The aircraft paints market is anticipated to grow at a CAGR of over 4% during the forecast period.
The growth of the aviation market, fuelled by increasing deliveries of commercial and military aircraft, is expected to drive the growth of the aircraft paints market during the forecast period.
The need to refurbish the old aircraft that are in service is also generating revenues for the aircraft paints market.
The development of new eco-friendly aircraft painting and coating products that can reduce weight and increase fuel efficiency is expected to impact the growth of the aircraft paints market.
Scope of the Report
As per the scope of the study, the market report covers coatings, primers, and paints for the interior and exterior parts of the aircraft. The market study will also include paints and coatings for parts and components like engine, fuel tank, titanium parts, and others.
Key Market Trends
Commercial Aircraft Accounts for the Highest Market Share
Currently, the commercial aircraft segment dominates the market and it is expected to continue to hold a major share even in 2024. High living standards, low airfares, the growing middle class in large emerging markets, and growth in tourism and travel relative to total consumer spending in major economies are all driving the demand for air travel. The procurement of aircraft by the airlines to cater to the increasing air travel has also increased tremendously. Boeing recorded an order backlog of 5,850 commercial aircraft, whereas, Airbus recorded an order backlog of 7,337 commercial aircraft, by the end of November 2018. Thus, continuous production and deliveries of commercial aircraft are expected during the forecast period. The production and delivery of commercial aircraft are expected to drive the growth of the commercial segment of the aircraft paints market.
Asia-Pacific is Anticipated to Lead the Aircraft Paints Market During the Forecast Period
Growth in air travel, along with increasing military aircraft procurements by growing economies like China and India, is expected to propel the growth of the market. Furthermore, to attract passengers, airlines, such as China Eastern Airlines and Hainan Airlines, among others, in the region, are adopting fancy themes, which is expected to increase the demand for the paints market as all the aircraft have to be stripped and repainted once the theme is outdated.
The prominent international players in the market are Akzo Nobel NV, PPG Industries Inc., IHI Ionbond AG, Mankiewicz Gebr. & Co., and Hentzen Coatings Inc. Currently, most of the paints and coating providers are present in North America and Europe. The increase in the global presence of the companies will help companies to gain a competitive advantage over others. Also, the development of paints that reduce weight, increase fuel efficiency, increase the stealth characteristics of aircraft, and are eco-friendly will help companies attain a better position in the market.
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