Industry: Chemicals and Materials
Published Date: August-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 185
Report ID: PMRREP3649
The aerospace coatings market size was estimated at US$2.3 Bn in 2024 and is expected to be valued at US$3.7 Bn by 2031. The market is expected to reach a growing, steady CAGR of 6.7% from 2024 to 2031.
Key Highlights of the Market
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Attributes |
Key Insights |
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Market Size (2024E) |
US$2.3 Bn |
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Projected Market Value (2031F) |
US$3.7 Bn |
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Global Market Growth Rate (CAGR 2024 to 2031) |
6.7% |
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Historical Market Growth Rate (CAGR 2018 to 2023) |
6.0% |
The market plays a crucial role in the aviation industry by providing protection and enhancing the performance of aircraft. Aerospace coatings are used to protect aircraft surfaces from corrosion, UV radiation, and extreme temperatures, while also improving fuel efficiency and reducing emissions. These coatings are applied to various aircraft components, including the exterior, interior, and engine parts.
The market for aerospace coatings is driven by factors such as the increasing demand for commercial and regional aircraft, the need for longer component life cycles, and the prominent market trend of special liveries and vibrant colors in the aviation industry.
The aerospace industry is increasingly focused on sustainable aviation practices, and aerospace coatings play a vital role in achieving this goal. The industry has also witnessed the introduction of smart coatings, which have revolutionized aircraft management and maintenance.
Such coatings incorporate advanced technologies such as sensors, self-healing properties, and anti-icing capabilities, enabling real-time monitoring and improved aircraft performance.
One of the most popular aerospace coatings market trends is the use of water-based and powder coatings, which offer environmental benefits such as lower VOC emissions, and reduced hazardous waste generation compared to solvent-based coatings.
Further aerospace robotics market expansion is boosted due to advancements in technologies such as the Internet of Things (IoT), 3D vision technology, AI, and cloud computing.
These advancements have enhanced the features and capabilities of robotic devices used in the aerospace industry, including coating application processes. With these advancements and trends market is expected to reach US$3.7 Bn by 2031.
The market report shows significant growth in the upcoming years, driven by various factors such as the increasing demand for commercial and regional aircraft, advancements in coating technologies, and the need for improved performance and durability of aircraft components.
According to the market analysis, the market was worth US$1.7 Bn by 2019, growing at a CAGR of 6.0% from 2019 to 2023. The rising number of air passengers and the subsequent increase in commercial aircraft manufacturing have been key drivers for the market demand.
The demand is expected to continue its growth trajectory in the coming years. It reached a value of US$2.2 Bn in 2023 and is expected to grow at a CAGR of 6.7% from 2024 to 2031, reaching a value of around US$3.7 Bn by 2031.
Factors like demand for new aircraft are expected to remain strong, which is driven by factors such as population growth, urbanization, and the expansion of air travel in emerging economies. Ongoing advancements in coating technologies will continue to drive innovation in the aerospace coatings sector.
Further, the aerospace industry is increasingly focused on sustainability, and this trend is expected to impact the market growth as well.
There is a growing emphasis on the development of coatings that are environmentally friendly, with lower volatile organic compound (VOC) emissions and reduced hazardous waste generation. This is expected to create a buzz in the industry.
Increasing Air Travel
The growing demand for air travel, driven by factors such as population growth, urbanization, and the expansion of tourism industries, is a significant growth driver for the aerospace coatings industry. The need for new aircraft and the refurbishment of existing aircraft to meet the rising passenger traffic contribute to the demand.
Advancements in Coating Technologies
Technological advancements in aerospace coatings have led to the development of coatings with improved performance characteristics. These coatings offer enhanced protection against corrosion, UV radiation, and extreme temperatures, thereby improving the durability and performance of aircraft components. The continuous innovation in coating technologies drives the market growth.
Government Initiatives and Investments
Government initiatives to support the aerospace industry, including import and export services, play a crucial role in driving the aerospace coatings market revenue.
Strategic investments in the global aerospace sector, coupled with favorable government policies, create opportunities for market expansion. These initiatives and investments contribute to the overall aerospace coatings market growth.
Volatility in Raw Material Prices
The aerospace coatings industry is affected by the volatility in prices of raw materials used for coatings, such as polyurethane resins and epoxy resins. Fluctuations in the prices of these raw materials can act as a limiting factor for market growth.
Supply chain issues or geopolitical factors can disrupt the availability of crucial raw materials, leading to production delays and increased costs for manufacturers.
High Price of Advanced Coatings
Advanced aerospace coatings, which offer superior properties and specialized manufacturing processes, often come with a higher price tag. The high cost of these coatings can deter potential customers, especially smaller manufacturers or those with limited budgets. The price factor may impact the adoption of advanced coatings, hindering the growth of the market.
Rapidly Growing Maintenance, Repair, and Overhaul (MRO) Market
The increasing number of aircraft in service and the need for regular maintenance and repairs present a significant opportunity for the market.
The MRO sector is expected to witness substantial growth, creating a demand for coatings that offer durability, corrosion protection, and aesthetic appeal.
Coating manufacturers can capitalize on this opportunity by offering innovative solutions and partnering with MRO service providers to cater to the growing demand for aircraft maintenance and repair services.
