The interest inside the worldwide market for aerospace coatings has been ascending by virtue of colossal headways in the field of safeguard and aerospace. Aerospace hardware’s are top of the line items that should be worked with huge accuracy, quality, and scaling down to guarantee improved execution of airplanes. Thus, aerospace coatings are a significant item in the creation cycle of air ships and automatons which is anticipated to move request inside the worldwide market for aerospace coatings. It is normal that the worldwide market for aerospace coatings would extend as new standards and guidelines concerning the assembling of aerospace items go to the fore.
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Aircrafts consist of highly-complex components that are subjected to harsh external environments, thus, necessitating the coating of high-performance paints on these components. The use of aerospace coatings is not just restricted to the outer surface of aircraft components but is also used for painting the inner surface of aircrafts. Hence, a wide application-portfolio of these coatings is also expected to drive demand within the global market for aerospace coatings. Wing frame, tail frame, and fuselage frame are some of the key aircraft components that are coated with specialised paints.
A report by Transparency Market Research (TMR) predicts that the global market for aerospace coatings would accumulate revenues worth US$2.53 bn by 2025-end, rising up from a value of US$1.53 bn in 2016. The CAGR of the global market for aerospace coatings for the period between 2017 and 2025 is projected to be 5.80%.
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Commercial and Business Aircrafts at the Helm of Market Growth
On the basis of end-user, the global market for aerospace coatings can be segmented into military and spacecrafts, helicopters, and business and commercial aircrafts. Amongst these, the demand for commercial and business aircrafts has been touching new heights on account of the growth of globalisation and greater interconnectivity of regions. Furthermore, a number of commercial aircrafts have been bought by multinational firms over the past decade which has propelled global demand for aerospace coatings. Based on the type of resin, the global market for aerospace coatings is segmented into epoxy, polurathene, and acrylics. Besides this, water-based coatings have attracted the highest demand in the aerospace sector on account of the improved performance of these coatings. The other segment based on the technology used for aerospace coatings is solvent-based coatings that shall also gain popularity in the years to come. On the basis of user, the demand for aerospace coatings has flown in from OEMs and MROs over the past decade.
North America to Lead Other Regional Segments
The global market for aerospace coatings has captured a substantial customer base in North America over the past decade. A number of factors including the prominence of the aerospace sector in the US and Canada are responsible for the growth of the regional market. It is also safe to assert that the defense and military industry in the US has attained fruition in recent times, which has also aided the growth of the market for aerospace coatings in North America. Besides North America, the demand for aerospace coatings in Asia Pacific is also expected to reach new levels in the years to follow.
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This projection can be attributed to the voluminous use of aerospace coatings in the defense sector in India, China, and Pakistan. Furthermore, the efforts of government entities in Asia Pacific to enhance the growth of the aerospace industry have also propelled demand within the regional market for aerospace coatings.
Some of the key players in the global market for aerospace coatings are The Sherwin-Williams Company, Hentzen Coatings Inc, Akzo Nobel N.V, and Mankiewicz Gebr. & Co.