New York, NY, Sept. 27, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Aerospace Coatings Market by Resin (Epoxy, Polyurethanes, and Others), by Technology (Powder Based Coatings and Liquid Coatings), by Application (Interior and Exterior), by End-user (Commercial Aviation, Military Aviation, and General Aviation): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024”. According to the report, global aerospace coatings market was valued at approximately USD 1,671.47 million in 2017 and is expected to generate revenue of around USD 2,496.00 million by the end of 2024, growing at a CAGR of around 6.26% between 2018 and 2024.
The rapid technological advancement and continuous innovation in the product have led to the upsurge in the paint and coatings industry across the world. The introduction of low VOC content and chrome-free coatings coupled with the evolution of environment-friendly coatings are fueling the growth of the market. In addition, the rising civil aviation owing to the development of new airports and air services in developing countries such as India and China is propelling the growth of the aerospace market. The usage of nanotechnology in aerospace coatings is going to put a positive impact on the growth of the market. Moreover, rise in usage of coatings in spacecraft and increasing passenger traffic across the globe due to cheaper airfares has led to increasing demand for airplanes further supporting the aerospace coatings market growth.
Browse through 94 Tables & 23 Figures spread over 110 Pages and in-depth TOC on “Global Aerospace Coatings Market Size & Share 2017: Industry Growth, Trends, Segments, Analysis and Forecast, 2024”.
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Prosperous growth in global trade has resulted in the development of commercial aircraft thus fueling the development of the aerospace coatings market. The government organizations across the globe are significantly investing in the aerospace sector which is contributing towards revenue generation of the market. For example, in 2014, China invested over USD 4.75 thousand million in aerospace & aviation industry to cater to the growing demand for air traffic in the region. In addition, the introduction of substitutes due to the rising fuel prices such as composite fuselage designs may restrain the growth of aerospace coatings market. Such factors are expected to drive the aerospace coatings market growth over the forecast period.
The aerospace coatings market is segmented on the basis of resins into the epoxy, polyurethanes, and others. Polyurethanes segment held the major revenue share in 2017. The growth is due to the increased demand for polyurethanes since it is good against corrosion, abrasion, wear and tear, and chemical. Also, they are cost effective in nature.
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Based on technology, the aerospace coatings market has been segmented as liquid-based coatings and powder-based coatings. Liquid-based coatings are expected to drive the growth of the market. This growth is attributed to the increased demand for the liquid coatings as they provide better metal protection, corrosion resistance, and an excellent smooth surface finish. Also, the liquid coatings are environmental friendly in nature.
Based on applications, aerospace coatings market has been categorized into interior and exterior. The exterior segment is expected to have the largest share. This growth is anticipated to its increasing usage in structural applications in aircraft. Coatings offer protection to the exterior aircraft including erosion, deterioration, and cracking.
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Based on end-user, the aerospace coatings market has been divided into commercial aviation, military aviation, and general aviation. Commercial aviation is expected to grow at a significant rate in the forecast timeframe. The growth is attributed because of rising passenger’s affordability for air travel and frequent overseas trade stimulates the growth of the commercial segment.
North America held a substantial revenue share in 2017 in the global aerospace coatings market. This is because of the presence of aircraft manufacturers in the region. In addition, the increasing demand for aircrafts such as Boeing 737 MAX, Boeing 787, and Boeing 767 is also the key factor that is positively influencing the product penetration across the area. Also, the airline mergers and acquisitions continuing in the region are expected to provide a significant opportunity for manufacturers as aircraft companies repaint their fleets due to change in brand value and identity. Such factors are expected to further drive industry growth in the region.
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The Asia Pacific aerospace coatings market is projected to grow at the highest growth rate over the forecast timeframe. The growth of this regional market is attributed due to high demand from India, China, Singapore, Vietnam, and South Korea. Moreover, Singapore and Malaysia are the nations which are considered for providing MRO services to regional and international airlines. Such factors are expected to drive the aerospace coatings market growth over the forecast period.
The Middle East and Africa aerospace coatings market accounted to provide significant growth opportunities during the forecast timeframe. The growth is attributed due to the increase in a number of aircraft traffic in commercial aviation in the region is expected to have a positive impact for the development and growth of the market. Additionally, the investment in defense and military sector of the region for capacity expansion and fleet upgradation will fuel the market growth.
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Some of the industry players operating in the aerospace coatings market include Hohman Plating & Manufacturing LLC, NVSC Specialty, Asahi Kinzoku Kogyo Inc., Cheaerospacel, AHC Oberflchentechnik GmbH, Argosy International, International Aerospace Coatings Holdings LP, Brycoat Inc., Coatings, Merck Performance Materials, and Zodiac Aerospace.
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This report segments the global aerospace coatings market as follows:
Global Aerospace Coatings Market: Resin Segment Analysis
- Epoxy
- Polyurethanes
- Others
Global Aerospace Coatings Market: Technology Segment Analysis
- Powder-based Coatings
- Liquid-based Coatings
Global Aerospace Coatings Market: Application Segment Analysis
- Interior
- Exterior
Global Aerospace Coatings Market: End-user Segment Analysis
- Commercial Aviation
- Military Aviation
- General Aviation
Global Aerospace Coatings Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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