Powered by a barrage of tech benefactors, aerospace coatings market has witnessed remarkable proceeds across a host of aviation fraternities including the likes of military, space, commercial etc. Even a few years back, the application significance of these coatings was deemed to be limited to protection and aesthetic appearance improvement. However, with technological proliferations and subsequent complexity in the aviation industry, the requirement of advanced coatings endorsed with features like faster drying time, lightweight, increased durability, and unique color styling has upscaled tremendously. These ongoing developments and technological adoption in product designing is expected to conveniently help aerospace coatings industry to establish itself as a remunerative business space over the coming years. This is apparently quite vivid from the estimates by Global Market Insights, Inc. which claims aerospace coatings industry size to surpass the billion-dollar frontier by 2024.
U.S. Aerospace Coatings Market, By Aircraft, 2016 & 2024, (USD Million)
In recent times, aerospace coatings market is characterized by a plethora of contemporary product innovations, inherently influenced by the sustainability march across the globe. It has been observed that research efforts have been focused on developing smart multifunctional coatings that not only ensure improved functionality but also are environmentally viable. Citing a recent instance of the same, Airbus and Lufthansa, two of the eminent aerospace giants have developed an ecofriendly coating solution dubbed as sharkskin for aircraft wings. Researched at ZAL Centre of Applied Aeronautical Research, Hamburg, this groundbreaking coating technology is claimed to improve the fuel efficiency by reducing the airflow resistance. Reportedly, the ‘riblet’ aerospace coating having a structural resemblance with shark skin, may result in saving kerosene worth of almost USD 62 million per annum, reducing the carbon footprint by approximately 200000 tons. Considering the innovative product configuration and its proclaimed offering, experts have enough reason to believe that sharkskin would prove to be disruptive for the aerospace coatings industry trends in the coming years.
Another eyepopping spectacular scoop in aerospace coatings marketplace is UDRI’s contract with the United States Air Force Department. The University of Dayton Research Institute, has been recently awarded a contract worth of USD 1.5 million to evaluate and deliver innovative advanced aerospace coatings for turbine engine parts. Reportedly, this USD 1.5 million agreement stems from UD’s seven-year contract with U.S. Air Force worth over USD 40 million, targeting environmentally viable and energy efficient technologies for Air Force equipment. While UDRI has always been one of the few renowned names in aerospace coatings industry whose contribution has been phenomenal, being awarded with such a prospective contract by USAF is certainly a news to be reckoned with, claim experts.
If sources are to be relied, this Dayton based institute proclaims its research project to uptick by 10% in 2018, from what it recorded in the year before last. Furthermore, as it is being reported, the research programs initiated by the University of Dayton, in terms of valuation, is slated to increase from USD 117.6 million to USD 130 million over 2016-2017. Having recognized the potential opportunities of utilizing UDRI’s exceptional product palate in aerospace coatings industry, the United States Air Force Department, may have taken the decision of giving the contract to the institute. Speaking along the similar lines, U.S., quite evidently proves its supremacy over the entire business space. In fact, as per estimates, with the dominance of U.S., North America aerospace coatings market size is forecast to exceed USD 350 million by 2024. Other than the regional governmental support, this belt houses established coatings manufacturers and new generation aircrafts such as Airbus A350, Boeing 737 MAX, and Boeing 787, which undeniably has opened up slew of opportunities for aerospace coatings industry players.
The strategic landscape of aerospace coatings market is chronicled to be rather consolidated with renowned giants like Mankiewicz, PPG Industries, Akzo Nobel NV, Merck Performance, and BASF, procuring almost 50% of the global share. Amidst the intense share battle, product innovations via R&D investments is claimed to be one of the major parameters justifying the sustainability quotient of aerospace coatings industry participants. In this regard, experts believe, developing economies can prove to be opportunistic investment spots for the market players, pertaining to the supply demand gap in these regions. All in all, with technological advancements in nanoparticle-based coatings and manufacturers’ constant effort in bringing cost effective solutions, the revenue graph of aerospace coatings market is sure to ascend over the ensuing years.