.5% CAGR during the projected timeline. Airliners are increasingly focusing on enhancing the overall traveling experience for customers. Growing focus on interior upgradation and cabin modification will propel the product demand in interior coating applications.

In terms of the technology used, solvent-based coatings will likely dominate the aerospace coatings market share in the near future. Solvent-based coatings are among the most widely used aerospace coatings. On the other hand, the presence of a strict environmental regulations in the coatings industry is encouraging aircraft makers to switch to alternatives, such as powder and water-based coatings. The powder segment will capture more than 10% revenue share of the total aerospace coatings market by 2026.

Commercial aircrafts are projected to account for over 40% of aerospace coatings market share. Shifting consumer preference towards air travel and increasing number of air passengers has resulted in increased demand for commercial airplanes. However, militaries in both developed and emerging regions are focusing on expanding their helicopter fleets for military applications. Industry share from the helicopter segment is poised to hit US$200 million in value by the end of the forecast timespan.

Epoxy and polyurethane are the most commonly used types of resins in aerospace coatings. Epoxy resin-based coatings are gaining immense popularity owing to excellent strength, durability, and chemical resistance. Epoxy resins will capture more than 45% volume share up to 2026. Polyurethane resins will experience healthy growth throughout the study duration.

Asia Pacific region is poised to become a major regional ground for the growth of aerospace coatings market with a revenue generation of USD 330 million by 2026. Some of the key factors augmenting product consumption in the region include rising spending power, economic development, and may others.

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Rapidly expanding air passenger base and associated demand for commercial aircraft will favor regional growth. As millennial population is inclined towards taking trips to exotic lands that are Instagram worthy, the need for commercial aircrafts is escalating. Stringent government norms regarding VOC emissions for solvent-based coatings has prompted manufacturers to bring forward non-hazardous, VOC free alternatives.

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