May 14, 2020
As per the report titled, ‘Aerospace Coatings Market Size By Resin, By Technology, By User, By Aircraft, By Application, Industry Analysis Report, Regional Outlook, Application Development, Competitive Landscape & Forecast, 2020 - 2026’, available with Market Study Report LLC, global aerospace coatings market is anticipated to record substantial growth during 2020-2026.
Increasing investments in aviation sector, R&D activities, and escalating demand from various end users, particularly commercial aviation industry owing to increase in number aircrafts due to growing air passenger traffic are the major growth drivers of global aerospace coatings market.
The aircrafts production, repair, and maintenance utilize aerospace coatings to extend the life of the aircrafts. These coatings protect the surface from harsh weather conditions, enhance dirt resistance, and reduce drag resistance.
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Based on resin, the industry is classified into polyurethane resins, epoxy resins, and others which include slackers and fillers. Fillers segment is slated to display strong growth during the analysis period, owing to various product advantages such as low VOC emission, compatibility with a wide range of plastic, primers, metallic substrates and composites, low odor level, less dry-film-weight, and reduced operational costs.
With respect to technology, the market is categorized into water-based coatings, solvent based coatings, powder coatings, and others which include Teflon coatings. Teflon coatings segment is expected to account for a sizeable demand share over the forecast timeline, owing to their ability to withstand temperature up to 260°C and benefits including long-term protection in any weather condition, reduced fire risk and low-friction.
Elaborating on the user spectrum, the industry is bifurcated into original equipment manufacturer (OEM) and maintenance, repair and overhaul (MRO). OEM segment is predicted to garner 55% volume share by the year 2026, due to escalating demand for new commercial aircrafts across the globe.
In terms of aircraft, aerospace coatings industry is categorized into commercial aircraft, helicopters, military aircraft, spacecraft, and others. Spacecraft segment held 8% market share in 2019 and is likely to witness robust growth during the forecast period, owing to increase in number of space exploration projects across the globe.
Speaking of the application scope, the industry is bifurcated into exterior and interior. Exterior segment held majority volume share in 2019 and is expected to show modest growth in the forthcoming years. Extensive use of aerospace coatings for exterior applications to safeguard aircraft surface from severe weather conditions and corrosion is fueling the segment growth. In addition, exterior surface of the aircraft usually requires a more decorative painting to maintain the appearance, thereby boosting the demand for aerospace coatings.
As per the regional analysis, Middle East and Africa aerospace coatings market is projected to accrue USD 160 million by the year 2026, owing to increasing aircraft MRO activities in the region along with the steadily growing regional tourism industry.
Prominent industry players include AkzoNobel N.V., Aalberts Surface Treatment GmbH, BASF SE, Henkel AG & Co. KGaA, Brycoat, Inc., Hentzen Coatings, Inc., IHI Ionbond AG, Hohman Plating and Mfg., LLC, Mapaero Coatings, Mankiewicz Gebr. & Co. (GmbH & Co. KG), NVSC s.r.l., Merck KGaA, and PPG Industries, Inc. among others.