Aerospace Coatings for Military Applications to Comprise Bulk of Global Demand, Registering 5% CAGR: Fact.MR Study
Published : 08 Jun 2021 Industry: Chemical & Materials
Award-winning consulting firm Fact.MR’s global aerospace coatings market report forecasts a robust expansion trajectory, estimating a CAGR of nearly 6% from 2021-2031, with the market topping US$ 2 billion valuation by 2031. Growth is expected to remain underpinned by extensive uptake across the military segment.
The market posted significant gains in the past, being valued at just over US$ 1 billion in 2017. Prospects dipped during the COVID-19 pandemic throughout 2020, as cross-border passenger air travel ceased so as to contain the virus. The market experienced a growth rate of under 5% from 2016 and 2020.
According to the Stockholm International Peace Research Institute (SIPRI), global military expenditure was estimated at nearly US$ 2 trillion in 2019, expanding by 3.6% in real terms as compared to 2018, with bulk of it contributed by the U.S (US$ 732 billion), followed by China (US$ 261 billion), and India (US$ 71 billion). As such, investments in military aircraft have also surged, paving the way for enhanced uptake of aerospace coatings to ensure longevity and durability of existing fleet.
Key Takeaways from Market Study
- Polyurethane aerospace coatings to surpass US$ 1 billion by 2031, expanding at above 6% CAGR
- Demand for epoxy aerospace coatings to experience impressive incline, registering a CAGR of nearly 6% until 2031
- Aerospace coatings across the OEM segment to witness major incline, expanding at over 6% CAGR
- By application, aerospace coatings for military aircraft to reign supreme, crossing US$ 300 million in 2020
- The U.S. to experience heightened sales amid high defense spending, being valued at US$ 400 million in 2020
- Market in China to expand impressively, expected to reach nearly US$ 500 million by 2031
- India, Australia, and South Korea to collectively contribute over US$ 300 million by 2031
“Prominent manufacturers are expected to gain immense momentum across emerging economies of Asia, most notably in India and China, amid heightened spending on aviation infrastructure,” remarks a Fact.MR analyst.
Notable players operating within the aerospace coatings landscape include BASF SE, Argosy International Inc., Akzo Nobel N.V., AHC Oberflachentechnik GmbH, Hentzen Coatings Inc., PPG Industries, International Aerospace Coatings Holding LP, and Ihi Ionbon AG.
- In June 2017, International Aerospace Coatings began painting prototype new livery for Hawaiian Airlines, which has strengthened its position as one of the global business leaders in the aerospace coatings industry.
- In April 2021, PPG Industries announced that it has supplied Rex Airlines with various aerospace coatings for six Boeing 737-800 aircraft that will expand the airline into domestic service. The company supplied its DESOGELTM EAP-9 chromate-free conversion coating among others for aircraft fuselage, tail and engine cowlings.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the aerospace coatings market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of application (commercial, military, and general aviation), end use (MROs and OEMs), and resin (polyurethane, epoxy, and other resins), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
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Shambhu Nath Jha
Consultant – Chemicals and Materials