Boston, MA -- (SBWIRE) -- 05/18/2017 -- Aerospace Coatings Market by Resin Type (Polyurethanes, Epoxy), Technology (Liquid, Powder), User Type (MRO, OEM), End User (Commercial, Military, General Aviation), Application (Exterior, Interior), and Region - Global Forecast to 2022

"The aerospace coatings market is projected to grow at a CAGR of 6.90% between 2017 and 2022."

The aerospace coatings market is projected to reach USD 1.98 billion by 2022, at a CAGR of 6.90% between 2017 and 2022. The demand for aerospace coatings has increased in the recent years due to their increased consumption in the Asia-Pacific region. The growth of the aerospace coatings market is largely driven by the increased demand for aerospace coatings from the commercial aviation and military aviation. Increasing middle class population in the emerging economies is one of the important drivers for the growth of the aerospace coatings market as increasing air traffic has caused airline companies to increase their purchase of commercial aircraft, thereby fueling the demand for associated facilities such as aerospace coatings. Manufacturers of aerospace coatings are trying to cater to this increased demand for aerospace coatings, which, in turn, is leading to expansion of their businesses. However, formulation and implementation of new regulations, such as Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) and various other directives to control solvent emissions are affecting the growth of the aerospace coatings market across the globe. Similarly, the Euro Zone crisis of 2012 affected the growth of the aerospace coatings market globally, as several companies manufacturing aerospace coatings reduced their production as a result of their cost cutting strategy to survive in the market.

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"Among user types, the MRO segment of the aerospace coatings market is projected to grow at the highest CAGR during the forecast period."

The MRO user type segment of the aerospace coatings market is projected to grow at the highest CAGR during the forecast period, 2017 to 2022. The growth of this segment of the market can be attributed to increased use of MRO in commercial aviation, military aviation, and general aviation to perform maintenance, repairs, and operations (MRO) functions.

"Among end users, the commercial aviation segment is leading the aerospace coatings market and is projected to grow at the highest CAGR between 2017 and 2022."

The commercial aviation end user segment is leading the aerospace coatings market and is projected to grow at the highest CAGR during the forecast period, 2017 to 2022. As the economies across the globe are becoming stable and there is an improvement in the standard of living in the emerging economies, there is an increase in air traffic across the globe. This increase in air traffic across the globe is leading towards an increase in the deliveries of wide- and narrow-body aircraft, which, in turn, is expected to drive the growth of the aerospace coatings market.

"The Asia-Pacific aerospace coatings market is projected to grow at the highest CAGR during the forecast period."

The Asia-Pacific aerospace coatings market is projected to grow at the highest CAGR during the forecast period due to the rising demand for aerospace coatings from the emerging economies, such as India, China, South Korea, Vietnam, and Singapore, among others. Improving standard of living, growing population, and rising per capita income are the factors expected to drive the growth of the Asia-Pacific aerospace coatings market during the forecast period. China dominates the production of aerospace coatings in the Asia-Pacific region due to low tax rates in the country, along with the presence of low-cost labor and easy availability raw materials.

Breakup of primary interviews:

-By Company Type - Tier 1-58%, Tier 2-33%, and Tier 3-9%
-By Designation - C-level-50%, D-level-33%, and Others-17%
-By Region - North America-33%, Europe-30%, Asia-Pacific-16%, South America-14%, and Middle East & Africa-7%

Akzo Nobel N.V. (Netherlands), PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), Henkel AG & Co. KGaA (Germany), Mankiewicz Gebr. & Co. (Germany), IHI Ionbond AG (Switzerland), Zircotec Ltd. (U.S.), and Hentzen Coatings, Inc. (U.S.), among others are the leading players operating in the aerospace coatings market.

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