Global Aerospace Coatings Market is segmented By Resin, By Technology, By Application, By End-User, By Aviation and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview
Global Aerospace Coatings Market reached US$ 2.22 billion in 2023 and is expected to reach US$ 3.73 billion by 2031, growing with a CAGR of 6.70% during the forecast period 2024-2031.
Aerospace coatings are substances utilized on the internal and external surfaces of aircraft to enhance their useful properties. This coating is designed to endure fluctuations in temperature and air pressure. Coatings provide protection against ultraviolet radiation at elevated altitudes, corrosion, and temperature fluctuations.
The ageing aircraft fleet is generating demand for coatings due to the substantial number of aircraft, the rise in commercial and regional aircraft deliveries, the increasing necessity for extended component life cycles, and the industry's transition from solvent-based to solvent-free coatings, all of which are pivotal factors propelling the demand for coatings in the aerospace and defense sector. Moreover, the prevalence of distinctive liveries and the application of vivid colors by aircraft reinforces the necessity for coatings within the business.
Moreover, this is not solely in relation to prior years, which were still influenced by the pandemic and its consequences. Flightradar 24 reports that on July 6, 2023, over 250,000 aircraft were airborne simultaneously, marking a record high. Furthermore, over 3,800 new orders constitute a new global annual record. Deliveries are exceptionally high, totaling approximately 1,300 aircraft. The industry has demonstrated substantial recovery and is currently in a robust position. Mankiewicz observed that 2022 surpassed pre-pandemic levels, and this favorable trend has persisted into 2023, propelled by product innovation and performance.
Market Scope
Metrics | Details |
CAGR | 6.70% |
Size Available for Years | 2022-2031 |
Forecast Period | 2024-2031 |
Data Availability | Value (US$) |
Segments Covered | Resin, Technology, Application, End-User, and Aviation and Region |
Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
Fastest Growing Region | Asia-Pacific |
Largest Region | North America |
Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other key Insights. |
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Market Dynamics
Increasing Air Travel Demand In The Emerging Regions
The global aerospace sector is witnessing a rise in the passenger air transport segment. Low-cost carriers (LCCs) have demonstrated significant competitiveness in the market, especially among the developing economies of the Asia-Pacific, Middle East and Africa, and South America. A greater number of travelers are expected to fly more frequently in these areas.
Airlines such as Emirates (UAE), Qatar Airways (Qatar), and Etihad Airways (UAE) are prominent entities in the commercial aviation sector of the Middle East. These carriers also participate in the majority of passenger travel between Europe and the Asia-Pacific region. The most significant growth is observed in the short-haul market within the APAC region.
Although low-cost carriers primarily select wide-body aircraft, both Boeing and Airbus project a rising demand for single-aisle aircraft in emerging regions in the forthcoming years. The rising number of air transport users is consequently elevating the need for larger aircraft. This need is expected to drive the expansion of aerospace coatings.
Enhancing Durability and Sustainability
Airlines always prioritize the reduction of maintenance expenses and the enhancement of component longevity, which significantly drives the need for coatings in the global market. Moreover, the emergence of eco-friendly water-based coatings, prompted by a gradual transition from conventional solvent-based coatings and paint systems, reinforces market demand. Progress in coating technologies, including the application of film coatings on molds as a substitute for conventional spray-applied coatings, is significantly driving market demand.
The industry prioritizes weight reduction, wherein the optimal and effective application of coatings is essential. Enhancing fuel efficiency and decreasing carbon emissions in the sector remains a predominant trend, with developments in coating technology through thin films and reduced paint layers serving as a crucial driving force. Ongoing research and development initiatives aimed at adhering to existing and forthcoming chemical requirements, as well as the creation of advanced coatings to improve the performance and longevity of components, help stimulate market demand.
Regulatory Hurdles and Raw Material Price Fluctuations
Fluctuations in raw material prices are anticipated to impede market expansion. The aircraft coatings industry is anticipated to face challenges due to tight rules imposed by authorities.
This aerospace coatings market report delineates recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the influence of domestic and localized market participants, opportunities regarding emerging revenue streams, alterations in market regulations, strategic growth analysis, market size, category growth, application niches and dominance, product approvals, product launches, geographic expansions, and technological innovations within the market.
