Global Aerospace Coatings Market: Asia Pacific to Follow North America in Terms of Market Expansion in Future
Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled “Aerospace Coatings Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025” offers a detailed analysis of the market, providing insights into the market dynamics that are expected to influence the overall market positively in the next few years. Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the global Aerospace Coatings market have been elaborated upon in the research report.
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Aerospace coatings are extensively used to cover aircraft’s outer as well as inner surfaces to imbibe aesthetic and functional properties to the machine. These coatings are also plastered onto various important components of an aircraft such as the wing frame, fuselage frame, and tail frame. Acrylate, epoxy, and polyurethane are the widely-used aerospace coatings, which further need to be mixed with special additives and pigments.
The global aerospace coatings market is mainly being by driven by an increasing number of aircrafts being manufactured from a global perspective. Protection of aircrafts’ surface from being harmed by external conditions is possible by applying a cover of aerospace coatings to the surfaces. Such a need for providing protection has been significantly responsible for increasing the uptake of aerospace coatings, thereby boosting the market’s growth.
The global aerospace coatings market had gained revenue worth US$1.53 bn in 2016, which is further expected to rise up to US$2.53 bn until 2025. This growth is expected to occur at a healthy CAGR of 5.80% from 2017 to 2025.
Military and Defense Sector to Witness Immense Growth
The global aerospace coatings market is segmented on the basis of resin, technology, user, end-user, and region. Under resin type, the market consists of polyurethane, epoxy, acrylics, and others as prime segments. From a technological perspective, water-based, solvent-based, and others, are chief segments that comprise the global aerospace coatings market. Under this category, water-based coatings are expected to perform better than the others, mainly due to the easier associated workability. By user, the market is divided into two segments: OEM and MRO. Under end-user, the coatings are primarily utilized in three sectors – helicopters, military & space, and commercial & business aircraft. In this context, commercial and business aircraft segment has held a leading spot in terms of maximum aerospace coatings utilization. However, the military and defense sector is not far behind aircraft segment in terms if use of the coatings. Rather, the forthcoming years are expected to showcase a voluminous use of the coatings in the latter segment.
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Asia Pacific to Follow North America in Terms of Market Expansion in Future
Geography-wise, the global aerospace coatings market covers Latin America, the Middle East and Africa, North America, Europe, and Asia Pacific. A widespread use of aerospace coatings in military and defense sector in North America has made this region surpass all others in terms of revenue gained. The same reason has been applicable regarding the market’s presence in Europe and neighboring regions.
However, leading countries such as China and India from Asia Pacific are expected to depict a massive rise in aircraft production and an expansion of defense forces in the forthcoming years. Thus, the worldwide aerospace coatings market is anticipated to gain a mammoth revenue in this region during the upcoming years. Countries from the Latin American region such as Brazil and Columbia, and even Mexico are projected to portray a significant advancement in aerospace technology, thereby propelling the worldwide aerospace coatings market.
Although a handful of major players exist in the global aerospace coatings market, it depicts the presence of a highly intense vendor landscape. Most players are focusing on geographical expansions, especially as emerging economies the key to become successful in the market. The competition is expected to get tougher with every passing year, as per expert analysts. PPG Industries, Inc, The Sherwin-Williams Company, Akzo Nobel N.V, Hentzen Coatings Inc, Mankiewicz Gebr. & Co. are few key companies operating in the global aerospace coatings market.
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