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Aerospace Coatings Market 2020-2026 : Share Forecasts, Regional Trends & Growth drivers

Author : Ronak Bora | Published Date : 2020-08-28 

Rising commercial aircraft production to fuel aerospace coatings demand. Aerospace coatings are used across every kind of aircraft, be it military, commercial or spacecraft. A significant rise in disposable consumer income over the past decade has resulted in a rapid upsurge in air travel, particularly short distances. Growing number of air passengers across the globe and the subsequent increase in commercial aircraft production will augment aerospace coatings market forecast in the upcoming years.

It is estimated that to meet the demand of air travelers, more than 40,000 commercial carriers will be required over the next two decades. Global Market Insights, Inc., forecasts that global aerospace coatings industry size will reach US$1.2 billion valuation by 2026.

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Considering the applications of these coatings, interior segment will witness growth at more than 6.5% CAGR during the projected timeline. Airliners are increasingly focusing on enhancing the overall traveling experience for customers. Growing focus on interior upgradation and cabin modification will propel the product demand in interior coating applications.

In terms of the technology used, solvent-based coatings will likely dominate the industry share in the near future. Solvent-based coatings are among the most widely used aerospace coatings. On the other hand, the presence of a strict environmental regulations in the coatings industry is encouraging aircraft makers to switch to alternatives, such as powder and water-based coatings. The powder segment will capture more than 10% revenue share of the total aerospace coatings industry by 2026.

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Maintenance, repair, and overhaul (MRO) is anticipated to be the fastest-growing user segment up to 2026. This can be largely associated with aging air carrier fleets and the growing need for MRO services. Meanwhile, original equipment manufacturers (OEM) user segment is slated to generate over US$650 million in revenues by 2026. OEMs are ramping up their production facilities to meet the surging demand for commercial as well as military airplanes.

Commercial aircrafts are projected to account for over 40% of aerospace coatings industry share. Shifting consumer preference towards air travel and increasing number of air passengers has resulted in increased demand for commercial airplanes. However, militaries in both developed and emerging regions are focusing on expanding their helicopter fleets for military applications. Industry share from the helicopter segment is poised to hit US$200 million in value by the end of the forecast timespan.

Epoxy and polyurethane are the most commonly used types of resins in aerospace coatings. Epoxy resin-based coatings are gaining immense popularity owing to excellent strength, durability, and chemical resistance. Epoxy resins will capture more than 45% volume share up to 2026. Polyurethane resins will experience healthy growth throughout the study duration.

From a geographical perspective, Asia Pacific aerospace coatings industry is slated to garner over US$330 million over the analysis period. Growing commercial aircraft production and rising number of air travelers will drive the regional growth. Additionally, robust economic development in China, India, and Japan and rising disposable income levels will propel the aerospace sector revenues.

In developed regions such as Europe and North America, ongoing technological developments along with favorable government initiatives will fuel regional trends. North America aerospace coatings demand will also be driven by the presence of prominent aerospace players and increasing military and defense expenditure. PPG industries, Argosy International, The Sherwin-Williams Company, BASF, and Heinkel are among the leading suppliers of aerospace coatings.

 

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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