Aerospace Coatings Market to grow at over 5%+ CAGR, Size, Share, Trends, Growth and Future Demand – AkzoNobel, BASF, Hentzen Coatings, PPG Industries, Sherwin-Williams

Aerospace Coatings Market is estimated to cross 16 kilo tons at 5.4% CAGR with USD 1 billion by 2024.

Polyurethane resins will account for over 55% revenue share in the aerospace coatings market over the forecast timeframe. High preference towards this resin can be attributed to its advantages such as high resistance to the UV rays and other damages including staining, chemicals, and abrasion. Extensive usage of these resins in new generation aircrafts such as Boeing 787 will further support the segment’s dominance.

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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Aerospace coatings market has witnessed remarkable proceeds across a host of aviation fraternities including the likes of military, space, commercial etc. Even a few years back, the application significance of these coatings was deemed to be limited to protection and aesthetic appearance improvement. However, with technological proliferations and subsequent complexity in the aviation industry, the requirement of advanced coatings endorsed with features like faster drying time, lightweight, increased durability, and unique color styling has upscaled tremendously.

Another eyepopping spectacular scoop in aerospace coatings marketplace is UDRI’s contract with the United States Air Force Department. The University of Dayton Research Institute, has been recently awarded a contract worth of USD 1.5 million to evaluate and deliver innovative advanced aerospace coatings for turbine engine parts. Reportedly, this USD 1.5 million agreement stems from UD’s seven-year contract with U.S. Air Force worth over USD 40 million, targeting environmentally viable and energy efficient technologies for Air Force equipment. While UDRI has always been one of the few renowned names in aerospace coatings industry whose contribution has been phenomenal, being awarded with such a prospective contract by USAF is certainly a news to be reckoned with, claim experts.

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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Exterior application will account for over USD 890 million by 2024 owing to high usage of aerospace coatings in exterior aircraft structural applications. Usage of coatings provides protection to the aircraft exteriors against cracking, erosion, and deterioration. Aerospace coatings market from interior applications will exhibit approximately 7% CAGR owing to rising usage of coatings for functional and decorative purposes. They are used for painting and upgrading the cabin interiors.

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.

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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