Aerospace Coating Market worth over $1.2bn by 2026
Published Date: March 17, 2020 Authors: Kiran Pulidindi, Sayan Mukherjee
Aerospace Coating Market size is set to exceed USD 1.2 billion by 2026, according to a new research report by Global Market Insights, Inc.
Aerospace coating market will be positively influenced by rising MRO activities for aircrafts in the Middle East & Africa region. Ageing aircrafts usually require body servicing in every 5 to 8 years. The regional air traffic has significantly increased over the last decade, owing to rising number of air travelers coupled with increasing air freight. Development in the regional tourism industry will further prosper the demand for commercial aircrafts and will drive the product consumption.
Epoxy resin segment will account for USD 450 million market revenue by 2026. This can be attributed to several advantages offered by the product in terms of chemical resistance, strength and durability. It also provides resistance to water, superior adhesion and excellent curing properties. It improves the coating stability by enhancing the chemical properties of the agents, when used in combination with amido-amino type crosslinking agents. Ongoing R&D projects to further enhance performance of epoxy resins, driving the aerospace coating market demand.
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Water-based coatings will dominate around 25% market share by 2026. The water-based technology reduces organic solvent emission by eight times when compared to solvent-based technology. Product manufacturers are emphasizing on developing new grades of water-based aerospace coatings that finds application in military & defense sector.
Browse key industry insights spread across 580 pages with 990 market data tables & 14 figures & charts from the report, “Aerospace Coating Market Size By Resin (Polyurethane , Epoxy), By Technology (Solvent Based Coatings, Water Based Coatings, Powder Coatings), By User (OEM, MRO), By Aircraft (Commercial Aircraft, Military aircraft, Helicopters, Spacecraft), By Application (Exterior, Interior), Industry Analysis Report, Regional Outlook, Application Development, Competitive Landscape & Forecast, 2020 – 2026” in detail along with the table of contents:
MRO user type will have substantial market share through 2026 owing to increasing refurbishment activities from the airlines in order to enhance the customer satisfaction. Majority of airlines are emphasizing on upgrading the interiors of their aircrafts in for aesthetic enhancement. Moreover, airlines are also focusing on reduction of MRO downtime, which will further prosper the product demand.
Interior application segment will witness significant growth till 2026. Increasing activities related to cabin modification for the enhancement of air travelers will be one of the chief factors prospering the growth. These cabins require durable and extensive coatings due to huge number of passengers, trolleys and heavy luggage, that might cause damages. Polyurethane resins are preferred for interior topcoats as they provide scuff-resistant finish, soft touch and UV resistance.
Europe will be one of the key markets by 2026
European aerospace coating market is likely to grow at a moderate CAGR of over 5% throughout the forecast timeframe. It can be due to presence of key aircraft manufacturers coupled with ongoing R&D activities in the aerospace sector.
Approximately 12% of the total turnover of the European aerospace industry is spent on the R&D activities. Furthermore, government initiatives to encourage regional aerospace R&D activities will further influence the regional product consumption.
Manufacturers focusing on new product development to enhance their competitive edge
Key industry participants are BASF, Akzo Nobel NV, Brycoat Inc, PPG Industries, The Sherwin-Williams Company, Heinkel, Argosy International and IHI Ionbond AG. Product manufacturers are focusing on new product development to gain competitive advantage in the market.
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