The Global Aerospace Coatings Market was valued at USD 1.90 billion in 2019 and is anticipated to reach USD 3.42 billion by 2030, expanding at a CAGR of 5.4% during the forecast period, from 2020 to 2030. The global aerospace coatings market witnessed a volumetric sale of 598.5 kilotons in 2019, which is expected to reach 1,137.3 kilotons by 2030, expanding at a CAGR of 5.9% from 2020 to 2030.
Coatings for airplane pose a highly technical challenge for paint makers. These coatings not only improve the aesthetics of the airplane but also act as a barrier against the wind, rain, snow, and sun. They provide protection against extreme and varying temperatures, ultraviolet exposure, erosion caused from air drag, and corrosion caused due to humidity. They also deflect the dust particles at high velocity and required to bear temperature ranging between -48˚F F and 120˚F. Additionally, these coatings reduce the chances of cracks in the airplane due to changing air pressure and contact with fluids.
Market Dynamics and Trends
The global aerospace coatings market is growing due to the increasing global trades and air travel. Surge in cargo traffic, preferences for air travel, increase in international trade, and rise in disposable incomes are propelling the market growth. Also, increasing investments in the military aviation and defense sectors, specifically in emerging economies, are fuelling the market growth.
However, factors such as stringent regulatory standards regarding the use of certain chemicals, time-consuming verification processes, and high cost of raw materials are expected to hamper the aerospace coatings market. Conversely, growing demand for next-gen aircrafts, increasing preference for light weight coatings, and ongoing R&D activities to reduce carbon foot prints are expected to create lucrative opportunities in the aerospace coatings market.
Market Segmentations and Scope of the Study:
North America dominated the global aerospace coatings market in the past, and is anticipated to hold the major share during the forecast period due to factors such as thriving aerospace industry, high R&D investments, and technological advancements.
Asia-Pacific accounts for a significant share of the market, and is expected to grow at a considerable pace owing to high investments by developing countries to create new air routes, upgrade existing airports, develop long-haul airline routes, and increased air defense budget in countries such as India and China.
Key player in the global aerospace coatings market are IHI Ionbond AG, PPG Industries, Inc., the Sherwin-Williams Company, AkzoNobel N.V, Zircotec Ltd, LORD Corporation, Saint-Gobain S.A, Hentzen Coatings, Inc., Henkel Corporation, Axalta Coating Systems Ltd, Mapaero, Zircotec Ltd., BryCoat Inc., AHC Oberflächentechnik, BASF SE, and NV Specialty Coatings.
In October 2019, Parker Hannifin Corporation acquired LORD Corporation, a leading manufacturer of advanced adhesives and coatings, and vibration and motion control technologies, for USD 3.675 billion.
KEY MARKET SEGMENTS:
• Global Aerospace Coatings Market – By Resin Type
• Global Aerospace Coatings Market – By Technology
o Solvent-based Coatings
o Water-based Coatings
o Powder Coating
• Global Aerospace Coatings Market – By User Type
o Original Equipment Manufacturer
o Maintenance, Repair, & Overhaul
• Global Aerospace Coatings Market – By End Use Industry
o Commercial Aviation
o Military Aviation
o General Aviation
• Global Aerospace Coatings Market –
• Global Aerospace Coatings Market – By Geography
o North America
Rest of Europe
Rest of Asia-Pacific
• PPG Industries, Inc.
• The Sherwin-Williams Company
• 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
• Zircotec Ltd.
• NV Specialty Coatings
• BASF SE"
Frequently Asked Questions
- By product type
- By End User/Applications
- By Technology
- By Region