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Aerospace Coatings Market

Aerospace Coatings Market

Aerospace Coatings Market, Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2021 to 2031

Aerospace Coatings Market
FACT6341MR

Key Questions Answered in Report

  • How will the market for aerospace coatings expanding during the 2021-2031 forecast period?

    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.

  • Which is likely to be the most promising aerospace coatings market over the decade?

    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. However, China is expected to witness highly lucrative gains, topping almost US$ 500 million and expanding at 9% CAGR through 2031.

  • Which is likely to be the dominant application area for aerospace coatings?

    Aerospace coatings for military aircraft is expected to generate towering demand, expanding at around 5% CAGR over the forecast period.

  • Which is the most preferred resin for manufacturing aerospace coatings?

    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.

Report Also Addresses:

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Brand Share and Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Aerospace Coatings and How to Navigate
  • Recommendation on Key Winning Strategies

Aerospace Coatings Demand from 2016-2020 Vs Future Growth Projections for 2021-2031

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.

How is Surging Air Travel Paving the Way for Increased Adoption of Aerospace Coatings?

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.

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Will Demand for Lightweight Construction Material Broaden Prospects for Aerospace Coatings?

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.

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Country-wise Analysis

How Will the U.S. Generate Growth Opportunities for Aerospace Coating Suppliers?

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.

Why are Aerospace Coating Manufacturers Expected to Consolidate Their Presence across China?

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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Category-wise Insights

Why is Polyurethane the Most Preferred Resin for Manufacturing Aerospace Coatings?

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.

Will Application in Military Aircraft Spearhead Demand for Aerospace Coatings?

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.

Competitive Landscape

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:

  • In May 2021, BASF SE announced a collaboration with German aircraft carrier Lufthansa Group to equip its Boeing 777 freighters with its AeroSHARK surface film which mimics the fine structure of a shark’s skin to reduce aerodynamic drag which will be equipped starting 2022.
  • In April 2020, Hohman Plating & Manufacturing LLC unveiled a new controlled environment facility for new aerospace adhesive primers manufacturing, which will be used on the Pratt & Whitney PurePower® PW1000G next generation engine parts.

*This list is indicative- full details about prominent aerospace coatings manufacturers is available upon request.

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Report Scope

Attribute Details
Forecast Period 2021-2031
Historical Data Available for 2016-2020
Market Analysis US$ Mn for Value & ‘000 Units for Volume
Key Regions Covered
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa
Key Countries Covered
  • U.S.
  • Canada
  • Germany
  • U.K.
  • Italy
  • France
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Brazil
  • Mexico
  • Argentina
  • GCC
  • South Africa

 

Key Segments Covered
  • Application
  • End Use
  • Resin
  • Region
Key Companies Profiled
  • AHC Oberflachentechnik GmbH
  • Akzo Nobel N.V
  • Argosy International Inc.
  • Asahi Kinzoku Kogyo Inc.
  • BASF SE
  • Brycoat Inc.
  • Henkel AG & Co.
  • Hentzen Coatings Inc.
  • Hohman Plating & Manufacturing LLC
  • The Sherwin Williams Company
  • PPG Industries
  • International Aerospace Coatings Holdings LP
  • Ihi Ionbon AG
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Key Market Segments Covered

  • Application

    • Aerospace Coatings for Commercial Applications
    • Aerospace Coatings for Military Applications
    • Aerospace Coatings for General Aviation
  • End Use

    • Aerospace Coatings for MROs
    • Aerospace Coatings for OEMs
  • Resin

    • Polyurethane Aerospace Coatings
    • Epoxy Aerospace Coatings
    • Other Resins Aerospace Coatings
  • Region

    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Rest of Latin America
    • Europe
      • Germany
      • U.K.
      • Italy
      • France
      • Spain
      • Russia
      • Rest of Europe
    • East Asia
      • China
      • Japan
      • South Korea
    • South Asia
      • India
      • Rest of South Asia
    • Oceania
      • Australia
      • Rest of Oceania
    • Middle East & Africa
      • GCC
      • South Africa
      • Rest of MEA

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