Selbyville, Delaware, Dec. 07, 2020 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global stealth coating market size was estimated at $593 million in 2019 and is slated to surpass $834 million by 2026, registering a CAGR of 6.5% from 2020 to 2026. The rising adoption of stealth coatings in the aerospace & defense industry will spur the overall industry growth from 2020 to 2026. The report gives a complete analysis of the top winning strategies, drivers & opportunities, market estimations as well as size, top investment avenues, wavering industry trends, and competitive scenarios.
The emerging demand for UV protective coatings coupled with the growing car production, especially in the Asia Pacific and the U.S., will have a positive impact on the overall industry. Increasing investments in the aerospace & defense industry, especially in China, India, and Russia, are anticipated to boost the adoption of stealth coatings. Additionally, the growing penetration of stealth coatings in developing economies, such as India, China, Brazil, and South Africa, is also projected to propel the global stealth coating market growth.
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The growing demand for innovative coatings in the aerospace industry with unique properties suitable for military aircraft will positively contribute to the overall market. Major players such as Intermat Defense are constantly investing in research and development for product innovations with excellent characteristics. Furthermore, the rise in demand for stealth coating applications in smartphones is also anticipated to support the global stealth coating market growth.
The aerospace & defense segment will account for around 37% share in the global stealth coating market in 2026. The surging aircraft production in the U.S., China, and Russia is one of the major factors driving the business growth. Stealth coating is widely used in military aircraft, such as the F-35 Lightning II and F-22 Raptor, to reduce radar cross-section, thereby making them difficult to detect by radars.
Aircraft manufacturers, such as Boeing and Airbus, are largely adopting stealth technology in aircraft production, enhancing the consumption of stealth coatings. Additionally, emerging applications of stealth coatings in luxurious cars for UV protection and better appearance will further influence the overall stealth coating market price. It also protects cars from chips, scratches, road debris, and malicious damage.
Epoxy is the largest segment that accounted for around 45% share in the global stealth coating market in 2019 and will grow at a CAGR of over 6.8% from 2020 - 2026. Growth is majorly attributed to the growing usage of epoxy stealth coating in aircraft and cars owing to its numerous advantages including cost efficiency and excellent protection against corrosion. The polyurethane segment is anticipated to observe substantial growth in the coming years. Polyurethane coatings offer superior properties such as toughness, chemical resistance, and provides excellent adhesion to all substrates.
North America dominated the global stealth coating market and is projected to maintain its dominance throughout the forecast period. The growing U.S. aerospace industry is likely to boost the demand for stealth coatings. Additionally, the rising need for stealth coatings to protect car exteriors from UV rays will further support market growth. Asia Pacific is expected to grow significantly owing to the emerging applications of these coatings in vehicles and smartphones. The rapid surge in aircraft production, mainly in, China is also one of the key factors boosting the Asia Pacific stealth coating market.
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Key players in the stealth coating industry are primarily focusing on product innovations and strategic alliances, such as partnerships, collaborations, & joint ventures, to hold a large market share in the industry. The market is consolidated with the presence of a few players and has a moderate barrier level for new entrants due to stringent regulations and high capital investments.
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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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