PUBLISHER: Stratview Research | PRODUCT CODE: 1122050
PUBLISHER: Stratview Research | PRODUCT CODE: 1122050
Market Insights
A coating is a covering that is put on top of an object, the latter is also known as a substrate. The coating may be used for operational, decorative, or a combination of both purposes. The market for aerospace coatings is primarily driven by rising demand from a variety of end users, including general aviation, commercial aviation, and military aircraft. Nanotechnology has been adopted in aerospace manufacturing as a result of the growing trend for lighter and more efficient aircraft.
The airline industry had been under immense pressure in the wake of weak economic growth, the US-China war, and matured local demand. The outbreak of the pandemic shook the industry to the core. As a result, the industry recorded a massive decline in the demand for coatings across regions, plummeting over 44.9% in the year 2020.
However, the demand for coatings in the aircraft industry is anticipated to rejuvenate gradually with the rebound in air passenger traffic. The year 2022 is witnessing an excellent recovery in air passenger traffic across regions. Overall, the aircraft coatings market is estimated to grow at a brilliant CAGR of 11.9% during the forecast period to reach a value of US$ 1,121 Million in 2027.
An expected increase in the production rates of key commercial and military aircraft programs; increasing mergers and acquisition and re-branding activities in the airline industry; high need for coatings with excellent durability and longer maintenance cycle; stringent government emission regulations, such as REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals) and Euro Zone Crisis 2012; rising demand for eco-friendly coats; and innovations in coating products are estimated to remain the growth propellers of the aircraft coatings market.
Segments' Analysis
Based on the resin type, the market is bifurcated into Polyurethane, Epoxy, and Others. Polyurethanes remain the most preferred material for coatings in the aircraft industry in the foreseen future. This coating type is also likely to witness the highest growth during the same period. Abrasion resistance, chemical resistance, protection against UV rays, good wet look, and excellent adhesion to substrates at a relatively low cost are the key features that have escalated the preference for polyurethane coatings in the aerospace industry. Furthermore, regulations for the reduction of volatile organic compounds (VOCs) and requirements for chrome-free inhibitors create additional demand for this coating type in the aerospace industry.
Based on the aircraft type, the market is segmented into Commercial Aircraft, Military Aircraft, and General Aviation. Commercial aircraft remains at the nucleus of all the leading market stakeholders serving the aerospace industry. The segment is also likely to witness the highest growth during the forecast period, driven by an expected rise in the production rate of major commercial aircraft programs, such as B737, A320 family, A350XWB, and B737; expected entry of upcoming aircraft, such as COMAC C919; rising aircraft fleet; and higher M&A and re-branding activities in the airline industry. It is also anticipated that commercial aircraft will remain the most preferred aircraft segment for the market participants in the foreseen future.
Based on the technology type, the market is segmented into Water-Borne Coatings, Solvent-Borne Coatings, and Powder Coatings. Among these technology types, solvent-borne coating dominates the market, propelled by its better coverage, better metal protection, corrosion resistance, and an excellent smooth surface finish. Within liquid coatings, the solvent-based coating is the most dominant technology, whereas water-based coating is the fastest-growing technology because of its environmentally friendly nature.
Based on the end-user type, Both OE and aftermarket are expected to experience healthy growth rates in the aircraft coatings market during the forecast period. Increasing aircraft production, growing aircraft fleet size, and increasing merger and acquisitions and re-branding activities are driving both segments.
In terms of regions, Asia-Pacific is expected to remain the largest market for aircraft coatings over the forecast period. In addition to that, the region is likely to witness healthy market growth in the coming years. Increasing passenger traffic in the Asia-Pacific region, primarily in China and India, is driving the commercial aerospace industry. This would lead to the highest demand for coatings in the region. Additionally, the upcoming indigenous commercial and regional aircraft, such as COMAC C919, are also pushing the demand for coatings in the Asia-Pacific region.
Key Players
The competitive landscape of the market is quite different from the standard coatings market. Here, in aircraft coatings, a handful of players occupy a lion's share of the market. Furthermore, the revenue generated from the coatings business from the aircraft industry holds an insignificant share of their sales. The following are some of the key players in the aircraft coatings market:
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The aircraft coatings market is segmented into the following categories: