Dublin, Oct. 22, 2020 (GLOBE NEWSWIRE) -- The "Global Commercial Aviation Aircraft Paint Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The global commercial aviation aircraft paint market is evaluated at US$35.851 million for the year 2019 growing at a CAGR of 21.52% reaching the market size of US$115.462 million by the year 2025.
An aircraft has to withstand harsh weather conditions, flex, bends, chemicals among others. Thus, aircraft paint is a special type of paint used to paint commercial aviation aircraft, whether new or old. There are majorly two types of paints used for these purposes that are epoxy and enamel. These types of paints are often expensive and are considered highly durable as an aircraft operates under highly unfavorable conditions. The aircraft paint unlike other paints in automobiles, buildings fade off after years of usage, thus, airlines prefer to get their planes painted as per their designs and color. Therefore, the growing aviation industry has further led to an increase in the number of aircraft trips, thus leading to more wear and tear. Also, the increasing investments by airline companies for the procurement of new next-generation aircraft is projected to positively impact the market growth during the forecast period.
The growing disposable income, growing business travel along with a significant growth in medical tourism are some of the major factors that have augmented air travel globally. Also, the increase in new aircraft delivers further plays a significant role in shaping up the market growth throughout the course of the forecast period. Additionally, the increased spending by companies in aircraft repairs and maintenance is further expected to amplify the commercial aviation aircraft paint market during the forecast period. However, the outbreak of COVID-19 is expected to hamper the market growth to some extent especially during the short run due to a slump in the aviation industry globally. Also, a halt in the aircraft manufacturing due to supply chain disruptions and decline in demand is further expected to negatively impact the market growth during the short run.
The growing commercial aviation sector
The commercial aviation sector includes that part of civil aviation in which the hiring of aircraft is done for passenger transport operations or for cargo transport operations. The market is being primarily being driven by the fact that the aviation sector around the globe is increasing due to the growth in the tourism industry around the globe. The upsurge in the frequency of the number of trips per flight is further providing an impetus to the market as more trips will lead to early deterioration of the plane's paint which in turn will positively impact the demand during the next five years. The aircraft companies are expanding their operations to new countries and open up new routes for their flights, which in turn is expected to augment the demand for aircraft as well as it will boost the air travel.
Thus, the increasing number of aircraft deliveries owing to the growing number of daily air passengers as well as for the replacement of the ageing aircraft fleet is further expected to amplify the demand for aviation aircraft paint during the forecast period. This can be backed up by the fact that the number of air passengers who have traveled through air transport has increased at a significant pace in the past years. For example, according to the data by the World Bank Group, the number of air passengers (domestic and international) reached 4.233 billion by 2018 from 2.628 billion in 2010. The tourism industry is growing primarily due to the availability of cheap air tickets and the increased propensity of travelers to spend on holidays and leisure trips, which is further propelling the adoption of air transport as a means of travel. The growing business travelers coupled with the increase in the air cargo load are some of the additional factors augmenting the commercial aviation industry globally.
Outbreak of COVID-19
The outbreak of the disease is expected to moderately hamper the market growth to some extent during the short run owing to the fact that the temporary suspension in the activities across the aviation sector due to government restrictions such as the ban on travel and nationwide lockdowns in many parts of the world have adversely affected the commercial aviation sector as the tourism sector is down. Also, the trade restrictions around the globe further impacted the logistics industry. Furthermore, the halt in aircraft manufacturing due to the non-availability of labor and raw material due to supply chain disruption may also slow down the market growth during a short period of the next six to eight months. Thus, the frequency in air travel decreased significantly since the outbreak has been declared as a pandemic by the World Health Organization which is difficult to contain even, since the duration of the pandemic is still unclear, a decline in the production, as well as maintenance of aircrafts, is expected during the short run. Thus, all such factors are anticipated to inhibit commercial aviation aircraft paint market growth in the coming years.
