Aerospace Coatings Market by Resins, Technology, End-Users and By Aircraft 2018-2024
In fact, as it is being reported, this riblet coating, which has a structural resemblance with that of a shark skin, may even result in saving kerosene of almost USD 62 million, with a considerable reduction in carbon emission by nearly 200,000 tonnes per year. The technology has already become a subject of pursuit among the potential investors and in all likeliness, would bring a disruption in the overall aerospace coatings industry outlook.
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It has been observed that major companies partaking in aerospace coatings industry have been striving with one another to enhance their product portfolio, in an attempt to strengthen their position in the competitive arena. Praxair and GE Aviation, for example, have recently unveiled a new jet engine coating facility for their joint venture business PG technologies. Reportedly, this advanced coating would enable the engine to withstand higher stress and temperature.
The opening of this world class coating facility is deemed to unlock the potentials of next-generation coating technologies for the aviation industry. In this regard, it is prudent to mention that PG Technologies is a direct byproduct of Praxair and GE Aviation’s long-standing relationship since over twice a decade and the latest decision of opening up a new unit on advanced coatings is claimed to be in the wake up of GE Aviation’s needs. With over 250 employment opportunity, the 300,000 square-foot jet engine coating facility certainly fall among one of the major investments that both the giants have lately made in the aerospace coatings market, claim analysts.
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Having already accomplished a percentage of supremacy in aviation space, Asia Pacific is certainly one of the profitable growth avenues for the overall aerospace coatings market share. Increasing international trade across emerging economies like China and India, along with heavy cargo and passenger traffic are the two primary determinants driving the regional aerospace coatings market demand.
As per a latest report by the International Air Transport Association- China pegs the title of world’s fastest growing aviation industry and is projected to surpass even U.S. market valuation from 2022. In fact, The Civil Aviation Administration of China has recently affirmed that the country would ease investment access to the regional civil aviation market for private and state enterprises from January, next year. Not to mention, these kinds of regional governmental supports in proliferating the aviation sector, is bound to leave a positive impact on the overall APAC aerospace coatings industry, which is forecast to grow at 7% CAGR over 2017-2024.
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In this regard, experts believe, emerging economies would prove to an opportunistic investment spot for aerospace coatings market over the estimated time frame, primarily on account of the supply demand gap across these countries.
The industry is characterized by strong research investments not only to introduce innovative high-end products but also to collect enough substantiations to certify the results. Nano coatings, for instance, has been gaining an appreciable popularity in global Aerospace Coatings Industry since the last decade, pertaining to the plethora of benefits that it offers such as longer color retention, enhanced resistivity to dirt etc.
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The ongoing advancements and technological interventions in product designing is anticipated to help aerospace coatings market to shift from a niche vertical to a remunerative business sphere in the years ahead. The conjecture is validated by Global Market Insights, Inc. which claims aerospace coatings market size to enter the billion-dollar frontier by 2024.
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