The latest market report published by Credence Research, Inc. “Global Aerospace Coating Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The Global Aerospace Coating Market generated revenue of around USD 1,495.87 million in 2020 and is anticipated to grow at a CAGR of over 8.45% during the forecast period from 2021 to 2027 to reach around USD 3,042.27 million in 2027. While, cumulative growth opportunity presented by the global aerospace industry is around USD 17,613 million during 2021 to 2027.
Global Aerospace Coating Market, 2020 – 2027 (USD Million)
Strong growth of air travel industry to propel demand for aerospace coating
Aerospace industry has been consistently growing over the past two decades. Rapid growth of emerging economies, increasing disposable income, increase in aerospace infrastructure and growing tourism has been resulted into rising demand for air travel. At present, over 4,250 million people across the world travel by aircraft. While, commercial aircraft fleet which is operation has been reach over 25,000. This in turn resulted into huge demand for new aircrafts as well as refurbishment or repair of existing airplanes.
Safety from Adverse Environment is one of the Major Growth Driver
Coating is open of the important aspect of aircraft safety from adverse environmental conditions. Coating applied on an aircraft must have ability to offer safety from any kind of adverse weather conditions. Exterior as well as interior coating must be able to withstand extreme environment while offering decorative appearance. Hence, aerospace coatings are developed to offer corrosion resistance, dirt resistance, reduced drag resistance, increased esthetic look, de-icing capability, etc.
Strong Growth in North America
North America has been remained one of the major markets for aerospace industry and aerospace coating in turn. North America accounted for over 35% share in total volume consumption of aerospace coatings in 2020. Widespread network of airports, highest number of air travelers in U.S., large number of operational commercial as well as defense aircrafts is driving the aviation industry in the region, which in turn has triggered the demand for aerospace coatings market in the region. However, backed by the strong growth and consistent demand from Japan, China, South Korea, and India, the demand for aerospace coating in Asia Pacific is likely to spur at a rapid pace in the years to come.
PPG Industries, Inc., Akzo Nobel N.V., Henkel AG & Co. KGaA, Mankiewicz Gebr. & Co., Hentzen Coatings, Inc., BASF SE, IHI Ionbond AG, The Sherwin-Williams Company and Zircotec Ltd. are some of the major companies operating in the global aerospace coatings market. Key players are focused on extensive research and development to fulfill demand for advanced products. For instance, PPG Industries launched innovative PPG Surface Seal hydrophobic coating that facilitate protection from UV light as well as it comply with various cleaning chemicals used in aviation industry. Secondly, aerospace industry has also witnessed the collaboration recently to jointly develop advanced coating products. The Air Force Research Laboratory (AFRL) and the Republic of Singapore Air Force entered into collaboration agreement to develop advanced corrosion resistant products for aerospace industry.
Global Aerospace Coating Market by Type, 2015 – 2027
Global Aerospace Coating Market by End-user, 2015 – 2027
- Commercial Aviation
- Military Aviation
- General Aviation
- Business Aircrafts
Global Aerospace Coating Market by Application, 2015 – 2027
Global Aerospace Coating Market by Company, 2015 – 2027
- PPG Industries, Inc.
- Akzo Nobel N.V.
- Henkel AG & Co. KGaA
- Mankiewicz Gebr. & Co.
- Hentzen Coatings, Inc.
- BASF SE
- IHI Ionbond AG
- The Sherwin-Williams Company
- Zircotec Ltd.