Analysis of Aerospace Coatings market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The Aerospace Coatings Market is predicted to increase at a CAGR of 6% from 2021 to 2031, reaching USD 2.0 billion from USD 1.4 billion.
Increased demand for aerospace coatings from various end users, such as commercial aviation, military aviation, and general aviation, is driving the aerospace coatings market. Aerospace coatings for military aircraft are predicted to have rapid growth, with a CAGR of 5% during the forecast period.
The growth of the exterior segment of the aerospace coatings market is due to increased use of aerospace coatings to coat exterior parts of aircraft to protect their surface from deterioration, erosion, and cracking. Aircraft coatings manufacturers are interested in airline mergers, which is projected to fuel the expansion of the aerospace coatings market over the forecast period.
Aerospace Coatings Market (2031)
US$ 2 billion
Global Market Growth Rate - 2031
End-use industry, Type, and Region
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
From 2016 to 2020, sales of aerospace coatings surged significantly well, expanding at around 5% CAGR. Demand has remained positive largely on the back of increasing application of substrates across aircraft bodies to enhance durability and longevity using minimal amount of material.
Growth prospects took a backseat amidst the COVID-19 pandemic, with the market being valued at over US$ 1 billion in 2020. Cessation of air travel amid border closures led to a significant dip in demand for aerospace coatings across several regions.
Fortunately, the market is estimated to surpass US$ 2 billion by 2031, expanding at a CAGR of nearly 6%, mostly driven by an increase in defense spending, which is inclining demand of military aircraft.
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The International Civil Aviation Organization (ICAO) estimates that total number of passengers carried on scheduled air services rose to 4.3 billion in 2018, representing an increase of 6.4% compared to the previous year. This further increased to 4.5 billion in 2019. Consequently, aircraft manufacturers are increasing fleet sizes.
This increase in fleet size is augmenting demand for high-quality aerospace coatings to ensure longer lifespans by enhancing the durability of aircraft bodies to prevent damage from corrosion, UV rays and abrasion due to frequent usage. Maximum growth is anticipated across the short-haul market across the Asian region.
As global air travel frequency rises, prominent airline companies are expanding existing fleet sizes by incorporating highly durable and lightweight construction material. Emergence of low-cost airlines is inclining demand for air travel across emerging economies.
Modern day air travel majorly emphasizes on long-range travel with minimal operational costs, for which application of aerospace coatings is of utmost importance. These coatings are well-equipped to protect aircraft bodies from the vagaries of nature using the least amount of material possible.
The market for aerospace coatings in the U.S was valued at over US$ 400 million as of 2020. According to Fact.MR’s projections, the market is forecast to expand at under 5% CAGR until 2031. Growth is expected to remain especially strong across the military segment.
Estimates from the Department of Defense (DoD) suggests that overall budgetary resources allocation for FY 2021 amounts to US$ 731 billion, constituting around 12% of federal budgetary resources for the upcoming year. This allocation is likely to benefit aerospace coatings manufacturers in the long-run.
Aerospace coatings sales across China are expected to surge at an impressive CAGR of around 9% to reach almost US$ 500 million by 2031. Growth is primarily attributed to rising government initiatives to strengthen the domestic aerospace industry across commercial, military and general aviation spaces.
According to Flight Global, China is likely to double down on support for its domestic commercial aerospace industry, promoting enhanced usage of home-grown aerospace products. Significant developments, including Shanghai-based Comac’s airworthiness certification for its C919 narrowbody program, will provide impetus to future aerospace coating adoption.
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By resin, polyurethane aerospace coatings is projected to be valued at a little over US$ 1 billion expanding at over 6% CAGR by 2031. Polyurethane aerospace coatings offer enhanced durability and abrasion resistance which are vital to ensure longevity of aircraft fleet.
Furthermore, these coatings offer a high degree of natural resistance to UV rays. Prominent players, including Akzo Nobel, offer a broad range of polyurethane coatings. The company offers a broad range of topcoats applicable across the military and commercial aviation sectors.
By application, aircraft coatings for military aircraft is expected to reach new heights, attributed to rising expenditure on defense by prominent governments. As of 2019, the segment reached almost US$ 300 million and is forecast to expand at around 5% CAGR through 2031.
As national security concerns mount, key countries such as the U.S, India and China, have extensively invested funds in strengthening existing military infrastructure, including aircraft, which is inclining demand for aerospace coatings across the segment.
Prominent players in the aerospace coatings landscape rely on a slew of expansion strategies, including new product launches, collaborations with existing manufacturers and outright mergers & acquisitions.
Notable developments in this space are as follows:
*This list is indicative- full details about prominent aerospace coatings manufacturers is available upon request.
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|Historical Data Available for||2016-2020|
|Market Analysis||US$ Mn for Value & ‘000 Units for Volume|
|Key Regions Covered||
|Key Countries Covered||
|Key Segments Covered||
|Key Companies Profiled||
|Pricing||Available upon Request|
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According to Fact.MR’s projections, sales of aerospace coatings are anticipated to incline significantly, registering a CAGR of nearly 6% to be valued at above US$ 2 billion in 2031.
The U.S. is expected to post significant gains to be valued at over US$ 400 million, and is likely to expand at around 5% CAGR across the 2021-2031 forecast period.
Aerospace coatings for military aircraft is expected to generate towering demand, expanding at around 5% CAGR over the forecast period.
Polyurethane aerospace coatings are expected to be the most preferred, expected to be valued at a little over US$ 1 billion by the end of 2031.
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