Aerospace Coatings Market is valued around USD 1.90 Billion in 2019 and expected to reach USD 3.42 Billion by 2030 with the CAGR of 5.4% over the forecast period.
Aerospace Coatings is used in aerospace industry which helps in the protection of aircraft from harsh climatic condition along with high pressure at different altitudes. These coatings help from the prevention of ultraviolet rays, chemicals, high temperature and other which enhance the overall life span of aircraft. On the other hand, growing inclination towards drone as well as aerial vehicle along with changing climatic conditions has also raised the demand for aerospace coatings.
Global Aerospace Coatings Market report is segmented on the basis of resin type, technology, user type, application, end use industry and by regional. Based upon resin type, the aerospace coatings market is fragmented into epoxy, polyurethane, and others. On the basis of technology, the market is categorized into solvent based coatings, water based coatings, and powder coating. Based on user type, the market is categorized into original equipment manufacturer (OEM) and maintenance, repair & overhaul (MRO). Based on application, the market is categorized into exterior and interior. On the basis of end use industry, the market is classified into commercial aviation, military aviation, and general aviation. The regional bifurcation of countries includes North America, Europe, Asia-Pacific, and RoW which are further segmented into major countries such as U.S., UK, France, and others.
The aerospace coatings market is mainly driven by the constant rising chemical industry along with technological advancement. There has been constant growth in aviation industry along with growing preference for air travels has created the demand for aircraft which in turns drive the growth of aerospace coatings market. In addition, rising investments in the market followed by growth in research & development activities are likely to fuel the market growth. Moreover, rising demand for eco-friendly followed by the growth in disposable income are also likely to support the market growth. However, stringent regulatory policies as well as fluctuating prices of raw materials may restrain the market growth over the forecast period.
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The developed regions such as North America and Europe are expected to hold the major market share owing to the presence of developed infrastructure supported by the growing R&D activities. Moreover, fast developing aviation industry along with technological advancement is also likely to enhance the market growth. Asia Pacific is expected to dominate the aerospace coatings market in terms of growth rate owing to the growing disposable income along with fast growing defense sector in the developing economies. In addition, rapid urbanization as well as growth in passenger traffic has created the demand for aircraft which in turn support the growth of aerospace coatings market.
The major market players profiled in the aerospace coatings market includes PPG Industries, Inc., Sherwin-Williams, IHI Ionbond AG, Zircotec Ltd, LORD Corporation, AkzoNobel N.V, Hentzen Coatings, Inc., Saint-Gobain S.A, Henkel Corporation, Axalta Coating Systems Ltd, BryCoat Inc., AHC Oberflächentechnik, Mapaero, Zircotec Ltd., NV Specialty Coatings, and BASF SE among others.
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