Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The market dynamics of the aerospace coating industry are influenced by a range of factors that collectively shape its supply, demand, and pricing trends. Aerospace coatings, designed to protect aircraft surfaces from corrosion, weathering, and other environmental factors, play a critical role in maintaining the structural integrity and appearance of aerospace vehicles. One of the primary drivers of the aerospace coating market is the constant need for high-performance coatings to withstand the harsh conditions encountered during flight, including exposure to UV radiation, extreme temperatures, and atmospheric pollutants.
Geographical considerations are crucial in shaping the market dynamics of aerospace coatings, with key regions such as North America, Europe, and Asia-Pacific playing significant roles. The presence of major aerospace manufacturers, maintenance, repair, and overhaul (MRO) facilities, and stringent regulatory standards in these regions contributes to the demand for advanced aerospace coatings. Additionally, emerging markets in Asia-Pacific, driven by increasing air travel and a rising demand for new aircraft, are becoming focal points for aerospace coating manufacturers.
Technological advancements and innovations are key drivers influencing the market dynamics of the aerospace coating industry. Ongoing research and development efforts focus on formulating coatings with enhanced durability, improved fuel efficiency, and reduced environmental impact. The development of environmentally friendly coatings, such as water-based and low-VOC formulations, aligns with the industry's commitment to sustainability and regulatory compliance.
Environmental considerations are increasingly shaping the market dynamics of aerospace coatings. Stricter environmental regulations and the industry's commitment to reducing carbon footprints are driving the adoption of eco-friendly coatings. Water-based coatings, which contain fewer harmful solvents, and chrome-free primers are gaining prominence, reflecting the industry's efforts to minimize the environmental impact of coating applications.
Market dynamics are further influenced by the competitive landscape within the aerospace coating industry. The presence of multinational corporations, specialized coating manufacturers, and niche suppliers fosters competition. Companies vie for market share through innovations in coating technologies, strategic partnerships, and adherence to evolving industry standards. The level of competition often influences pricing strategies, with an emphasis on delivering high-quality coatings that meet or exceed aerospace performance requirements.
Consumer preferences and trends in the aerospace industry also impact the market dynamics of aerospace coatings. As airlines and aircraft manufacturers prioritize fuel efficiency, reduced maintenance costs, and compliance with environmental regulations, the demand for advanced coatings that offer these benefits is expected to rise. The aerospace industry's shift towards lightweight materials and increased focus on sustainability influence the types of coatings chosen for aircraft surfaces.
Global economic conditions and macroeconomic factors contribute to the overall market dynamics of aerospace coatings. Economic growth, airline profitability, and investment in new aircraft influence the demand for coatings used in manufacturing and maintenance. Additionally, currency fluctuations, geopolitical events, and trade policies can impact the availability and pricing of raw materials, further influencing market dynamics.
The middle classes in developing nations are growing exponentially. This is creating an increase in demand for people who want to fly internationally. These travelers are finding that they can travel to many more locations than they could in the pre-pandemic world. These people value cost and short distances over the more expensive and lengthy routes that traditional carriers tend to offer.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Resin Type, End-Use, Industry, Application, and Region |
Aerospace Coatings Market Highlights:
Global Aerospace Coating Market Overview
Aerospace Coating Market Size was valued at USD 19.73 billion in 2023. The Aerospace Coating industry is projected to grow from USD 21.05 Billion in 2024 to USD 33.16 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.84% during the forecast period (2024 - 2032). Increased innovation and development in the aviation system and the rise in airplane production are the key market drivers contributing to market growth and expansion.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Aerospace Coating Market Trends
-
The growing air passenger traffic is driving the market growth
The rising number of air passengers is driving Market CAGR for Aerospace Coating. Worldwide air passenger traffic growth has boosted the commercial aircraft requirement, raising the commercial aircraft manufacturing level. The situation for aircraft manufacturing and the growing size of the fleet is strongly related to the market's significant expansion. Aerospace coatings have major potential as aircraft sales and production rise, especially in emerging nations. The worldwide airplane fleet has grown dramatically due to increased aircraft deliveries from leading manufacturers, which has fueled the aerospace coatings market's expansion. The demand for MRO of different parts, components, and systems is anticipated to rapidly increase along with the development in aerospace demand as more aircraft are deployed.
