Pune, India, March 25, 2021 (GLOBE NEWSWIRE) -- According to our new research study on “Aerospace Coating Market to 2027 – Global Analysis and Forecast – by Resin Type, Technology, and End-User,” the Aerospace Coating Market was valued at US$ 1,807.81 million in 2019, and it is expected to grow at a CAGR of 6.3% during 2020–2027 to reach US$ 2,924.50 million by 2027. Increase in the demand for aerospace coating products due to the booming aerospace industry is anticipated to influence the aerospace coating market at greater extent. However, stringent regulatory policies across various developed region is expected to hamper the market growth.
Aerospace Coating Market: Key Insights
In 2019, North America held the largest share of the global aerospace coating market. The aerospace industry in the US is growing over the years and there has been an emergence of various aerospace companies in the North American region, which drives the aerospace coatings market in this region. Stringent regulations imposed by the government over the coating products has increased the demand for polyurethane aerospace coatings in this region. An increase in the spending on military and defense sector in this region has also driven the growth of the aerospace coatings market in North America. Moreover, an ncrease in the demand for commercial aircrafts due to the rise in air travel as well as ongoing research and development projects in order to reduce emission has driven the aerospace coating market in North America.
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There has been an increase in the demand for aerospace coating products in this region owing to the booming aerospace industry in the US coupled with the emergence of major aerospace players in the North American region. Companies such as Airbus, Lockheed Martin, and Boeing are the major players in the global aerospace coating market. The government in the North American region has increased the spending on military aircraft, which is expected to increase the demand for military aerospace coating products. The growing commercial aviation industry in countries, such as Canada and the US, is going to increase the demand for aerospace coating in these regions. The increasing exports of aerospace components to countries such as China, France, and Germany as well as increase in the robust spending by the consumers in the US is driving the manufacturing activities in the aerospace industry. Products with hydroxyapatite and lower VOC, such as polyurethane aerospace coatings are mostly used in the North American region due to the stringent regulations imposed by the government bodies. The manufacturers in this region has an ongoing R&D projects that focus on reducing the emissions, which, in turn is expected to influence the aerospace coating market.
Aerospace Coating Market: Segmental Overview
Based on resin type, the aerospace coating market is categorized into acid epoxy, polyurethane, and others. In 2019, the polyurethane segment held the largest share in the market. Polyurethane resins are copolymers that are formed when there is a reaction between polyol and isocyanate with the inclusion of additives and catalyst. Polyurethane resin provides high resistance to chemicals, stain, and abrasion. These resins are preferred as coatings over other resins due to the benefits they provide. The resin provides high degree of resistance from the damaging effects of the ultraviolet rays of the sun. This type of resin is most widely used and is available in both single and two – component systems. The coatings made from this resin is used in the exterior of the aircraft owing to its elastomeric and high erosion resistant properties, which eases their application.
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Based on technology, the aerospace coating market is categorized into liquid coatings and powder coatings. The powder coatings segment dominated the aerospace coating market. Liquid Coating are majorly used for aerospace industry as it provides a superior coverage on the inside corners as well as hard to reach places, and provides smooth and uniform finish. These coatings are mostly applied by dip spin, air spray, and hand brush.
Impact of COVID-19 Pandemic on Aerospace Coating Market:
COVID-19 outbreak first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the world. As of January 2021, India, Brazil, Russia, China, Italy, Iran, Spain, Republic of Korea, France, Germany, and the US are some of the worst affected countries in terms confirmed cases and reported deaths. According to the latest WHO figures, there are ~84,474,195 confirmed cases and ~1,848,704 total deaths globally. The COVID-19 outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global aerospace industry is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. Although, China is the global hub of manufacturing and largest raw material supplier for various industries, it is one of the worst affected countries. The lockdown of various plants and factories in leading regions such as North America, Europe, Asia Pacific, South America, and Middle East and Africa is affecting the global supply chains and negatively affecting the manufacturing, delivery schedules, and sales of various goods. In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to affect the chemicals and materials industry in a negative manner; thus, act as restraining factor for the growth of various markets related to this industry in the coming months.
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Aerospace Coating Market: Competition Landscape and Key Developments
A few of the key players operating in the global aerospace coating market are BASF SE; Akzo Nobel N.V.; Henkel AG & Co. KGaA; Hentzen Coatings, Inc.; IHI Ionbond AG; Mankiewicz Group; PPG Industries, Inc.; The Sherwin-Williams Company; Zircotec; and Hardide plc. These companies are involved in the production and distribution of aerospace coating for diversified end user such as commercial aviation, military aviation, and general aviation. The companies are continuously looking forward to expand its customer base by extending their geographic presence and new product offerings.
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