Aerospace coatings offer high resistance against corrosion, solar heat & ultra violet rays, fog, and other adverse weather conditions. Along with high protection, it also reduces the weight of aircrafts, and thus helps reduce CO2 emissions.
Portland, OR -- (SBWIRE) -- 10/02/2017 -- Aerospace Coatings is a high-performance coating material that offers high wear resistance to aircraft surfaces. Its ability to protect against corrosion, ultraviolet rays & solar heat, climatic stress, and fog helps reduce the amount of time and cost required for maintenance and repair. These coatings applied to aircraft surface, engines, fuselage components, wings, propellers, landing gears, interiors, and other components reduce the overall weight of the aircraft and improve the fuel economy, thereby reducing CO2 emissions.
The global aerospace coatings market is segmented based on resin type, technology, user type, end-use industry, and geography. Based on resin type the market is divided into epoxy, polyurethane, and others. Based on technology the market is segmented into solvent-based coatings, water-based coatings, powder coatings, and others. User type segment is classified into original equipment manufacturer (OEM) and maintenance, repair & overhaul (MRO). The end-use industry is segmented as commercial aviation, military aviation, and general aviation. Application of aerospace coatings market includes exterior and interior surface of the aircraft. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific is anticipated to grow at significant rate from 2017 to 2023. Increase in cargo traffic, rise in number of air travelers, and international trade in emerging countries, such as China and India has led to the growth of aerospace industry, which offer lucrative opportunities to market players.
However, several regulations imposed by the Environmental Protection Agency (EPA) of the U.S. and Registration Evaluation Authorization and Restriction of Chemicals (REACH) of Europe on the usage of a wide range of solvent-borne coatings having high toxic solvents, volatile organic compounds (VOCs), and hazardous air pollutants (HAPs) such as chromium and lead-based heavy metals is projected to hamper the market growth during the forecast period.
Key Findings of Aerospace Coatings Market:
- Asia-Pacific is expected to continue to lead the market in terms of value during the forecast period, followed by North America
- Polyurethane resin type segment generated the highest revenue and is projected to grow at a highest CAGR of 6.9% during the forecast period.
- Commercial aviation is the largest end-use industry in aerospace coatings market, registering highest CAGR 6.8% during the forecast period.
- Europe accounted for approximately more than one-fourth share in the aerospace coatings market in 2016.
- The aerospace coatings market in Asia-Pacific is anticipated to grow at the highest CAGR from 2017 to 2023.
Asia-Pacific and LAMEA collectively contributed approximately two-fifths of the market share in 2016, as cost of flying has increased owing to the rise in the economy and disposable income of the people in various countries such as India, China, Brazil, Indonesia, and Korea.
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