Transparency Market Research has published a new report titled “Aerospace Coatings Market (Resin: Polyurethane, Epoxy, Acrylics, and Other Resins; Technology: Water-based, Solvent-based, and Other Technologies; User: OEM, MRO; End-user: Commercial & Business Aircraft, Military & Space, Helicopters) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025”According to the report, the global aerospace coatings market was valued at US$ 1,537.9 Mn in 2016 and is estimated to reach US$ 2,532.9 Mn by 2025, expanding at a CAGR of 5.8% between 2017 and 2025.
Aerospace coatings are the coatings that are able to minimize drag in the air and help improve the fuel efficiency of the aircraft. With the fuel expenses accounting for around 33% of the global airline expenses, decreasing the aircraft weight and increasing the fuel efficiency is a key focus of the aerospace industry. Coating materials used in the aerospace industry help reduce emissions of greenhouse gases and thereby, improve the fuel efficiency of aircraft. The commonly used resins for the aerospace coatings include polyurethane, epoxy and acrylics as they improve the shelf life of the coating owing to the superior properties. Advancements made in the defense and space sector is considered the key reason for the expansion of aerospace coatings market. Rise in aircraft manufacturing and MRO is the key factor driving the global aerospace coatings market.
Several factors such as increased income per individual which results in elevated spending on travel including air commutes, expansion of tourism industry, especially international tourism has also led to the rise in air travel. The existing aircraft are also likely to require maintenance and repairs along with the new aircraft for better performance and improved efficiency. The fleet expansion and rise in demand for air travel will have a significant impact on the aerospace coatings market. Growing number of air passengers and need for repair and replacement of aircraft trigger the fleet expansion. The need for new aircraft across the world is well-balanced. Fleet expansion and replacement rate is high in the developed regions. The emergence of low cost carriers have propelled the need for fleet expansion in the aerospace industry and hence it is expected to offer attractive growth opportunities for the aerospace coatings market.
Global aerospace coatings market is classified on the basis of geography as North America, Europe, Asia Pacific, Latin America and Middle East.North America dominate the global aerospace coatings market owing to the presence of solid military sector in the region with remarkable consumption of aerospace coatings by the U.S. The market size of the U.S. is much higher than that of Canada. Key composite manufacturing facilities are located in Woodland Park and Gardena in the U.S. Canada also has a major manufacturing hub for aerospace composites in Ontario operated by Fleet Canada Inc. Europe, with significant contribution from Eastern Europe, U.K and Germany is also expected to have significant expansion of aerospace coatings during the forecast period. The markets in the U.K., Germany, and France are substantial compared to Italy and Spain.
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Although moderately mature, fleet expansion and demand for domestic aviation propel the market in the region. China is considered one of the highly productive country in terms of consumption of aerospace coatings and due to which Asia Pacfic region is also anticipated to have significant expansion in the aerospace coatings market. Commercial & business aircraft is the dominant end-user segment of the aerospace composites market in Asia Pacific region. The aerospace industry in Latin America has been expanding significantly due to the rise in aircraft production with significant contribution from Mexico and Brazil. Recent advancements in technology and progress made in the aviation sector in the Middle East & Africa are anticipated to drive aerospace coatings market in the region.