SELBYVILLE, Del., Sept. 27, 2021 (GLOBE NEWSWIRE) -- According to the report published by Global Market Insights Inc., the global Stealth Coating Market was estimated at $42.9 million in 2020 and is slated to exceed $66.2 million by 2027, registering a CAGR of 6.5% from 2021 to 2027 owing to the surging product demand in the aerospace industry and the increasing use of stealth coatings in military weapons, missiles, ships, and submarines to make them less detectable to radar systems is projected to offer new market opportunities during the assessment period.
Stealth technology, also known as low-observable technology, is a combination of technologies that make military vehicles, primarily aircraft, difficult to detect. The increased need for new coatings with unique qualities suitable for military aircraft in the aerospace industry will benefit the overall stealth coating market. Key players, such as Intermat Defense, are continually investing in R&D to create breakthroughs with superior properties. Additionally, the increased demand for smartphones is further anticipated to support the stealth coating industry growth.
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In 2020, the polyimide resin segment accounted for around 14% share in the global stealth coating market. Polyimides generally demonstrate excellent thermal stability in high and low temperatures. They have good thermal and mechanical properties, making them perfect for aerospace applications. These coatings are employed in aeronautical and aerospace applications for reducing weight as well as radar signature in planes. They are used in high-performance applications in electronics, automotive, and most importantly the aerospace industry.
The aerospace & defense industry dominated the global market due to the rapid growth in military aircraft, drone, missile, and submarine production, mainly in the U.S. and Russia. Rising government investments in the aerospace & defense sector of different countries are likely to expand the stealth coating market growth.
The automotive application segment is projected to grow at a CAGR of 6.9% owing to the rising usage of stealth coating in luxury cars to protect them from UV radiation. The automotive sector is the second-largest consumer of stealth coatings. In cars, stealth coating is applied to the exterior parts. The coating is invisible, durable, and a safe way to protect cars from chips, scratches, road debris & malicious damages.
The European stealth coating market is expected to grow at a CAGR of 6.7%, owing to the upsurge in defense aircraft and automotive industries within the region. The growing aerospace & defense industry, especially in France, the UK, and Russia, is one of the major factors driving the regional industry growth. Furthermore, rising investments in the defense sector are also projected to boost the application of stealth coatings in missiles, drones, and submarines.
North America is the largest consumer of stealth coating due to the presence of leading aircraft manufacturers such as Boeing, Northrop Grumman, and Lockheed Martin. These companies use stealth coatings in defense aircraft, bombers, and fighter jets.
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Major manufacturers are collaborating with end-users such as automotive, aerospace, and defense industries. For instance, in October 2019, Surrey NanoSystems announced a collaboration between Surrey NanoSystems, BMW, and Levitation 29. This collaboration has produced the first and only vehicle in the world to feature a Vantablack VBx2 coating.
Some of the key players operating in the stealth coating industry are Intermat Defense, CFI Solutions, Hyper Stealth Technologies Pvt. Ltd., MWT Materials Inc., Micromag, Surrey NanoSystems, and Stealth Veils
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision-making.
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