Aerospace Coatings Market Report 2017-2023: Industry Overview, Trends, And Forecast Analysis

According to a new report published by Allied Market Research, titled, "Aerospace Coatings Market: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global aerospace coatings market was valued at $1,587 million in 2016, and is projected to reach at $2,433 million by 2023, growing at a CAGR of 6.3% from 2017 to 2023. In 2016, polyurethane resin segment accounted for approximately three-fifths of the total share in terms of revenue.

Aerospace coatings is a high-performance coating material that offers high wear resistance to aircraft surfaces. Its ability to protect against corrosion, ultraviolet rays & solar heat, climatic stress, and fog helps reduce the amount of time and cost required for maintenance and repair. These coatings applied to aircraft surface, engines, fuselage components, wings, propellers, landing gears, interiors, and other components reduce the overall weight of the aircraft and improve the fuel economy, thereby reducing CO2 emissions.

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The market dynamics section of the study delivers detailed insights into factors that positively and negatively impact the market. It covers various segments, identifies major investment opportunities, and reviews the positioning of leading market players. The growing aviation industry in emerging markets, like China and India, has driven higher demand for aerospace coatings due to an increase in the number of aircraft.

Regional Outlook

The Asia-Pacific region experienced significant growth from 2017 to 2023. The rise in cargo traffic, increasing number of air travelers, and growing international trade in emerging markets like China and India have contributed to the expansion of the aerospace industry, creating valuable opportunities for aerospace coatings market players.

In the LAMEA region, the aerospace industry has also seen growth due to a rise in air travel. The UAE, for example, has the second-largest airport in the region, according to the General Civil Aviation Authority. Abu Dhabi International Airport rapidly expanded, serving over 94 destinations across 56 countries. Furthermore, the UAE's aviation sector contributed $53 billion to the country's economy by 2020, opening up new prospects for aerospace coatings manufacturers in the Middle East.

Key companies profiled in the study

The company profiles in the study underlines their strategic developments, including mergers, acquisitions, collaborations, new agreements, product launches, joint ventures, R&D investments, and regional growth efforts of leading players in the landscape at both global and regional levels.

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KEY FINDINGS OF THE AEROSPACE COATING MARKET STUDY:

Asia-Pacific is expected to continue to lead the market in terms of value during the forecast period, followed by North America
Polyurethane resin type segment generated the highest revenue and is projected to grow at a highest CAGR of 6.9% during the forecast period.
Commercial aviation is the largest end-use industry in aerospace coatings market, registering highest CAGR 6.8% during the forecast period.
Europe accounted for approximately more than one-fourth share in the aerospace coatings market in 2016.
The aerospace coatings market in Asia-Pacific is anticipated to grow at the highest CAGR from 2017 to 2023.

The commercial aviation sector was the most profitable market for aerospace coatings and experienced substantial growth during the assessment period. The rise in air travelers, increased cargo traffic, and growth in international trade have contributed to the expansion of the commercial aviation industry, further boosting the aerospace coatings market demand. Moreover, the military aviation sector was the second most promising market, driven by increased investments in the military and defense industries in countries like the U.S., Mexico, China, India, and Russia.

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The key players operating in the global concrete admixtures market are Akzonobel N.V., BASF SE, Henkel AG & Co. KGaA, Hentzen Coatings, Inc., IHI Ionbond AG, Mankiewicz Gebr. & Co., Mapaero, PPG Industries, Inc., The Sherwin-Williams Company, and Zircotec Ltd.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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