Aerospace Coatings Market by Resin Type (Polyurethane, Epoxy, and Other Types), by Technology (Solvent-Based Coating, Water-Based Coating, Powder Coatings, and Others), by User Type (Original Equipment Manufacturer and Maintenance, Repair, & Overhaul (MRO)), by Application (Exterior and Interior), by End User (Military Aviation and General Aviation) – Global Opportunity Analysis and Industry Forecast, 2024–2030
The aerospace coatings market was valued at USD 2.38 Bn in 2023, and is expected to reach USD 3.39 Bn by 2030, due to the growing space exploration industry.
Aerospace Coatings Market
Domain - Materials and Chemicals
Sub Domain - Advanced Materials
The Aerospace Coatings Market size was valued at USD 2.38 billion in 2023, and is predicted to reach USD 3.39 billion by 2030, with a CAGR of 5.2% during the forecast period, 2024–2030.
The expanding space exploration industry in countries such as China and India propels the aerospace coatings market. As these countries invest significantly in space missions and satellite programs, there is a growing need for advanced aerospace coatings. These coatings are vital for safeguarding spacecraft and satellites from the harsh environmental challenges of outer space. Consequently, this surge in demand is driving the aerospace coatings industry, presenting opportunities for manufacturers and suppliers.
According to the Space Foundation Organization, the majority of revenue growth in the space industry occurred in the commercial sector, with a 6.4% increase. Over USD 224 billion came from space company products and services, and almost USD 138 billion were invested in commercial space infrastructure and support in 2022. This growth is attributed to the increased government spending on military and civil space programs, including an 18% rise by the U.S., an estimated 23% increase by China, and a 36% boost by India.
However, investing in high-quality aerospace coatings comes at a significant cost. Thus, the high investment associated with aerospace coatings restrains the market growth. On the contrary, the introduction of parylene conformal coatings is expected to create lucrative opportunities for the market in the future. Parylene coatings offer superior penetration, insulation, and barrier properties, high frequency stability, and high thermal protection, making them the preferred coating of top-tier aviation and aerospace companies.
Segment OverviewThe global Aerospace coating market is segmented on the basis of component, technology, application, and region.
By resin type, the market is classified into polyurethane, epoxy, and other types.
By technology, the market is segmented into solvent-based coating, water-based coating, powder coatings, and others.
By user type, the market is divided into original equipment manufacturer and maintenance, repair, and overhaul (MRO).
By application, the market is categorized into exterior and interior.
By end user, the market is divided into military aviation and general aviation.
Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW).
The North American market is projected to hold the dominant share by 2030
North America dominates the global aerospace coatings market, and is expected to remain dominant throughout the forecast period. This is attributed to the stringent government regulations in the region concerning aircraft safety and maintenance. These regulations are becoming more rigorous, necessitating the use of high-quality coatings to meet safety and performance standards. As a result, the demand for aerospace coatings is rising. For instance, in 2023, The Federal Aviation Administration initiated a significant reform in the certification process for aircraft airworthiness. This reform aims to modernize and streamline the certification procedures, making them more efficient and cost-effective than before. This trend aligns with the overarching goal of enhancing safety in the aviation industry, thus increasing the demand for aerospace coatings in the U.S.
Also, the aerospace coatings market in North America is experiencing significant growth, due to the growing commercial aviation in the region. According to the United States Department of Transportation, the U.S. airlines witnessed nearly 30% increase in passenger numbers in 2022 compared to 2021, with 194 million more passengers flying. Throughout 2022, the U.S. airlines served 853 million passengers, a significant surge from 658 million passengers in 2021 and 388 million passengers in 2020. This surge in commercial aviation creates a higher need for top-quality coatings that protect aircraft surfaces and enhance their performance. As airlines continue to meet the travel demands of passengers, the aerospace coatings market is set to benefit from this upswing in the industry.
Key Market Players
The key players in the aerospace coatings market include:• PPG Industries, Inc.
• Akzo Nobel N.V.
• The Sherwin-Williams Company
• Socomore
• Hentzen Coatings, Inc.
• BASF SE
• Henkel AG & Co. KGaA
• Mankiewicz Gebr. & Co.
• IHI Ionbond AG
• Zircotec Ltd.
Recent DevelopmentsMay 2023
Henkel, a player in adhesive technologies, unveiled a cutting-edge adhesive technology center in Bridgewater, the U.S. This center is a pivotal development for the aerospace coatings market, particularly in adhesive solutions. By focusing on advanced adhesives, Henkel aims to provide innovative and reliable aerospace coatings, serving the needs of the aerospace industry.
April 2023
PPG Industries, an aerospace coatings manufacturer, launched a portable aerospace sealant removal, mixing, and application kit. This innovation facilitates efficient sealant application and removal processes, enhancing maintenance and repair capabilities for aircraft at remote locations.
March 2023
AkzoNobel Aerospace Coatings launched Aerofleet, a fleet management solution to streamline coating maintenance for multiple aircrafts within an airline fleet. This innovative solution will improve coating processes and overall maintenance efficiency, thereby contributing to optimizing operations and maintenance costs in the aerospace coatings market.
KEY BENEFITS• The report provides quantitative analysis and estimations of the aerospace coatings market from 2024 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.
• The study comprises an extensive analysis of the aerospace coatings market trends, including the current and future trends to depict prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the aerospace coating market is provided in the report.
• The competitive analysis of the players along with their market share is provided in the report.
• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
• The value chain analysis in the market study provides a clear picture of the roles of stakeholders.