New York, United States, Nov. 10, 2023 (GLOBE NEWSWIRE) -- The Global Military Aerospace Coatings Market Size to Grow from USD 35.4 Billion in 2022 to USD 49.2 Billion By 2032, at a Compound Annual Growth Rate CAGR of 5.3% during the forecast period.
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Specialised coatings designed to protect and enhance the functionality of military aircraft and aerospace equipment are known as military aerospace coatings. These coatings are crucial for maintaining the toughness and reliability of military equipment, notably aeroplanes, which operate in hazardous environments. Military aircraft are required to operate in a variety of conditions, such as environments with high humidity, exposure to seawater, and other corrosive substances. Aerospace coatings are made to provide exceptional corrosion protection, protecting against rust and surface deterioration. There is a possibility that hazardous substances or chemical weapons will come into touch with military aircraft. Aerospace coatings are designed to fend off chemical assaults and protect against surface deterioration of aircraft.
COVID 19 Impact
The outbreak had an influence on global supply networks, which in turn hampered raw material availability and industrial capacity. There may have been a coatings shortage and production delays as a result. Funding was redistributed and budgets were curtailed as a result of the pandemic's economic effects on several governments. Government decisions to delay or cut defence programmes may have had an impact on the market for coatings for military aircraft. As a result of the epidemic, both civilian and military air travel dramatically fell. As a result, several military aircraft were retired or operated on a less frequent basis, potentially reducing the need for immediate coatings maintenance or replacement.
Major international projects were undertaken by numerous governments to upgrade and modernise their current military aircraft fleets. In order to protect and enhance these assets when more recent aircraft are modified and new platforms are introduced, high-performance coatings are needed. Corrosion is a significant issue since military aircraft operate in a range of hazardous environments. Effective corrosion-resistant coatings were required to lengthen aircraft service lives and reduce maintenance expenses. The importance of taking into account a military asset's entire lifespan costs is being emphasised by defence agencies and aerospace suppliers more and more. The service life of an aeroplane can be extended, and long-term maintenance expenses can be reduced, by making an investment in high-quality coatings. It was necessary to use cutting-edge coatings that help reduce radar signals and improve the stealthiness of the aircraft.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on, Global Military Aerospace Coatings Market Size, Share, and COVID-19 Impact By Aircraft Type (Narrow-Body Aircraft, Wide-Body Aircraft), By Resin (Epoxy, Polyurethane), By Application (Engine, Interior, and Exterior), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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Aircraft Type Insights
Narrow-body aircraft segment is dominating the market over the forecast period
On the basis of aircraft type, the global Military Aerospace Coatings market is segmented into Narrow-Body Aircraft, Wide-Body Aircraft, Military Aircraft, and Spacecraft. Among these. the Narrow body aircraft segment is dominating the market over the forecast period. The market for narrow-body aircraft in commercial aviation has experienced significant demand and growth. Short- to medium-haul passenger transport is the intended use of single-aisle aircraft with a narrow body. They are favoured solutions for many airlines all around the world because of how versatile and appropriate they are for a wide range of activities. By replacing their fleets with newer, more fuel-efficient narrow-body models, many airlines wanted to modernise their fleets, increase operational performance, and reduce their environmental impact.
Resin Insights
Polyurethane segment holds the highest market share over the forecast period
Based on resin, the global Military Aerospace Coatings market is segmented into Epoxy, Polyurethane, and Others. Among these, the polyurethane segment holds the highest market share over the forecast period. Polyurethane coatings have been widely used in military and aerospace applications due to its remarkable features, such as great durability, corrosion resistance, and flexibility. These coatings are routinely applied to the exterior, interior, and critical components of military aircraft to protect them against corrosive substances, chemicals, and wear. The number of military aircraft fleets that have been in service for many years has led to a rise in maintenance needs. Polyurethane coatings are usually used because they help lengthen the lifespan of aeroplanes since they provide protection against wear and degradation.
Application Insights
Exterior segment dominates the market over the forecast period
On the basis of application, the global Military Aerospace Coatings market is segmented into Engine, Interior, and Exterior. Among these, exterior segment dominates the market with the largest market share over the forecast period. Globally, defence spending has increased as a result of the worsening geopolitical situation. Due to this, there is a higher demand for military aircraft, both for new purchases and for fleet upgrades. Coatings that provide protection from abrasive environmental variables like UV radiation, freezing temperatures, and weathering are needed for this aircraft's exterior surfaces. Modern military aircraft are designed to operate in a range of challenging circumstances. Extreme temperatures, rapid flight, contact with harsh chemicals, and other circumstances all require the external coatings to function at a high level.
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Regional Insights
North America is dominating the market with the largest market share.
Among all other regions, North America is dominating the market with the largest market share over the forecast period. The two biggest countries in North America, the United States and Canada, both spend a lot of money on defence to pay for their armed forces. Continuous modernization efforts are what are driving the demand for cutting-edge aerospace coatings to protect and enhance the performance of their military aircraft fleets. In North America, there are significant corporate offices for coating manufacturers and aircraft companies. By offering coatings and solutions for military aircraft to domestic and international clients, these companies contribute to the market's growth.
Asia Pacific is witnessing the fastest market growth over the forecast period. Many Asia-Pacific countries have increased their defence budgets in order to modernise their armed forces and enhance their aeronautical capabilities. As a result of this growth in defence spending, there is a greater need for military aircraft and, consequently, aerospace coatings to protect and enhance these aircraft. The Asia Pacific area has emerged as a hub for aerospace manufacturing as countries like China, India, and South Korea become more important players in the world's aerospace industry.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Akzo Nobel N.V., CREATIVE COATINGS, Valspar, Klinge Enameling, Inc., CHASE CORPORATION, Mankiewicz Gebr. & Co. (GmbH & Co. KG), Cloverdale Paint Inc., Marpol Private Limited, Hentzen Coatings, Inc., Kansai Paint Co.,Ltd., Evonik Industries AG, Klinge Coatings, Argosy International Inc., BryCoat Inc., Henkel AG & Company KGaA, BASF SE, 3Chem, The Sherwin-Williams Company, PPG Industries, Inc., IHI Ionbond AG. And other key vendors.
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Recent Market Developments
- In July 2022, in order to provide airline clients with good service by merging paint supply with livery design, PPG worked with the UK airline brand and formed the consultancy Aerobrand.
- In July 2022, a total of EUR 15 million was invested by Akzo Nobel in their Pamiers aerospace coatings division, which Mapaero purchased in 2019.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Military Aerospace Coatings Market based on the below-mentioned segments:
Military Aerospace Coatings Market, Aircraft Type Analysis
- Narrow-Body Aircraft
- Wide-Body Aircraft
- Military Aircraft
- Spacecraft
Military Aerospace Coatings Market, Resin Analysis
- Epoxy
- Polyurethane
- Others
Military Aerospace Coatings Market, Application Analysis
- Engine
- Interior
- Exterior
Military Aerospace Coatings Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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