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(MoneyNewsWire.Net, March 28, 2018 ) The aerospace coatings market is projected to reach USD 1.98 Billion by 2022, at a CAGR 6.90% from 2017 to 2022. A coating is a covering that is applied to the surface of an object, usually referred to as a substrate. The purpose of applying the coating may be decorative, functional, or both. The aerospace coatings market is largely driven by increased demand for aerospace coatings from various end users, such as commercial aviation, military aviation, and general aviation. The growth of the aerospace coatings market can also be attributed to increased investments by the key players to launch efficient and cost-effective products. Emerging middle class in the emerging economies is one of the important drivers for the growth of the aerospace coatings market, as increasing air traffic has caused airlines to increase their purchase of commercial aircraft. This, in turn, is driving the demand for associated facilities such as aerospace coatings, thereby fueling the growth of the aerospace coatings market. This aerospace coatings market has been segmented on the basis of resin type, technology, user type, end user, application, and region.
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The demand for high-quality paints & coatings for use in aircraft has led to improvement in the technologies employed for manufacturing aerospace coatings. As such, nano coatings that offer resistance to dirt and drag and retain shiny colors for a long period time are being constantly developed and tested.
The demand for aerospace coatings has increased in the recent years due to their increased consumption in the Asia-Pacific region. There is a rising demand for aerospace coatings from emerging economies of the Asia-Pacific region, which include India, China, South Korea, Vietnam, and Singapore, among others for use in industrial applications. The aerospace coatings market is highly competitive as innovative products that comply with tough safety standards and improved efficiencies attract customers.
In terms of volume and value, the North American region is the largest market for aerospace coatings, as the key manufacturers of aerospace coatings are based in this region. In addition, the introduction of various new aircraft, such as A320neo and A350 by Airbus, and 737 MAX and 787 by Boeing have driven the demand for aerospace coatings, thereby leading to the growth of the North America aerospace coatings market. Companies such as Akzo Nobel N.V. (Netherlands), Mankiewicz Gebr. & Co., and BASF SE (Germany), among others, are the key manufacturers of aerospace coatings that have expanded their presence across the European region as well and enhanced their production capacities to cater to the increased demand for aerospace coatings from the European region.
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Formulation and implementation of new regulations, such as Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) and various other directives to control solvent emissions, globally are expected to impact the growth of the aerospace coatings market. Moreover, the Euro Zone crisis of 2012 has also affected the aerospace coatings market across the globe, as several companies manufacturing aerospace coatings have reduced their production rates as a part of their cost cutting strategy to survive in the market.
Key players operating in the aerospace coatings market include PPG Industries, Inc. (U.S.), Akzo Nobel N.V., (Netherlands), Mankiewicz Gebr. & Co. (Germany), The Sherwin-Williams Company (U.S.), Hentzen Coatings, Inc. (U.S.), IHI Ionbond AG (Switzerland), and Zircotec Ltd. (U.S.), among others.
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