Additionally, airlines continuously prioritize lowering maintenance costs and boosting durability for an extended component lifecycle, a key factor driving the market for coatings. Additionally, the market demand is supported by the advancement of environmentally friendly water-based coatings due to a progressive move away from conventional solvent-based paint systems and coatings. The market demand is growing phenomenally by replacing conventional spray-applied coatings with new coating technologies, such as employing film coatings on molds.
Due to COVID-19, numerous businesses in numerous industries suffered, including businesses in the market for aerospace coatings. As the market for new aircraft decreased, many producers of aerospace coatings were compelled to either drastically reduce their output or temporarily or permanently shut down their operations. Post-pandemic demand for air traffic increased, especially in emerging nations leading to a subsequent boost in the overall market.
For instance, in 2020, Airbus delivered 566 commercial aircraft, 446 of which belonged to the A320 series. The business proactively created an e-delivery system that will account for over twenty-five percent of its shipments in 2020 to get around pandemic-related travel limitations. As a result, it is anticipated that demand for aerospace coating will increase throughout the projection period due to the rising air passenger traffic. Thus, driving the Aerospace Coating market revenue.
In 2021, PPG introduced the PPG BOUNDLESS CA6500 topcoat series to the general aviation and light aircraft markets. This tint-based topcoat allows for faster color matching and a wide range of colors to be achieved. It also dries quickly and emits low levels of VOC.
In 2019, AkzoNobel announced its intention to buy Mapaero, a French aircraft coatings firm. The proposed acquisition will boost AkzoNobel's global position in aerospace coatings, particularly in the structural and cabin coating sub-segments, and will directly help to meeting the company's 2020 targets.
Aerospace Coating Market Segment Insights
Aerospace Coating Resin Type Insights
The Aerospace Coating market segmentation, based on Resin Type, includes Epoxy, Polyurethane, Acrylic, and Others. Polyurethane dominated the market, accounting for 55% of market revenue (USD 10.2 billion) in 2022. It provides a high level of durability, resistance to chemicals, major weight savings, and environmental sustainability. Additionally, it complies with market demands for easier Application and quicker resin healing. Epoxy is the fastest-growing category during the projected timeframe.
Aerospace Coating End-Use Insights
The Aerospace Coating market segmentation, based on End-Use, includes Commercial, Military, and Others. The commercial category generated the highest market share of about USD 11.7 billion (63%) in 2022. As demand for air passenger traffic rises, it ultimately increases the demand for commercial aircraft, boosting the overall market growth.
Aerospace Coating Resin Industry Insights
The Aerospace Coating market segmentation, based on Industry, includes OEM and MRO. The MRO dominated the market, accounting for 72 % of the market share (USD 13.3 billion) in 2022. The category growth is driven by a rapid increase in passenger traffic and an increasing need for airplane maintenance centers.
Figure 1: Aerospace Coating Market, by Industry, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Aerospace Coating Resin Application Insights
The Aerospace Coating market segmentation, based on Application, includes Exterior and Interior. The Exterior Application dominated the market, accounting for 60% of the market share in 2022. The exterior Application of coatings is essential to boost aircraft performance and protect it from high temperature and climatic conditions at high altitudes and provide resistance to corrosion.
Aerospace Coating Regional Insights
By Region, the research provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Aerospace Coating market region will dominate this market because the USA is a hub for aircraft manufacturing and exports.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Aerospace Coating Market Share by Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe region's Aerospace Coating market accounts for the second-highest market share due to the rise in innovative utilization for aerospace coating and government-supportive policy to promote innovative aerospace coating. Further, the German Aerospace Coating market holds the largest market share, and the UK Aerospace Coating market is anticipated to grow significantly in the European Region.
The Asia-Pacific Aerospace Coating Market is expected to grow steadily during the projected timeframe. This is due to rapid industrialization and urbanization that have fueled air passenger traffic and, subsequently, demand for aerospace coatings. Moreover, China’s Aerospace Coating market and the Indian Aerospace Coating market are expected to grow significantly in the Asia-Pacific region.
For instance, according to the FAA, until 2038, aviation traffic in America is anticipated to grow by 1.9% per year. This has led to an increase in domestic and international flights, necessitating the use of more aircraft. As a result, the market for aircraft coatings has boomed.
