New York, Aug. 23, 2019 (GLOBE NEWSWIRE) -- The approximately US$ 1.5 billion market for aerospace coatings has been projected to observe promising expansion during the next decade. Persistence Market Research delivers key insights on the global aerospace coatings market in its new report titled “Aerospace Coatings Market: Global Industry Analysis 2013–2017 and Market Forecast 2018–2028”.
According to the research study, the demand for aerospace coatings will receive strong impetus from the increasing aircraft production and sales, and subsequent growth in aircraft fleet. Attributing to the increasing demand for efficient, lightweight, and advanced aerospace coatings from several airline carriers, the global aerospace coatings market is estimated to create an incremental opportunity of over a billion dollar between 2018 and 2028.
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Global Aerospace Coatings Market Dynamics
The global aerospace coatings market is directly dependent on the production and sales of aircraft. The higher the demand for new aircraft, the higher the demand for aerospace coatings in the market. The service life of external coatings is estimated to be around five years (depending on the number of hours travelled by the aircraft and the service environment); hence, aircraft need to be entirely recoated over a life span of three to five years. This in turn is estimated to be the key factor driving the growth of the global aerospace coatings MRO sales channel during the forecast period.
For many years, aerospace coatings have contained hexavalent chromium to help protect aircraft from corrosion. However, due to the introduction of environmental regulations, the utilization of hexavalent chromium has been prohibited due to the health and environmental risks associated with it. Thus, manufacturers are developing eco-friendly or chromate-free coatings that protect and preserve the environment, while protecting an aircraft from the damaging effects of corrosion. Growing traction towards chromate-free primers is considered to be an ongoing trend in the global aerospace coatings market during the forecast period.
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Global Aerospace Coatings Market Forecast
With respect to market size and unit sales, owing to the relatively higher production rate of aircraft as well as large aircraft fleet size, North America is expected to account for the dominant share in the global aerospace coatings market throughout the forecast period. North America is expected to be followed by Europe and East Asia.
Furthermore, Middle East and Africa and South Asia regions are estimated to create a modest incremental $ opportunity in the global aerospace coatings market between 2018 and 2028. Latin America and Oceania are expected to grow at moderate rates in the global aerospace coatings market over the forecast period.
On the basis of product type, the topcoat segment is anticipated to account for a prominent value share in the global aerospace coatings market. Polyurethane is estimated to be the preferred material for topcoats. The ceramic coatings segment is also estimated to create significant opportunities in the global aerospace coatings market during the forecast period.
Based on application, the exterior segment is estimated to dominate the global aerospace coatings market, accounting for more than three-fourths of the total market. In terms of volume, the demand for aerospace coatings from the exterior segment was more than 10,900 ‘000 Li in 2018. Moreover, the interior segment is estimated to register higher growth in the years to come, which is attributed to surging strategic attention of manufacturers to aircraft interior.
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On the basis of end use, attributing to the increasing air passenger traffic, the commercial segment is estimated to dominate the global aerospace coatings market throughout the forecast period. The large fleet size of general and business aviation aircraft around the globe is estimated to create significant opportunities for maintenance, repair, and overhaul (MRO) sales channel segment during the forecast period.
Global Aerospace Coatings Market: Competitive Landscape
Some of the key players in the aerospace coatings market included in this study are The Sherwin Williams Company, PPG Industries Inc., Akzo Nobel N.V., Henkel AG & Co. KGaA, BASF SE, Axalta Coating Systems Ltd., Compagnie de Saint-Gobain S.A., Zircotec, Master Bond Inc., and APV Engineered Coatings, among others.
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