he global aerospace coatings market is estimated to surpass US$ 2 Bn in forecast period 2021-2031 expanding at 6% CAGR. Increasing application of substrates to enhance durability and longevity of aircraft bodies using less amount of material is driving aerospace coatings market growth.
According to the International Civil Aviation Organization (ICAO), the number of passengers travelled by air services increased at 6.4% CAGR in 2018, accounting nearly 4.3 billion people. Furthermore, the number rose to 4.5 billion in 2019. Hence, the demand of air services fueled aircraft manufacturers to focus on aircraft building, which will enhance aerospace coatings market.
According to the Stockholm International Peace Research Institute (SIPRI), global military spending in 2019 was over US$ 2 trillion which improved at 3.6% CAGR from 2018. Increasing fleet size in defense system is fuelling the demand for high-quality aerospace coatings in order to ensure greater longevity by developing durability of aircraft bodies to prevent corrosion, UV rays, and abrasion caused by frequent use.
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Key Market Segments Covered
- Aerospace Coatings for Commercial Applications
- Aerospace Coatings for Military Applications
- Aerospace Coatings for General Aviation
- End Use
- Aerospace Coatings for MROs
- Aerospace Coatings for OEMs
- Polyurethane Aerospace Coatings
- Epoxy Aerospace Coatings
- Other Resins Aerospace Coatings
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Key Companies Profiled
- AHC Oberflachentechnik GmbH
- Akzo Nobel N.V
- Argosy International Inc.
- Asahi Kinzoku Kogyo Inc.
- BASF SE
- Brycoat Inc.
- Henkel AG & Co.
- Hentzen Coatings Inc.
- Hohman Plating & Manufacturing LLC
- The Sherwin Williams Company
- PPG Industries
- International Aerospace Coatings Holdings LP
- Ihi Ionbon AG
- Polyurethane aerospace coatings to surpass US$ 1 billion by 2031, expanding at above 6% CAGR
- Demand for epoxy aerospace coatings to experience impressive incline, registering a CAGR of nearly 6% until 2031
- Aerospace coatings across the OEM segment to witness major incline, expanding at over 6% CAGR
- By application, aerospace coatings for military aircraft to reign supreme, crossing US$ 300 million in 2020
- The U.S. to experience heightened sales amid high defense spending, being valued at US$ 400 million in 2020
- Market in China to expand impressively, expected to reach nearly US$ 500 million by 2031
- India, Australia, and South Korea to collectively contribute over US$ 300 million by 2031
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- In May 2021, BASF SE announced a collaboration with German aircraft carrier Lufthansa Group to equip its Boeing 777 freighters with its AeroSHARK surface film which mimics the fine structure of a shark’s skin to reduce aerodynamic drag which will be equipped starting 2022.
- In April 2020, Hohman Plating & Manufacturing LLC unveiled a new controlled environment facility for new aerospace adhesive primers manufacturing, which will be used on the Pratt & Whitney PurePower® PW1000G next generation engine parts.