Overview:
Global aerospace coating market is significantly pervading the end-user industries and is estimated to grow at CAGR 3.9% from 2020 to 2027 (forecast period), Market Research Future (MRFR) reports. Aerospace coatings provide corrosion protection, protection from the sun, repel fog and ultra-violet rays, and resist abrasion of aircraft surfaces. It plays an integral role in improving service life and reducing production and maintenance cost of various aircraft.
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Driver and Restraint:
To enhance the service of various airlines, aviation industries are now introducing this aerospace coating technique. In regular aircrafts, this coating is used for parts such as horizontal stabilizers, vertical fins, wings fairings and engine cowlings. In military aviation, the coating is used for radar panels, avionic racking, and rotor blade boxes. Increasing defense expenditure of various industries can be a driving factor for the growth of this market. Continuous demand from military and defense sectors is expected to drive market growth over the forecast period.
However, in recent times, powder coating has gathered much momentum, in comparison to regular paint coating owing to its eco-friendly nature. This could defer the expected growth rate of the global aerospace coating market.
Segmentation:
The global aerospace coatings market can be segmented by resin type, end-user, and application.
Resin-type segmentation includes polyurethanes and epoxy. Polyurethanes are mostly used in the market. Its resistance to weather, abrasion, stains, chemicals and UV radiations is behind its stellar performance in the global aerospace coatings market. This segment is also touted to grow fastest in the forecast period.
Commercial aviation, military aviation, and general aviation are major market end-users. Among these, commercial aviation accounts for the most significant market share. The rise in passengers, cargo transportation, and a steep increase in the number of airplanes in the commercial sector can contribute to the growth of global aerospace coatings market in years to come.
Major applications include exterior and interior. Exterior application hauls the maximum market share as it is more needed for coating the exterior surface of aircraft to protect it from deterioration, erosion, and cracking.
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Market Competition:
The expanding aerospace coatings market has significant growth opportunities for various manufacturers and has induced new players to enter this market. However, the task would not be easy as multiple governments are implementing new regulations to corroborate with the highest safety measures. Regulations, such as Registration, Evaluation, Authorisation, and Restriction of Chemicals (REACH) and stipulations to control solvent emissions can hinder the growth rate.
Chief players currently operating in the market are Akzo Nobel N.V. (Netherlands), Zircotec Ltd. (U.K.), BASF SE (Germany), PPG Industries, Inc. (U.S.), IHI Ionbond AG (Switzerland), The Sherwin-Williams Company (U.S.), Henkel AG & Company KGaA (Germany), Mankiewicz Gebr. & Co. (Germany), BryCoat Inc. (U.S.) and Argosy International Inc. (U.S.).
Regional Analysis:
Region-specific analysis segments the market in four zones, namely North America, Europe, Asia Pacific and Rest-of-the-World (RoW).
The Asia Pacific market is touted to generate significant revenue by 2022. Emerging economies, such as India, Singapore, China, South Korea, Vietnam, and others have increased their aviation expenditure. Prominent industries are also creating a demand for this coating by setting up new factories in this region. These factors can boost the market demand in the coming years.
North America records the maximum revenue generated from this market as the key manufacturers are mostly from this region. As a plus, Boeing has introduced new aircraft fuelling the demand further and boosting the global aerospace coating market. The US had framed National Space Policy for the promotion of investment in the aerospace industry which in turn is going to propel the market growth.
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Industry New:
The trend of chrome-free and high-performance coatings has gained tractions due to its use by prominent manufacturers. Chromates are carcinogens. Although there is no hard and fast rule regarding the usage of chrome-free colors, most of the manufacturers are opting for chrome-free ones. For instance, AkzoNobel in this matter has made an indelible impact. This new technology is lowering the cost of maintenance further and is now becoming a better alternative for many manufacturers.
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