The commercial aviation aircraft paint market has been segmented as type, aircraft type, application, and end-user. By type, the segmentation of the commercial aviation aircraft paint market has been done as enamel and epoxy. By aircraft type, the market has been classified into narrow-body, wide-body, and regional jets. By application, the market has been segmented into interior and exterior. By geography, the distribution of the market has been done on the basis of North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Narrow Body to grow substantially
By aircraft type, narrow-bodied aircraft are anticipated to witness a promising growth during the forecast period primarily due to the growing demand for narrow-body aircraft need for the replacement of the many aging mid-size aircraft due to operating efficiency has led to the significant increase in the production. The increasing number of aircraft launches in the narrow-body segment is also positively influencing the market growth during the forecast period. For example, Embraer plans to bring to the new Super Mid-size Praetor 600 aircraft in Q2 2019 and the Mid-size Praetor 500 in Q3 2019. Widebody aircraft to hold a substantial market share throughout the forecast period due to the growing demand for large-sized aircraft owing to the expanding fleet size. The growing demand for passenger flights has led the airlines to expand their fleet with large-size aircraft.
For example, Turkish Airlines announced the purchase of 60 wide-body planes from both Airbus and Boeing in 2017. The need for new aircraft to replace the old ones will also have a significant positive impact on the market. As per data by Boeing, about 100 aircraft retire every year globally, and by 2021 to 2022, there will be about 200 aircraft retiring every year which is expected to further expand the business growth opportunities for the paint manufacturers during the next five years. Thus, the demand of the new aircraft to replace the old, retiring aircraft as well as to compete with the increasing number of passengers across the globe will lead to the rising need of large size aerospace market, thus, boosting the growth of the market during the given forecast period.
Exterior to hold a significant share
By application, the exterior paint segment is expected to hold a significant market share throughout the course of the next five years due to the fact that exterior paints are frequently changed due to more wear and tear as exterior paints withstand more harsh environments. Interior paints are anticipated to witness a promising growth owing to the fact that airline companies get their planes painted as per their interior designs and airline colors.
APAC to hold a healthy share
Geographically, Asia Pacific region is expected to hold a dominating share in the commercial aviation aircraft paint market owing to the presence of two of the largest aviation services market in the world, China and India. Moreover, the domestic airline operating across these economies are opting for fancy themes with attractive colors to attract more customers, which in turn is expected to increase the demand for paints, thereby positively impacting the market growth to some extent during the forecast period.
Competitive Insights
Prominent/major key market players in the global commercial aviation aircraft paint market include 3M, PPG Industries Inc., and Akzo Nobel among others. The players in the global commercial aviation aircraft paint market are implementing various growth strategies to gain a competitive advantage over its competitors in this market. Major market players in the market have been covered along with their relative competitive position and strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the commercial aviation aircraft paint market.
Key Topics Covered:
1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Commercial Aviation Aircraft Paint Market Analysis, by Type
5.1. Introduction
5.2. Enamel
5.3. Epoxy
6. Commercial Aviation Aircraft Paint Market Analysis, by Aircraft Type
6.1. Introduction
6.2. Narrow Body
6.3. Wide Body
6.4. Regional Jets
7. Commercial Aviation Aircraft Paint Market Analysis, by Application
7.1. Introduction
7.2. Interior
7.3. Exterior
8. Commercial Aviation Aircraft Paint Market Analysis, by End-User
8.1. Introduction
8.2. OEM
8.3. Aftermarket
9. Commercial Aviation Aircraft Paint Market Analysis, by Geography
9.1. Introduction
9.2. North America
9.3. South America
9.4. Europe
9.5. Middle East and Africa
9.6. Asia Pacific
10. Competitive Environment and Analysis
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrativeness
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. Company Profiles
11.1. 3M
11.2. PPG Industries, Inc.
11.3. Akzo Nobel N.V.
11.4. Mankiewicz Gebr. & Co.
11.5. The Sherwin-Williams Company
11.6. Axalta Coating Systems
11.7. APV Engineered Coatings
11.8. Walter Wurdack Inc.
11.9. Hentzen Coatings, Inc
11.10. Henkel AG & Company, KGaA
For more information about this report visit https://www.researchandmarkets.com/r/f4ygai
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.