Aerospace coatings market in Exterior application will account for over USD 890 million by 2024 owing to high usage of aerospace coatings in exterior aircraft structural applications.
Sellbyville, DE -- (SBWIRE) -- 01/23/2019 -- Aerospace Coatings Market is estimated to cross 16 kilo tons by 2024 at 5.4% CAGR from 2017 to 2024. Powered by a barrage of tech benefactors, aerospace coatings market has witnessed remarkable proceeds across a host of aviation fraternities including the likes of military, space, commercial etc. Even a few years back, the application significance of these coatings was deemed to be limited to protection and aesthetic appearance improvement. However, with technological proliferations and subsequent complexity in the aviation industry, the requirement of advanced coatings endorsed with features like faster drying time, lightweight, increased durability, and unique color styling has upscaled tremendously. These ongoing developments and technological adoption in product designing is expected to conveniently help aerospace coatings industry to establish itself as a remunerative business space over the coming years.
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Polyurethane resins will account for over 55% revenue share in the aerospace coatings market over the forecast timeframe. High preference towards this resin can be attributed to its advantages such as high resistance to the UV rays and other damages including staining, chemicals, and abrasion. Extensive usage of these resins in new generation aircrafts such as Boeing 787 will further support the segment's dominance.
Solvent based coatings will account for over 60% share till 2024. These coatings are less prone to environmental damages due to humidity and temperature. Moreover, the technology leads to considerable reduction in drying time which in turn drive the aerospace coatings market share over the forecast timeline. Water based coatings will exhibit over 6% CAGR from 2017 to 2024 owing to high usage in aircrafts. Environmental and regulatory compliance is another factor significantly contributing to the segment demand.
Exterior application will account for over USD 890 million by 2024 owing to high usage of aerospace coatings in exterior aircraft structural applications. Usage of coatings provides protection to the aircraft exteriors against cracking, erosion, and deterioration. Aerospace coatings market from interior applications will exhibit approximately 7% CAGR owing to rising usage of coatings for functional and decorative purposes. They are used for painting and upgrading the cabin interiors.
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Having already accomplished a percentage of supremacy in aviation space, Asia Pacific is certainly one of the profitable growth avenues for the overall aerospace coatings market share. Increasing international trade across emerging economies like China and India, along with heavy cargo and passenger traffic are the two primary determinants driving the regional aerospace coatings market demand. As per a latest report by the International Air Transport Association- China pegs the title of world's fastest growing aviation industry and is projected to surpass even U.S. market valuation from 2022. In fact, The Civil Aviation Administration of China has recently affirmed that the country would ease investment access to the regional civil aviation market for private and state enterprises from January, next year. Not to mention, these kinds of regional governmental supports in proliferating the aviation sector, is bound to leave a positive impact on the overall APAC aerospace coatings industry, which is forecast to grow at 7% CAGR over 2017-2024.
In fact, as per estimates, with the dominance of U.S., North America aerospace coatings market size is forecast to exceed USD 350 million by 2024. Other than the regional governmental support, this belt houses established coatings manufacturers and new generation aircrafts such as Airbus A350, Boeing 737 MAX, and Boeing 787, which undeniably has opened up slew of opportunities for aerospace coatings industry players.
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The strategic landscape of aerospace coatings market is chronicled to be rather consolidated with renowned giants like Mankiewicz, PPG Industries, Akzo Nobel NV, Merck Performance, and BASF, procuring almost 50% of the global share. Amidst the intense share battle, product innovations via R&D investments is claimed to be one of the major parameters justifying the sustainability quotient of aerospace coatings industry participants. In this regard, experts believe, developing economies can prove to be opportunistic investment spots for the market players, pertaining to the supply demand gap in these regions. All in all, with technological advancements in nanoparticle-based coatings and manufacturers' constant effort in bringing cost effective solutions, the revenue graph of aerospace coatings market is sure to ascend over the ensuing years.
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