Rise in per capita income, increasing consumer preference towards air travel is poised to drive global aerospace coatings market trends, along with the gradually expanding economical aircraft fleet. The air passenger traffic is increasing every year and in a bid to cater to the growing demand for travel, airline companies are focusing upon expanding the number of aircraft and add new routes.
Demand for commercial aircrafts from emerging economies is also gaining traction owing to substantial population growth and consumer incomes. Commercial aircrafts are likely to hold 40% of the aerospace coatings market share through 2026. Over the next two decades, the air traveler base would expand so much that around 40,000 commercial aircrafts are required will be required.
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Considering the applications of these coatings, interior segment will witness growth at more than 6.5% CAGR during the projected timeline. Airliners are increasingly focusing on enhancing the overall traveling experience for customers. Growing focus on interior upgradation and cabin modification will propel the product demand in interior coating applications.
In terms of the technology used, solvent-based coatings will likely dominate the industry share in the near future. Solvent-based coatings are among the most widely used aerospace coatings. On the other hand, the presence of a strict environmental regulations in the coatings industry is encouraging aircraft makers to switch to alternatives, such as powder and water-based coatings. The powder segment will capture more than 10% revenue share of the total aerospace coatings market by 2026.
Maintenance, repair, and overhaul (MRO) is anticipated to be the fastest-growing user segment up to 2026. This can be largely associated with aging air carrier fleets and the growing need for MRO services. Meanwhile, original equipment manufacturers (OEM) user segment is slated to generate over US$650 million in revenues by 2026. OEMs are ramping up their production facilities to meet the surging demand for commercial as well as military airplanes.
Epoxy and polyurethane are the most commonly used types of resins in aerospace coatings. Epoxy resin-based coatings are gaining immense popularity owing to excellent strength, durability, and chemical resistance. Epoxy resins will capture more than 45% volume share up to 2026. Polyurethane resins will experience healthy growth throughout the study duration.
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From a geographical perspective, Asia Pacific aerospace coatings market is slated to garner over US$330 million over the analysis period. Growing commercial aircraft production and rising number of air travelers will drive the regional growth. Additionally, robust economic development in China, India, and Japan and rising disposable income levels will propel the aerospace sector revenues.
In developed regions such as Europe and North America, ongoing technological developments along with favorable government initiatives will fuel regional trends. North America aerospace coatings demand will also be driven by the presence of prominent aerospace players and increasing military and defense expenditure. PPG industries, Argosy International, The Sherwin-Williams Company, BASF, and Heinkel are among the leaders in aerospace coatings market.
Major Key Points from Table of Content:
Chapter 6 Aerospace Coatings Market, By User
6.1 Aerospace coatings market share by user, 2019 & 2026
6.2.1 Market estimates and forecast from OEM, 2016 - 2026, (Tons) (USD Million)
6.2.2 Market estimates & forecast from OEM, by region, 2016 – 2026(Tons) (USD Million)
6.3.1 Market estimates and forecast from MRO, 2016 - 2026, (Tons) (USD Million)
6.3.2 Market estimates & forecast from MRO, by region, 2016 - 2026(Tons) (USD Million)
Chapter 7 Aerospace Coatings Market, By Aircraft
7.1 Market share by aircraft, 2019 & 2026
7.2 Commercial aircraft
7.2.1 Market estimates and forecast from commercial aircraft, 2016 - 2026, (Tons) (USD Million)
7.2.2 Market estimates & forecast from commercial aircraft, by region, 2016 – 2026 (Tons) (USD Million)
7.3 Military aircraft
7.3.1 Market estimates and forecast from military aircraft, 2016 - 2026, (Tons) (USD Million)
7.3.2 Market estimates & forecast from military aircraft, by region, 2016 – 2026 (Tons) (USD Million)
7.4.1 Market estimates and forecast from helicopter, 2016 - 2026, (Tons) (USD Million)
7.4.2 Market estimates & forecast from helicopter, by region, 2016 - 2026(Tons) (USD Million)
7.5.1 Market estimates and forecast from spacecraft, 2016 - 2026, (Tons) (USD Million)
7.5.2 Market estimates & forecast from spacecraft, by region, 2016 - 2026(Tons) (USD Million)
7.6.1 Market estimates and forecast from others, 2016 - 2026, (Tons) (USD Million)
7.6.2 Market estimates & forecast from others, by region, 2016 - 2026(Tons) (USD Million)
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