The aerospace coatings market is anticipated to witness a steady growth during the forecast period 2018-2028. Growing traction for aerospace coatings can be attributed to the burgeoning aircraft production and sales, and consequent growth in aircraft fleet.
The TMR study opines that the increasing demand for highly efficient, light-in-weight, and advanced aerospace coatings from several airline carriers, is likely to provide strong impetus to the growth of aerospace coatings market.
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The growing production and sales of aircraft will consequentially bring traction to aerospace coatings market, finds the study. Furthermore, the aerospace coatings are done on the entire aircrafts, and are required to be recoated within nearly five years due to continuous exposure to various environments on regular basis. This, in turn, is estimated to be the key growth propeller for the global aerospace coatings maintenance, repair, and overhaul (MRO) sales channel segment during the assessment period.
The study opines that several aircraft makers have been using aerospace coatings that contain hexavalent chromium to protect aircraft from corrosion. However, the growing environmental regulations on the utilization of hexavalent chromium in aerospace coatings due to potential health and environmental effects associated with it, are limiting their adoption. Consequentially, aircraft makers are in pursuit of eco-friendly aerospace coatings. As a result, several manufacturers of aerospace coatings have made eco-friendly or chromate-free variants to protect aircraft from corrosion. This accelerating trend of chromate-free primers is likely to bring notable changes in the aerospace coatings market, which in turn, will create growth opportunities for market players.
The TMR study opines that the topcoat segment will remain most lucrative for growth in global aerospace coatings market, with polyurethane likely to witness high traction as the preferred material for topcoats. The growing demand for aerospace coatings for exterior application in aircraft market is anticipated to dominate the global aerospace coatings market, accounting for over three-fourths of the total market. The demand for aerospace coatings is likely to grow for interior segment, owing to the growing strategic attention of manufacturers to aircraft interior.
The commercial segment of the aerospace coatings market will accelerate over time due to the proliferating air passenger traffic. Moreover, the study elucidates that the large fleet size of general and business aviation aircraft has the potential to bolster growth in MRO (maintenance, repair, and overhaul) sales of various parts, components, parts, and systems, which will supplement the demand for aerospace coatings.
North America to Remain Most Lucrative Market for Aerospace Coatings
According to the TMR study, the North America will remain most lucrative market for the sales of aerospace coatings, on the back of the high production rate of aircraft and large aircraft fleet size. After North America, Europe and East Asia will create growth opportunities for stakeholders in global aerospace coatings market.
Some of the key stakeholders profiled in the global aerospace coatings market are Henkel AG & Co. KGaA, APV Engineered Coatings, The Sherwin Williams Company, BASF SE, Zircotec, Master Bond Inc., Compagnie de Saint-Gobain S.A., Akzo Nobel N.V., and Axalta Coating Systems Ltd. The aerospace coatings market has witnessed substantial enhancements from a competition perspective over years, as per the TMR study. M&A and expansion of production capacity remain the key growth strategies of leading players in aerospace coatings market.