The Aerospace Coatings Market is expected to reach $1,097.8 Million by 2022, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Aerospace Coatings Market
The aerospace coatings market is projected to grow at a healthy CAGR of 6.0% over the next five years to reach US$ 1,097.8 million in 2022. Increasing deliveries of commercial and regional aircraft; increasing mergers and acquisition and re-branding activities in the global airline industry; high need for coatings with an excellent durability and longer maintenance cycle; stringent government emission regulations, such as REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals) and Euro Zone Crisis 2012; rising demand for eco-friendly coats; and innovations in coating products are the major driving forces of the global aerospace & defense coatings market.
Asia-Pacific is expected to remain the largest and the fastest-growing market for coatings in aerospace and defense industry during the forecast period. Increasing passenger traffic in Asia-Pacific region, primarily in China and India, is driving the commercial aerospace industry. This would lead to the highest demand for coatings in the region. Additionally, the upcoming indigenous commercial and regional aircraft, such as Comac C919 and Mitsubishi MRJ is also pushing the demand for coatings in Asia-Pacific region.
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Market Scope & Segmentation
Aerospace Coatings Market Share by Resin Type
The aerospace & defense coatings market is segmented based on resin type as epoxy, polyurethane, and others. Polyurethane is projected to remain the largest resin type in the aerospace and defense coating market during the forecast period of 2017-2022. This coating type is also likely to witness the highest growth during the same period. Abrasion resistance, chemical resistance, protection against UV rays, good wet look, and excellent adhesion to substrates at a relatively low cost are the key features that have escalated the demand for polyurethane coatings in the aerospace & defense industry. Furthermore, regulations for the reduction of volatile organic compounds (VOCs) and requirements for chrome-free inhibitors creates an additional demand for this coating type in the aerospace & defense industry.
Aerospace Coatings Market Share by Aircraft Type
The aerospace & defense coatings market is further segmented based on aircraft type as commercial aircraft, military aircraft, and general aviation. Commercial aircraft has been the largest segment and is forecasted to remain the largest segment over the next five years as well. The segment is also likely to witness the highest growth during the forecast period, driven by increasing production rate of major commercial aircraft, such as B737, A320 family, A350XWB, and B737; expected entry of upcoming aircraft, such as Comac C919; rising aircraft fleet; and higher M&A and re-branding activities in the airline industry.
Aerospace Coatings Market Share by Technology Type
The aerospace & defense coatings market is also segmented based on technology type as liquid coatings and powder coatings. Liquid coating is projected to remain the largest technology type in the aerospace & defense coatings market during the forecast period, propelled by their better coverage, better metal protection, corrosion resistance, and an excellent smooth surface finish. Within liquid coatings, solvent-based coating is the most dominant technology whereas water-based coating is the fastest-growing technology because of its environmentally friendly nature.
Aerospace Coatings Market Share by End-User Type
Both OEM and MRO are expected to experience healthy growth rates in the aerospace & defense coatings market during the forecast period. Increasing aircraft production and increasing merger and acquisitions and re-branding activities are driving both segments.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period of 2017-2022. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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Stratview Research is a global market research company and is known to offer custom research reports in varied fields such as Advanced Materials, Aerospace & Defense, Automotive & Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas. Our market veterans make sure to have a deep research about the topics so that the most useful and authentic insights can be delivered to the professionals.