Aerospace Coatings Market Size and Growth Rate:
According to our research report, the Aerospace Coatings Market Size was capitalized at USD XX Million in 2018. The Aerospace Coatings Market is expected to exceed USD XX million by 2023 and grow at a compound annual rate of XX% from 2018 to 2023. Major factors such as increasing penetration of composites in aircraft manufacturing, increasing government spending on defense in the United States, and the rising demand for aircrafts in Asia-pacific and Middle-East regions are expected to drive the aerospace coatings market during the forecast period.
Aerospace Coatings Market Growth Drivers and Restraints:
The demand for aircraft is rapidly increasing across the globe. To meet this demand, the aerospace industry is aiming to introduce innovative solutions to decrease the manufacturing time & costs. Manufacturers are completely focusing on the development of composite solutions to meet the need to reduce weight and increase the fuel efficiency. Lightweight composites are continuously replacing traditional aluminum. The new generation of commercial aircrafts and engines have a large number of critical composite structures which is likely to require a huge amount of coatings to fulfill many technical and decorative functions.
The coatings used by aerospace original equipment manufacturers (OEM) include extensive product line of epoxies, polyurethanes, and acrylics etc. for all the applications. The growth of this segment of the market can be attributed to various properties, such as superior coverage on inside corners & hard to reach places coupled with smooth and uniform finishes. Leading manufacturers are spending more on R&D in order to develop aerospace coatings which contain less volatile organic compounds that meet the specifications by OEMs.
Aerospace Coatings Market Regional Analysis:
North America was the largest market for aerospace coatings in 2017. Growth in the regional market is driven by the increasing government spending on defense in the United States. The United States aerospace sector is the largest in the world with a gross output value of USD 140 billion in 2017, according to the US Bureau of Economic Analysis (BEA). The booming manufacturing of commercial and passenger aircrafts along with the consistently growing exports of aircraft parts is expected to boost the demand for aerospace coatings in United States in the coming years.
Notable Companies Operating in the Aerospace Coatings Market
- Akzonobel N.V.
- Argosy International
- BASF SE
- Henkel AG & Co. KGaA
- Hentzen Coatings, Inc.
- IHI Ionbond AG
- Mankiewicz Gebr. & Co.
- PPG Industries, Inc.
- The Sherwin-Williams Company
- Zircotec Ltd
- Zodiac Aerospace
This research report includes following segmentation for the Aerospace Coatings Market Size and forecast until 2023
Aerospace Coatings Market - By Resin
- Others (Silicone, Polyester etc.)
Aerospace Coatings Market - By Technology
- Powder Coatings
Aerospace Coatings Market - By End User
- Original Equipment Manufacturer (OEM)
- Maintenance Repair & Operations (MRO)
Aerospace Coatings Market - By Application
- Commercial Aviation
- Military Aviation
- General Aviation
Aerospace Coatings Market– By Geographical Segmentation:
- South Korea
- ASEAN Countries
- Rest of Asia-Pacific
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Latin America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
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- Which region is expected to witness fastest growth during the forecast period?
- Identify the latest developments, market shares and strategies employed by the major market players
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