Rise in Electric and Hybrid Aircraft
The development of electric and hybrid aircraft is gaining momentum, driven by the need for more sustainable aviation solutions. As these aircraft have different operating conditions and material requirements compared to traditional combustion engine aircraft, there is a demand for specialized coatings that can withstand the unique challenges posed by electric propulsion systems.
Aerospace coating manufacturers can seize this opportunity by developing coatings specifically tailored for electric and hybrid aircraft, catering to the emerging market segment and supporting the transition to greener aviation technologies.
|
Category |
Market Shares in 2022 |
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Polyurethane |
55% |
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Commercial |
63% |
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MRO |
72% |
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Exterior Application |
60% |
Polyurethane Leading the Market with Largest Share
In terms of resin type, the aerospace coatings market shares are categorized into epoxy, polyurethane, acrylic, and others. Polyurethane holds the largest market share, representing 55% of market revenue (US$10.2 Bn) in 2022.
This resin type offers exceptional durability, chemical resistance, significant weight reduction, and environmental sustainability. Moreover, it meets market requirements for easier application and faster resin healing.
On the other hand, the epoxy segment is projected to experience the highest growth rate throughout the forecast period, indicating promising opportunities for the aerospace coating market expansion.
Commercial Sector Reigns Supreme in Demand Generation
The aerospace coatings market can be segmented based on its end-use into commercial, military, and others. In 2022, the commercial sector accounted for the largest market share, contributing approximately 63%.
The increasing demand for air travel and the subsequent rise in commercial aircraft production are the primary drivers behind this growth. As the number of air passengers continues to grow, there is a parallel increase in the demand for commercial aircraft, resulting in a positive impact on the overall demand.
The MRO Sector Surges Ahead of Others
The market is segmented based on its industry into OEM and MRO. In 2022, the MRO sector dominated the market, accounting for 72% of the market share, equivalent to US$13.3 Bn.
The market growth is primarily driven by the rapid increase in passenger traffic and the growing need for airplane maintenance centers. As the demand for air travel continues to rise, the MRO industry plays a crucial role in ensuring the safety and efficiency of aircraft through regular maintenance and repair services.
Exterior Application Continues to Dominate
The aerospace coatings market can be segmented based on its application in the exterior and interior. In 2022, the exterior application dominated the market, accounting for 60% of the market share.
Coatings applied to the exterior of aircraft play a crucial role in enhancing their performance and protecting them from high temperatures and harsh weather conditions experienced at high altitudes. These coatings also provide resistance to corrosion, ensuring the structural integrity of the aircraft.
North America Establishes the Strongest Ground for Market Expansion
During the forecast period, North America is anticipated to maintain its dominance in the aerospace coatings market, both in terms of market share and revenue.
The primary of this region can be attributed to the strong support from the government, which has fostered the growth of the aviation industry in the region. As a result, the aerospace sector in North America is experiencing expansion and is expected to continue flourishing in the coming years.
Europe Drives Growth in the Market Through Aerospace Innovations
The European region holds the second-highest market share in the Aerospace Coating market, driven by the increasing adoption of innovative aerospace coating solutions and supportive government policies.
Among the European countries, the German aerospace coating market has the largest market share, while the UK aerospace coating market is expected to witness significant growth in the region. These trends indicate a positive outlook for the European market in the coming years.
Asia Pacific Witnesses Accelerating Sales
During the projected timeframe, the Asia- Pacific aerospace coating market demand is anticipated to experience steady growth. This can be attributed to the rapid industrialization and urbanization in the region, which has led to an increase in air passenger traffic and, consequently, the demand for aerospace coatings.
Notably, the aerospace coating markets in China, and India are expected to witness significant growth, further contributing to the overall Asia Pacific market expansion.
In the aerospace coatings market, companies are actively seeking growth opportunities by pursuing acquisitions and fostering innovation. This trend is further supported by the emergence of startups that introduce fresh and unique offerings, contributing to a dynamic and competitive market landscape.
To stay ahead of evolving trends, companies are making significant investments to expand their production capabilities and enhance technological features. Their goal is to develop innovative functionalities and seamlessly integrate technologies into this constantly evolving sector, enabling successful market entry and widespread adoption.
Recent Industry Developments
In Mar 2024, during the American Coatings Show 2024, held in Indianapolis from April 30 to May 2, 2024, Sun Chemical showcased its comprehensive range of pigments, polymers, and additives for the coatings industry. The company exhibited their recently launched waterborne resins, efficient driers, additives, and high-performance polyurethane. These offerings are compatible with a wide range of coatings, enabling customers to meet their specific requirements while also supporting sustainability initiatives.
In Dec 2023, DuPont, and Coryor Surface Treatment Company Ltd. have introduced new offerings at the Taipei Building Show, including printed Tedlar® PVF solutions and PVF coating. The printed Tedlar® films, part of Coryor's AAMALON® applications series, offer superior weathering resistance and UV and weather durability. They are available in a range of colors and can preserve a building's appearance for its lifetime. Tedlar® films are highly weatherable and dirt-shedding, reducing maintenance costs and protecting structural investments. They also allow for tailored patterns and color, enabling limitless design creativity.
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Attributes |
Details |
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Forecast Period |
2024 to 2031 |
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Historical Data Available for |
2018 to 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Country Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
Available upon request |
By Geographical Regions
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