Press release
Aircraft Paint Market to Witness Significant Growth by 2032 Owing to the Rising Demand for Aircraft Fleet Expansion & Modernization
Aircraft Paint Market
Press Release:
According to a newly published report by Research Dive, the global aircraft paint market is estimated to generate a revenue of $6,436.1 million by 2032 and grow at a significant CAGR of 4.5% during the forecast period from 2023 to 2032.
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Market Dynamics
The growth of the global aviation industry, both commercial and military, leads to an increased demand for high-quality paint to protect and enhance the appearance of new aircraft acquisitions. In addition, the increasing demand for aircraft fleet expansion & modernization and the strict regulatory guidelines regarding paint type & application are the factors driving the growth of the aircraft paint market. Moreover, the growing adoption of fuel efficiency & lightweight materials and the continuous advancements in paint technology are expected to drive excellent growth opportunities for the global market. On the contrary, the high manufacturing cost and regulatory compliance are estimated to restrict the market growth in the projected timeframe.
Impact of COVID-19 on the Market
The COVID-19 pandemic significantly impacted the aircraft paint market. Airlines, facing financial challenges and a drastic decrease in passenger demand, deferred or canceled orders for new aircraft, directly affecting the demand for aircraft paint. With airlines struggling financially, there are expected delays in routine maintenance, including repainting. Disruptions in global supply chains raised costs and caused delays in paint product availability. Airlines may opt for more cost-effective solutions due to financial pressures.
Segments of the Market
The research report segments the global aircraft paint market into type, application, aircraft type, end-user, and region.
By type, the enamel coatings sub-segment accounted for the major market share in 2022. This growth is majorly because enamel coatings provide effective corrosion protection, acting as a barrier against moisture, salt, and other corrosive elements, thus extending the life of the aircraft. In addition, enamel coatings are formulated to withstand extreme conditions, including high-altitude flights, temperature variations, and exposure to UV radiation.
By application, the interior paints sub-segment held the highest share in the aircraft paint market in 2022. Airlines seek aesthetically pleasing interior designs to enhance the passenger experience, including the selection of attractive and durable paints that comply with safety standards. Besides, interior paints meet specific requirements for flame resistance, low smoke & toxicity, and durability, reducing maintenance costs and increasing the lifespan of interior components. These factors are driving the sub-segment's growth.
By aircraft type, the narrow body sub-segment held the largest aircraft paint market share in 2022. This rapid growth is mainly because airlines frequently expand their fleets to meet the growing demand for air travel, driving the need for paint. In addition, airlines invest in upgrading and repainting their existing narrow-body aircraft to maintain a fresh and modern appearance and to prevent corrosion, thus extending the life of the aircraft.
By end-user, the military aircraft sub-segment accounted for the major market share in 2022. This growth is mainly due to the rising demand for advanced stealth coatings as many military aircraft incorporate stealth technology to minimize radar cross-section. Besides, coatings offering excellent corrosion resistance are crucial to protect aircraft operating in diverse and harsh environments.
By region, the North America aircraft paint market generated the highest revenue in 2022 and is projected to attain a leading position in the global industry by 2032. This growth is mainly due to the corresponding need for painting & repainting services as airlines and operators expand their fleets. In addition, adherence to safety & environmental regulations and innovations in paint technologies, such as environmentally friendly and durable coatings are other factors contributing to the market growth.
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Prominent Market Players
Some of the top players of the global aircraft paint market are APS Materials Inc., PPG Industries Inc., United coatings Group, AandA Thermal Spray Coatings, DowDuPont Inc, Praxair S.T. Technology Inc, Indestructible Paint Limited, TURBOCAM Inc., OC Oerlikon Corporation AG, and Chromalloy Gas Turbine LLC. These players are implementing numerous strategies to gain a competitive edge in the global industry.
The report presents several aspects of these major players such as business & financial performance, latest developments, key strategic moves, SWOT analysis, and product portfolio.
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Research Dive
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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