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Surge in demand for commercial aircrafts with increased air passenger traffic and emergence of chrome free-technology drive the growth of the global aerospace coatings market. However, fluctuating raw material prices are anticipated to restrain the growth of the market. Furthermore, growing investment on military aviation from government of developing economies such as China and India is expected to create new growth opportunities for the market players during the forecast period.
Covid-19 scenario:
·
Major aerospace coatings manufacturers across the
globe have halted their production activities due to disrupted supply of raw
materials such as epoxy and polyurethane resins amid the lockdown.
·
The demand for aerospace coatings is expected to
decline during the Covid-19 pandemic as commercial and military aircraft
manufacturers such as Boeing, Airbus, and Lockheed Martin have halted the production
of new aircratfts.
·
Ongoing military tensions between the developing economies
such as India and China have led to increase in acquisition and development of
new military aircrafts, due to which, the demand for aerospace coatings is
anticipated surge in these countries.
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- The report offers a detailed segmentation of the global aerospace coatings market based on resin type, technology, user type, end-use industry and region.
- Based on resin type, the polyurethane segment contributed to the largest share in 2016, accounting for nearly three-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. In addition, it is estimated to portray the highest CAGR of 6.9% during the forecast period.
- Based on end-use industry, the commercial aviation segment accounted for the largest share in 2016, and is expected to maintain the highest contribution in terms of revenue throughout the forecast period. In addition, it is expected to register the highest CAGR of 6.8% from 2017 to 2023.
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Based on region, Asia-Pacific &
LAMEA collectively contributed the highest share, accounting for nearly
two-fifths of the total market share in 2016, and will maintain its dominance throughout
the forecast period. However, Asia-Pacific is expected to grow at the highest
CAGR from 2017 to 2023.
Leading market players analyzed in
the research include BASF SE, Akzonobel N.V., Hentzen Coatings, Inc., Henkel AG
& Co. KGaA, Mankiewicz Gebr. & Co., IHI Ionbond AG, PPG Industries,
Inc., Mapaero, Zircotec Ltd, and The Sherwin-Williams Company.
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