Market Synopsis of Global Aerospace Coatings
Aerospace Coating is a high performance coating material. It is designed to resist temperature fluctuations and variable air pressure. The Coating may have decorative or functional, purposes of application or both. Some of the most important features of aerospace coating include protection against Intense UV exposure at higher altitudes, temperature fluctuations and corrosion.
The growth of Global Aerospace Coatings Market will continue to be robust with the need for new technologies and rising demand from the commercial aviation and military aviation. Furthermore, the continued push for lighter substrates also drives innovation in the aerospace coatings market.
The Global Aerospace Coatings Market is poised to grow approximately at 7% CAGR and is estimated to touch USD 1.95 billion by the end of 2022.
The factor that is driving demand for aerospace coatings is the continued need to develop more environmentally friendly products that produce less hazardous materials. So, the advancement in the field of chromo free technology coupled with the usage of environment-friendly coating products is one of the major drivers of the market. For many decades, chrome-based coatings were the most preferred coatings, however, they are no longer used because of issues related to health, safety, and environmental protection.
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New technology in Aerospace Coatings can minimize drag in the air and eliminate debris build-up, both of which reduce airplane fuel consumption resulting in reduced carbon footprint. Such savings have both an economic and environmental impact that cannot be understated. According to the International Air Transport Association (IATA), a 1% improvement in fuel efficiency in the aviation industry can lower fuel costs by USD 700 million a year.
The market has been segmented based on resin types, end-users, applications and regions. Based on resin type, the market is segmented as polyurethanes and epoxy. Polyurethane resins are preferred over other coatings as they offer resistance to abrasion, staining, and chemicals. They have a high degree of natural resistance to the damaging effects of ultraviolet rays from the sun. Based on end-users, the market is segmented as commercial, military and general aviation. Among these, the commercial aviation segment is leading the market and is projected to grow at the highest CAGR during the forecast period. The advent of chromo-free technologies, introduction of cost-saving products, and emerging middle class are the factors driving the growth of the market.
Regional Analysis of Global Aerospace Coatings Market:
The Asia-Pacific region is estimated to grow at a highest CAGR during the forecast period owing to increasing demand for aerospace coatings in various end-user industries such as commercial and military segments. In addition, China and India are the major market drivers due to rising number of passengers opting air route for travel.
North America has the second largest market share, however it is reaching maturity stage.
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Akzo Nobel N.V. (Netherlands), Zircotec Ltd. (U.K.), BASF SE (Germany), PPG Industries, Inc. (U.S.), IHI Ionbond AG (Switzerland), The Sherwin-Williams Company (U.S.), Henkel AG & Company KGaA (Germany), Mankiewicz Gebr. & Co. (Germany), BryCoat Inc. (U.S.) and Argosy International Inc. (U.S.) are some of the leading players operating in this market.
Key Points from Table of Contents:
8 Competitive Analysis
8.2 Competitive Scenario
8.2.1 Market Share Analysis
8.2.2 Market Development Analysis
8.2.3 Type/Service Benchmarking
8.3 Akzo Nobel N.V. (Netherlands)
8.3.2 Type/Service Offering
8.4 Zircotec Ltd. (U.K.)
8.4.2 Type/Service Offering
8.5 BASF SE (Germany)
8.5.2 Type/Service Offering
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions. In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.