Increase in number of aircrafts due to aviation industry growth in emerging markets such as India and China

Portland, OR -- (SBWire) -- 02/22/2018 --Aerospace coatings are protective coatings, which offer high resistance against corrosion, solar heat & ultra violet rays, fog, and climatic stress, which causes wear & tear of metal surfaces. It also reduces the overall weight of the aircraft, which leads to less emission of CO2.

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Rebranding and merger of the airline increases the need to repaint their fleets, which majorly drives the growth of aerospace coatings market. Moreover, the number of people who can afford the 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. This has led to an increased number of aircrafts and growth of aviation industry, which fuels the demand for aerospace coatings.

Development of sustainable chrome-free coatings further positively impacted the market growth and opened new avenues for the aerospace coatings manufacturers.

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.

The key players operating in the global concrete admixtures market are Akzonobel N.V., BASF SE, Henkel AG & Co. KGaA, Hentzen Coatings, Inc., IHI Ionbond AG, Mankiewicz Gebr. & Co., Mapaero, PPG Industries, Inc., The Sherwin-Williams Company, and Zircotec Ltd.

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The global market was valued at $1,587 million in 2016 and is expected to garner $2,433 million by 2023, registering a CAGR of 6.3% during the forecast period 2017 - 2023. In 2016, polyurethane resin segment accounted for approximately three-fifths of the total share in terms of revenue.