Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 1859.5 Million | USD 2652.70213 Million | 6.1% | 2021 |
The Aerospace Coatings Market was worth around USD 1859.5 million in 2021 and is estimated to grow to about USD 2652.70213 million by 2028, with a compound annual growth rate (CAGR) of approximately 6.1 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.
An aerospace coating is a covering that is applied to the surface of an object, usually referred to as a substrate. The aerospace coating is also known as aircraft paint, aviation paint, or aircraft coating. It is used by the aircraft's manufacture, repair, and maintenance teams to extend the life of the aircraft's structures. The purpose of applying the coating may be decorative, functional, or both. The coatings are designed in such a way that the fluctuations in temperature and air pressure can be covered. It offers high resistance against corrosion, solar heat & ultraviolet rays, haze, and other adverse weather conditions. Aerospace coatings also allow these machines to achieve faster speeds and greater fuel efficiency while withstanding hard conditions.
The demand for aerospace coatings is being driven by the thriving demand for commercial aircraft throughout the world. Especially in developing countries, more people are opting for air travel as it has become an affordable option. They now prefer modes of transportation that are convenient as well as provide speed. This is furthering the demand for aerospace coatings. Increased international air passenger traffic has triggered the demand for commercial aircraft and, hence, increased the production of commercial aircraft. The considerable growth of the aerospace coatings industry is significantly influenced by the scenario for aviation production and the growing fleet size.
Increasing air travel demand due to affordable carriers in the developing regions
In emerging regions, people are starting to travel by air much more often now, and therefore the aerospace industry is experiencing an increase in the passenger air travel segment. The reason for this is low-cost carriers and people from the developing economies of APAC, Middle East & Africa, and South America are opting for air travel more than before. The number of people using air transport is increasing, in turn driving the demand for larger airplanes. This demand is projected to fuel the growth of aerospace coatings.
Reduced defense expenditure in developed economies
The global defense spending is diminishing due to defense budget reductions by key defense spending countries. The defense market is impacted mainly by the reductions in defense spending by the U.S., which is the highest spending nation in the world. The main reason for this is the fact that Afghanistan has fallen to the Taliban and Iraq no longer needs as much of a Western military presence. Many developing nations, however, are spending more on defense. These include nations like China, India, the nations in the Middle East (UAE), Japan, Russia, and Brazil.
Aerospace Coatings Market is segregated based on resin type, technology, user type, end-user, application, and product type.
By resin type, the global market is distinguished into Polyurethanes, Epoxy, and Others (Silicone, Polyester, and Acrylic). The major resins of aerospace coatings in the industry are polyurethane and epoxy, among others.
Epoxy coatings are the dominant product type in the global aerospace coatings market. The epoxy-based resins are reinforced polymers derived from petroleum sources, after a reaction process involving epoxide units. These resins help develop several properties, including strength, durability, and chemical resistance, in coatings. According to the forecast report by GMI, the polyurethane resin segment in the market will witness a growth of over 6.5% through 2026.
By end-user, the global market is bifurcated into Commercial Aviation, Military Aviation, General Aviation, Space, Business Aircrafts, Helicopters, and Others. The leading end-use sectors in the market are military aviation, commercial aviation, and general aviation.
Report Attributes | Report Details |
---|---|
Report Name | Aerospace Coatings Market Research Report |
Market Size in 2021 | USD 1859.5 Million |
Market Forecast in 2028 | USD 2652.70213 Million |
Growth Rate | CAGR of 6.1% |
Number of Pages | 255 |
Forecast Units | Value (USD Billion), and Volume (Units) |
Key Companies Covered | PPG Industries, AkzoNobel N.V., Mankiewicz Gebr. & Co., Hentzen Coatings, Inc., and Sherwin Williams. among others. |
Segments Covered | By Resin Type, By Technology, By User Type, By End-User, By Application, By Product Type, And By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA) |
Base Year | 2021 |
Historical Year | 2016 to 2020 |
Forecast Year | 2022 - 2038 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The North American region is expected to dominate both in terms of regional CAGR and market share. The reason for this is that the United States manufactures and exports the largest number of aircraft in the world. This has resulted in the increase of many international and domestic flights which require the usage of more planes. Therefore, the demand for aerospace coatings has increased significantly. Followed by it, the European region has the second-largest aerospace coatings market share. The reason for this is the increase in innovative usages for aerospace coatings. It is followed by the APAC region which is expected to have a CAGR of 4.8%. The Middle East and North Africa and Latin American regions are seeing significant growth because their governments are investing intensively in the aerospace industry and because of the presence of tourism in these areas.
Some of the main competitors dominating the Aerospace Coatings Market include
By Resin Type
By Technology
By User Type
By End-User
By Application
By Product Type
By Region
FrequentlyAsked Questions
In emerging regions, people are starting to travel by air much more often now, and therefore the aerospace industry is experiencing an increase in the passenger air travel segment. The reason for this is low-cost carriers and people from the developing economies of APAC, Middle East & Africa, and South America are opting for air travel more than before. The number of people using air transport is increasing, in turn driving the demand for larger airplanes. This demand is projected to fuel the growth of aerospace coatings.
According to the Market Research report, The Aerospace Coatings Market was worth around USD 1859.5 million in 2021 and is estimated to grow to about USD 2652.70213 million by 2028, with a compound annual growth rate (CAGR) of approximately 6.1 percent over the forecast period.
The North American region is expected to dominate both in terms of regional CAGR and market share. The reason for this is that the United States manufactures and exports the largest number of aircraft in the world. Followed by it, the European region has the second-largest aerospace coatings market share.
Some of the main competitors dominating the Aerospace Coatings market include - PPG Industries, AkzoNobel N.V., Mankiewicz Gebr. & Co., Hentzen Coatings, Inc., and Sherwin Williams.
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