The aerospace coating market was valued at US$ 1,807.81 million in 2019 and is projected to reach US$ 2,924.50 million by 2027; it is expected to grow at a CAGR of 6.3% from 2020 to 2027.
Aircraft need to withstand high climatic stress that generally damages the metal surface resulting in frequent repairs and maintenance. Aerospace coatings provide better resistance against corrosion, ultraviolet rays and solar heat, fog, and other adverse weather conditions. The coating also protects the aircraft from corrosion and chemical attacks. Moreover, frequent environmental changes have also led to the rise in the requirement of coatings for aircraft. Aerospace coatings are designed to prevent temperature fluctuations, air pressure variations, and air instabilities.
Based on end user, the aerospace coating market has been segmented into commercial aviation, military aviation, and general aviation. The commercial aviation segment accounted for the largest share in the market in 2019. In recent years, commercial aviation has become one of the most lucrative marketplaces for aerospace coating providers. Commercial aviation is considered as a part of civil aviation. The increase in the number of air travellers, rise in international trade, and surge in cargo traffic has led to the expansion of the commercial aviation industry which is driving the segment growth.
The global aerospace coating market is segmented into North America, Europe, Asia Pacific, South America, and Middle East and Africa. In 2019, North America held the largest share in the market. The aerospace industry in the US is growing over the years, and the country has been experiencing the emergence of various aerospace companies since the past few years. Stringent regulations imposed by governments over coating products have increased the demand for polyurethane aerospace coatings in this region. Increase in spending on the military and defense sector has also driven the growth of aerospace coatings market in North America. Furthermore, surge in demand for commercial aircraft due to the rise in air travel as well as ongoing research and development projects focused on lowering emission levels has driven the aerospace coating market in North America.
As of January 2021, India, Brazil, Russia, China, Italy, Iran, Spain, Republic of Korea, France, Germany, and the US are among the worst-affected countries in terms confirmed cases and reported deaths. According to the latest WHO figures, ~84,474,195 confirmed cases and ~1,848,704 total deaths have been reported globally. The COVID-19 outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Chemicals and materials, and aerospace are among the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. China is the global hub of manufacturing and largest raw material supplier for various industries, and it is one of the badly affected countries by the pandemic. The lockdown of various plants and factories in leading regions is affecting the global supply chains as well as hindering manufacturing processes, delivery schedules, and sales. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. These factors are anticipated to decelerate the chemicals and materials industry growth, thereby restraining the growth of various markets related to this industry in the coming months.
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; and Zircotec are among the major players present in the aerospace coating market.
The aerospace coating market size has been derived in accordance with to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers?along with external consultants such as valuation experts, research analysts, and key opinion leaders?specializing in the aerospace coating market..