Aerospace Coatings Market to Soar at a CAGR 5.4% to 2024: Growth Factors & Trends

Global Aerospace Coatings Market is Projected to grow at 5.4% CAGR during the period 2017-2024. Aerospace Coatings Industry research report also provides granular analysis of the market share, Size, segmentation, revenue forecasts and geographic regions of the market.

Global aerospace coatings market size is expected to cross 16 kilo tons till 2024. High usage of these coatings in various aircrafts such as military, space, and commercial will primarily drive the industry over the forecast timeframe. Frequent rising air passenger traffic across the globe has led to increased deliveries of aircrafts, further positively influencing the industry demand.

Aerospace Coatings Market size is estimated to surpass USD 1 billion by 2024; as per a new research report.

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Flourishing growth in international trade has resulted in the development of commercial aircraft, propelling the industry size. Various government bodies across the globe are investing significantly in aerospace sector, contributing towards revenue generation. For instance, in 2014, China invested over USD 3 billion in aviation industry to cater the rising demand of air traffic. These investments will further induce immense potential to the industry growth. However, the introduction of substitutes such as composite fuselage designs may pose a challenge to aerospace coatings market share over the forecast timeline.

Aircraft producers are focusing on using high quality paints and coatings in their manufacturing process. The business is witnessing regular innovations to reduce the overall manufacturing cost and enhance the product efficiency. Nano coatings has gained prominence in the industry in last decade owing to benefits offered such as resistance to dirt and retention of shiny colors for longer duration.

Epoxy resins are anticipated to generate a demand of approximately 8 kilo tons by 2024. High usage of these resins in traditional aircrafts has resulted in high demand from maintenance, repair, and overhaul (MRO), fostering the industry growth. Additionally, consumer preference can be attributed to its cost effectiveness as compared to the counterparts.

Solvent based coatings will account for over 60% share till 2024. These coatings are less prone to environmental damages due to humidity and temperature. Moreover, the technology leads to considerable reduction in drying time which in turn drive the aerospace coatings market share over the forecast timeline. Water based coatings will exhibit over 6% CAGR from 2017 to 2024 owing to high usage in aircrafts. Environmental and regulatory compliance is another factor significantly contributing to the segment demand.

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OEM is expected to register over USD 580 million till 2024. High usage of coatings in aircraft manufacturing will primarily escalate the revenue generation. Rising number of aircraft deliveries has led to increased production of aircrafts, further strengthening the product penetration.

Commercial aircrafts are expected to dominate the industry with almost 35% business share by 2024. This can be credited to rising innovations in coatings such as chrome-free-technology. The new technologies are featured with advanced capabilities that offer cost saving. Enhanced coating products lower the overall fuel cost by USD 700 annually. Rising air passenger traffic along with increasing airline mergers across the globe will further propel the industry growth.

North America is expected to cross USD 350 million during the forecast period. Presence of multiple established manufacturers and introduction of new generation aircrafts including Boeing 787, Boeing 737 MAX, Airbus A350, etc. are primary influencing the product penetration across the region.
Asia Pacific aerospace coatings market size is anticipated to exhibit over 7% CAGR from 2017 to 2024. This can be attributed to rising cargo and passenger traffic along with increasing international trade in emerging economies including India and China. Improving aviation infrastructure in the region will further support the region’s growth.

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PPG Industries, Mankiewicz Gebr. & Co., Akzonobel, BASF SE, The Sherwin-Williams Company, Hentzen Coatings, and Mapaero are among the noticeable players in the aerospace coatings market share. Other prominent players include Brycoat.Inc, Zodiac Aerospace, Argosy International, Cheaerospacel, International Aerospace Coatings Holdings, and NVSC Speciality Coatings. Industry players are focusing on making huge investments for developing technologically advanced products. For instance, Akzonobel invests substantially in R&D to produce chromate free products that provide maximum protection and better service life.

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Related Reports: -
World Aerospace Coatings Market Research Report 2022 (covering USA, Europe, China, Japan, India, South East Asia and etc)
Aerospace Coatings market research report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The industry report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.
https://www.marketstudyreport.com/reports/world-aerospace-coatings-market-research-report-2022-covering-usa-europe-china-japan-india-south-east-asia-and-etc/?utm_source=RR-SP

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