Aerospace Coatings Market – Market Overview
The Global Aerospace Coatings Market growth is majorly influenced by continuous increase in manufacturing of commercial aircrafts by the major original equipment manufacturers such as Airbus, Boeing, Bombardier, and Embraer. Aerospace Coatings are used by MRO (maintenance, repair and overhaul) and OEM (original equipment manufacturers). OEM user type accounted for the largest market share owing to surging demand for commercial aircrafts from the developing nations coupled with rising air traffic and rising disposable income of the consumers. The product finds application in interior and exterior parts, among which exterior segment accounted for the largest market share in 2017. This is on account of rising need for high quality aerospace coatings with improved durability, faster dry time, gloss retention, and light weight to handle extreme weather conditions and exposure to light.
Growing demand for multi-purpose coatings by the aircraft manufacturers in order to reduce the inventory and complexity is expected to propel the market growth. North America accounted for the largest market share in 2017 and is expected to witness significant growth during the review period on account of increasing aircraft production in this region. For instance, according to Aerospace Industries Association (AIA), in 2017, the U.S. Aerospace & Defense industry’s exports grew by 26% over the last five years to USD 143 billion. Moreover, increase in military budget in the U.S to strengthen military power is another factor driving the market growth. Asia Pacific is the fastest growing region for the aerospace coatings market due to surging demand for aircrafts from the developing nations coupled with growing tourism and rising per capita income of the consumers.
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Aerospace Coatings Market – Competitive Analysis
Aerospace Coatings is at the growing stage and is expanding rapidly across the globe especially in the Asia pacific region owing to the growing aerospace industry. Some of the growing trends noticed among the market players are acquisition and business expansion. For instance, in 2016, PPG Industries, Inc. expanded development and technical service capabilities for aerospace and military coatings at its Shildon, England. The company invested USD 2 million to install advanced technology equipment for evaluating paint characteristics.
Industry/ Innovation/ Related News:
August, 2017–.AkzoNobel N.V. partnered with HiscoMex, a distributor in Mexico. This will enable the company to provide customers access to all the products manufactured by the company.
May, 2016- PPG Industries, Inc. expanded development and technical service capabilities for aerospace and military coatings at its Shildon, England. The company invested USD 2 million to install advanced technology equipment for evaluating paint characteristics. This will help the company to launch new products and produce more color matches.
April, 2013–PPG Industries, Inc., acquired some assets of Deft Incorporation, a specialty coatings company. This move will help the company to expand its product portfolio and strengthen its presence in the aerospace coatings market.
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