Aerospace Coating Market Revenue Projected to Cross $2.92 Billion by 2027 | The Insight Partners

Pune, India, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Aerospace Coating Market Size, Share, Growth Factors, Opportunity and Forecast to 2027 – COVID-19 Impact and Global Analysis – by Resin Type, Technology, End-User, and Geography,” the aerospace coating market size is projected to grow from US$ 1.81 billion in 2019 to US$ 2.92 billion by 2027; the market expected to record a CAGR of 6.3% from 2020 to 2027. The aerospace coating industry growth is attributed to the increasing demand from North America and the various benefits provided by aerospace coating

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Global Aerospace Coating Market: Competitive Landscape and Key Developments

Akzo Nobel N.V., BASF SE, Hardide plc, Henkel AG & Co. KGaA, Hentzen Coatings, IHI Ionbond AG, Mankiewicz Group, PPG Industries, Inc., The Sherwin-Williams Company, Zircotec, are among the major players operating in the global aerospace coating market. Companies in this market focus on strategies such as investments in research and development activities and new product launches. For instance, in July 2019, Akzo Nobel N.V. announced the acquisition of aerospace coating manufacturer Mapaero. The acquisition will help to strengthen its global position in aerospace coating. Such strategic initiatives have expected to provide strong growth potential to the aerospace coating manufacturers over the forecast period.

Aerospace Coating Market Report Scope, Segmentations, Regional & Country Scope:

Asia Pacific is projected to grow at the fastest CAGR in the aerospace coating market from 2020 to 2027. The emerging countries in the region are witnessing an upsurge in industrialization and urbanization activities, offering ample opportunities for the key market players in the aerospace coating market. The aerospace coating industry in the countries of APAC has experienced a considerable shift over the years. The massive growth of the Asia-Pacific region market is due to the rising aerospace industry in emerging economies, such as India and China. Increasing passenger air traffic, rising international trade, and expanding investments in the aviation industry in developing countries are considered major growth factors for the aerospace industry. The expansion of the aerospace coatings market is directly proportional to aircraft production and the expanding fleet size. Thus, the growing production and sales of aircraft, mainly in developing Asia Pacific countries, is anticipated to create significant opportunities for aerospace coatings manufacturers in the coming years.

Various Benefits Offered by Aerospace Coatings is anticipated to Boosts the Aerospace Coating Market Growth

Aerospace coatings are considered as a high-performance coating material that helps in protecting the aircraft from harsh weather conditions that can cause damage to the aircraft resulting in maintenance and repairs. There has been a strong demand for aerospace coating products from the maintenance, repair, and overhaul (MRO) industry in the regions having long haul routes. The aerospace coatings are designed in order to prevent any air instability, temperature fluctuation, and variable air pressures. The coating also protects the aircraft from ultraviolet exposure, corrosion, and chemical attacks. The coating helps in reducing the weight of the aircraft that results in lower CO2 emission. New technologies such as chrome-based coatings protect the aircraft from UV exposure at higher altitudes. The new coating technologies have advanced capabilities that will help the aviation industry in cost-saving. The coatings help in reducing the debris build-up as well as minimizes drag in the air, which basically helps in reducing the airplane fuel, which results in cost-saving. These cost-savings have both economic as well as environmental impact. Aerospace coatings provide an aesthetic look to the aircraft which the aviation companies are using in order to look classy and unique, which will help the company to be different from its competitors. Solvent-based coatings provide chemical resistance, external durability and camouflage, and color to the aircraft. Coatings are also used in order to rebrand and repaint the planes when there is a merger of two or more aviation companies.

Aerospace Coating Market: Segmental Overview

Based on resin type, the aerospace coating market is segmented into epoxy, polyurethan, and others. The polyurethan aerospace coating segment held the largest share in the aerospace coating market in 2019. Polyurethane resins are copolymers which are made when there is a reaction between polyol and isocyanate with the inclusion of additives and catalyst. Polyurethane resin provides high resistance to chemicals, stain and abrasion. These resins are preferred as coatings over other resins due to the benefits they provide. The resin provides high degree of resistance from the damaging effects of the ultraviolet rays of the sun. This type of resin is most widely used and is available in both single and two – component systems.

Based on technology, the aerospace coating market is bifurcated into liquid coating and powder coating. The liquid coating segment held the largest share in the aerospace coating market in 2021. Liquid Coating are majorly used for aerospace industry as it provides a superior coverage on the inside corners as well as hard to reach places, and also provides smooth and uniform finish. These coatings are mostly applied by dip spin, air spray or hand brush. These liquid coatings are used as a corrosion inhibiting layer which helps in atmospheric protection. Liquid coatings are basically of two types which are solvent based and water-based coatings. Solvent based coatings are mostly used in the aerospace industry due to it being less vulnerable towards harsh climate. Various stringent regulations as well as limitations on VOC emission by various government is going to increase the demand for liquid coating especially solvent based coatings.

Based on end-user, the aerospace coating market is segmented into commercial coating, military coating, and general aviation. The military aviation segment is projected to register the fastest CAGR from 2020 to 2027. Military aviation is becoming the second most lucrative market for aerospace coatings due to an increase in investment in military and defense sector by various countries. Military aviation consists of military aircrafts and other flying machines that are made for the purpose of conducting aerial warfare, which also includes airlift capacity in order to provide logistical supply to the forces stationed in a war theater or along the front. Military aircraft mostly includes fighters, transports, bombers, reconnaissance aircraft and trainer aircraft.

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Impact of COVID-19 Pandemic on Aerospace Coating Market

The COVID-19 pandemic affected industries in various countries, influencing their economic conditions. Lockdowns, travel bans, and business shutdowns in leading countries in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) negatively affected the growth of various industries, including chemicals and material industries. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and sales of various essential and non-essential products. In 2020, various companies announced possible delays in product deliveries and a slump in future sales of their products. In addition, the bans imposed by various governments in Europe, Asia, and North America on international travel forced the companies to put their collaboration and partnership plans on a temporary hold. All these factors hampered the chemicals and material industry in 2020 and early 2021, thereby restraining the growth of various markets related to this industry, including the global aerospace coating market.

In the pre-pandemic period, the aerospace coating market was mainly driven by high demand for from military and commercial aviation sector and various benefits offered by aerospace coating. However, many industries faced unprecedented challenges due to the COVID-19 outbreak in 2020. The chemicals and materials industry declined due to the shutdown of manufacturing units and supply chain disruption. The pandemic disturbed the manufacturing processes with restrictions imposed by government authorities in various countries. During the initial phase of the pandemic, almost all countries in the world proposed lockdowns in their respective economies, where people were restricted from going outside their houses

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