Aerospace Coating Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Aerospace Coating market to grow further. Market participants are also undertaking strategic approaches to expand and strengthen their footprint, with important market developments including new product establishments, partnerships, mergers and acquisitions, higher investments, and strategic alliances with other organizations. The Aerospace Coating industry must offer cost-effective and sustainable products to survive and capture major market share in a highly fragmented market.
Manufacturing locally to minimize expenses is one of the key business tactics organizations use in the Aerospace Coating industry to benefit clients and capture major market revenue. In recent years, the Aerospace Coating industry has offered some of the most significant advantages to the aviation field. Major players in the Aerospace Coatings market include AkzoNobel N.V. (The Netherlands), PPG Industries Inc (US), Sherwin Williams (US), and Mankiewicz Gebr. & Co. (Germany), Axalta Coating Systems Ltd (US), Saint-Gobain S.A. (France), Henkel Corporation (Germany), IHI Ionbond AG (India), Zircotec Ltd (UK), LORD Corporation (US), and Asahi Kinzoku Kogyo Inc. (Japan), are attempting to cater untapped market share by investing in research and development to offer affordable and sustainable products.
To offer consumers cutting-edge products and services, Textron, a multi-industry firm, uses its extensive network of enterprises in the aerospace, defense, industrial, and financial sectors. Textron is the largest aircraft manufacturer, established in 2014. Textron's strong brands include Bell, Cessna, Arctic Cat, Pipistrel, Beechcraft, Lycoming, E-Z-GO, and Textron Systems, which are well-known internationally. In October 2021, Skyscapes Next Generation (NG) by Sherwin-Williams Aerospace Coating received Textron Aviation's approval for using an external basecoat and clearcoat system for Beechcraft, Cessna, and Hawker aircraft. The business claims that its proprietary method, an of-component polyurethane topcoat created for MRO and OEM aircraft refinishing, offers quicker processing times, simpler repair, and richer color than rival systems.
The Sherwin-Williams Company works with experts to develop, produce, distribute, and sell paint and protective coatings. The organization's four main segments are Paint Stores Group, Consumer Group, Finishes Group, and Latin America Coatings Group. The section known as "Paint Stores Group" is made up of company-owned specialty paint shops that engage in the business of selling paint and coatings to end users all over the world. Sherwin-Williams-branded architecture paint and coatings, commercial and marine goods, and related goods are marketed and sold in this division. In September 2020, A JetPen for adjustments of aviation coatings was introduced by Sherwin Williams, a major manufacturer of coatings and painted worldwide. The JetPen is a 2K completely reactive paint that offers aircraft paint remarkable strength and corrosion resistance.
Key Companies in the Aerospace Coatings market include
- AkzoNobel N.V (The Netherlands)
- PPG Industries Inc (US)
- Sherwin Williams (US)
- Mankiewicz Gebr. & Co. (Germany)
- Axalta Coating Systems Ltd (US)
- Saint-Gobain S.A. (France)
- Henkel Corporation (Germany)
- IHI Ionbond AG (India)
- Zircotec Ltd (UK)
- LORD Corporation (US)
- Asahi Kinzoku Kogyo Inc. (Japan)
Aerospace Coating Industry Developments
October 2021: Skyscapes Next Generation (NG) by Sherwin-Williams Aerospace Coatings has received Textron Aviation's approval for using an external basecoat and clearcoat system for Beechcraft, Cessna, and Hawker aircraft. The business claims that its proprietary method, an off-component polyurethane topcoat created for MRO and OEM aircraft refinishing, offers quicker processing times, simpler repair, and richer color than rival systems.
September 2020: A JetPen for adjustments of aviation coatings was introduced by Sherwin Williams, a major coatings manufacturer, and painted worldwide. The JetPen is a 2K completely reactive paint that offers aircraft paint remarkable strength and corrosion resistance.
July 2019: The aircraft coatings business Mapaero will be acquired by AkzoNobel, strengthening AkzoNobel's position within the market for architectural and interior coatings. The acquisition will broaden the product offering and is anticipated to achieve a superb expertise fit.
Aerospace Coating Market Segmentation
Aerospace Coating Resin Type Outlook
- Epoxy
- Polyurethane
- Acrylic
- Others
Aerospace Coating End-Use Outlook
- Commercial
- Military
- Others
Aerospace Coating Industry Outlook
- OEM
- MRO
Aerospace Coating Application Outlook
- Exterior
- Interior
Aerospace Coating Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
