Aerospace Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Aerospace Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

According to the latest report by Fairfield Market Research, the global aerospace coatings market sales of US$ 2 billion in 2024. With an anticipated Compound Annual Growth Rate (CAGR) of 7.0% from 2024 to 2031, the market is poised to reach a valuation of US$ 3.3 billion by the end of 2031.

The surge in global air passenger traffic has been a catalyst for the demand for commercial aircraft, resulting in heightened production levels of such aircraft. This uptick in aircraft production directly correlates with the substantial growth of the aerospace coatings market, driven by the expanding fleet size.

The increasing production and sales of aircraft, particularly prominent in developing nations, are poised to offer significant opportunities for aerospace coatings manufacturers. Moreover, the escalating aircraft deliveries by industry giants like Airbus and Boeing are contributing significantly to the expansion of the global aircraft fleet size, consequently driving revenue growth in the aerospace coatings market.

As the number of aircraft in service continues to rise, there is anticipated substantial growth in the demand for maintenance, repair, and overhaul (MRO) services for various components, parts, and systems, thereby supplementing the demand for aerospace coatings.

By the end of 2017, global aircraft production reached approximately 6,000 units, with Asia Pacific holding a significant share. However, due to the comparatively larger fleet size of aircraft in North America and Europe, these regions are expected to dominate the global aerospace coatings market during the forecast period.

Robust Economic Growth Driving Aircraft Sales

Based on data from the International Monetary Fund in 2017, the global economy witnessed a growth of 3.8% in real GDP. This economic expansion has elevated living standards, purchasing power, and overall spending capabilities of citizens. Concurrently, the aerospace industry has experienced significant growth and profitability, stimulating demand for aerospace coatings.

The surge in urbanization and economic progress, particularly notable in developing nations, has spurred an increase in aircraft production and sales, especially in emerging markets such as Russia, India, Sweden, and China. This uptick in demand has consequently driven a substantial consumption of aerospace coatings.

Within the commercial segment of the global aerospace coatings market, the MRO (Maintenance, Repair, and Overhaul) sales channel is projected to witness a 8.0% value compound annual growth rate (CAGR) over the forecast period. Factors fueling this growth include the expansion of commercial and business aircraft fleets, alongside a significant demand for customized exteriors.

High-growth Regions: China, India, and ASEAN

Benefiting from the optimistic prospects of the aerospace industry in India, ASEAN countries, and China, both production and sales of aerospace coatings in these regions are anticipated to experience significant growth throughout the forecast period.

The rapid urbanization observed across various nations has led to a notable increase in air passenger traffic, consequently driving up the demand for aircraft and, subsequently, for aerospace coatings.

Sweden emerges as another noteworthy player in the global aerospace coatings market. In terms of value, it is projected that China, India, and ASEAN countries will witness growth rates 1.9 times, 2.3 times, and 2.1 times respectively during the forecast period.

Competition Analysis: Consolidation and Strategic Initiatives

The global aerospace coatings market is characterized by consolidation, with leading players such as AkzoNobel and PPG Industries Inc. holding double-digit market shares. The top ten players collectively account for a significant market share, with competition intensifying through acquisitions, collaborations, and capacity expansions.

Some key companies are:
• The Sherwin Williams Company
• PPG Industries Inc.
• Akzo Nobel N.V.
• Henkel AG & Co. KGaA
• BASF SE
• Axalta Coating Systems Ltd.
• Compagnie de Saint-Gobain S.A.
• Zircotec
• Master Bond Inc.
• APV Engineered Coatings
• Hardide Plc
• Bodycote plc
• PG Industries
• Oerlikon Balzers Coating S.A. Brügg
• DowDuPont Inc.

Aerospace Coatings Market: Segmentation

By Product Type
• Primer
Epoxy
Polyurethane
Others
• Topcoat
Epoxy
Polyurethane
Others
• Solvent
• Ceramic Coatings

By Application
• Interior
• Exterior

By End Use
• Commercial
OEM
MRO
• General & Business
OEM
MRO
• Military
OEM
MRO

By Region
• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa

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