In April 2021, Sika augmented its concrete admixture production capacity in Qatar and commenced the manufacture of epoxy resins, essential constituents in premium floor coverings and adhesives.
Market Segment Analysis
The global aerospace coatings market is segmented based on resin type, technology, application, end-user, aviation, and region.
Growing Infrastructure Helps Maintenance, Repair & Overhaul (MRO) To Dominate
The MRO market for aerospace coatings is experiencing significant success gobally, especially in regions such the Middle East & Africa and Asia-Pacific. The nations in the regions anticipate establishing MRO centers to enhance their infrastructure sector. In the Middle Eastern region, the United Arab Emirates is the foremost nation, succeeded by Saudi Arabia. These nations are establishing Maintenance, Repair, and Overhaul centers affiliated with prominent aircraft manufacturers.
The commercial aviation industry experiences the most rapid growth within the entire MRO sector, attributed to the swift increase in passenger air travel and rising cargo transit rates worldwide. In August 2022, Adani purchased an aircraft maintenance firm for INR 400 crore (US$ 54.0 billion). Furthermore, Adani will substitute the roughly 900 maintenance specialists at Air Work.
Market Geographical Share
North America’s Expanding Commercial Aviation and U.S. Military Budget Augmentation
North America led the global market. The expansion of commercial aviation in the United States and Canada is driving an increase in the consumption of aerospace coatings in the region. The United States constitutes the largest aviation market in North America and possesses one of the most extensive fleet sizes globally. United Airlines and American Airlines own the largest fleet sizes.
In April, President Joe Biden approved a $29 billion augmentation to his proposed national defense budget for FY 2022. It was sanctioned concurrently with an additional US$ 13.6 billion in emergency military and humanitarian assistance for Ukraine in light of the ongoing conflict with Russia. The Federal Aviation Administration estimated that the general aviation fleet in the United States reached 204,405 aircraft in 2021. Consequently, facilitating market expansion throughout the predicted duration.
Market Competitive Landscape
The major global players in the market include Akzo Nobel N.V., Axalta Coating Systems, BASF SE, BryCoat Inc., Hentzen Coatings, Inc., Hohman Plating, IHI Ionbond AG, Mankiewicz Gebr. & Co., PPG Industries, Inc., Socomore, The Sherwin-Williams Company, ZIRCOTEC.
Russia-Ukraine War Impact Analysis
The Russia-Ukraine conflict has disrupted the aerospace coatings market by impacting global supply chains and elevating the costs of essential raw materials, such as titanium and aluminum, vital for aircraft manufacture. Sanctions and trade restrictions on Russia, a significant source of these metals, have resulted in supply shortages and price volatility, adversely affecting production costs and hindering market expansion. The conflict has affected transportation and logistics, disrupting the flow of commodities and materials essential for aerospace coating applications.
The battle has exacerbated geopolitical tensions, resulting in more stringent laws and heightened defense expenditures in several countries. This has increased demand for military aircraft while concurrently delaying commercial aircraft programs that depend significantly on aerospace coatings. As governments emphasize military, the commercial aviation sector experiences a sluggish recovery, consequently impacting the growth potential of the aerospace coatings industry in the near term.
Resin
- Epoxy
- Polyurethane
- Acrylics
- Polyester
- Others
Technology
- Liquid Coatings
- Water-based Coatings
- Solvent-based Coatings
- Powder Coatings
- Others
Application
- Interior
- Exterior
End-User
- Original Equipment Manufacturer (OEM)
- Aftermarket
Aviation
- Commercial Aviation
- General Aviation
- Military Aviation
- Others
By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
- In July 2022, PPG collaborated with the UK airline brand and design firm Aerobrand to offer airline clients a distinctive service that combines paint supply with livery design.
- at July 2022, Akzo Nobel declared a total investment of EUR 15 million (US$ 17.7 million) at their aerospace coatings facility in Pamiers, which was bought by Mapaero in 2019. The production capacity is anticipated to rise by 50%.
Why Purchase the Report?
- To visualize the global aerospace coatings market segmentation based on resin type, technology, end-user, application, aviation and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of aerospace coatings market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as excel consisting of key products of all the major players.
The global aerospace coatings market report would provide approximately 84 tables, 75 figures, and 248 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
