Aerospace Coatings Market by Resin Type (Polyurethane, Epoxy, and Other Types), by Technology (Solvent-Based Coating, Water-Based Coating, Powder Coatings, and Others), by User Type (Original Equipment Manufacturer and Maintenance, Repair, & Overhaul (MRO)), by Application (Exterior and Interior), by End User (Military Aviation and General Aviation) – Global Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Materials and Chemical | Publish Date: 29-Jan-2024 | No of Pages: 616 | No. of Tables: 522 | No. of Figures: 487 | Format: PDF | Report Code : N/A
Market Overview
The global Aerospace Coatings Market size was valued at USD 2.38 billion in 2023, and is predicted to reach USD 3.39 billion by 2030, with a CAGR of 5.20% from 2024 to 2030. Aerospace coatings refer to specialized protective and decorative coatings used in the aerospace industry to safeguard aircraft surfaces and enhance performance. These coatings are designed to withstand extremely high altitudes, fluctuating temperatures, and exposure to various environmental factors, including ultraviolet (UV) radiation and chemicals.
Aerospace coatings serve several crucial purposes, including corrosion prevention, reducing drag and enhancing fuel efficiency, improving visibility, and ensuring the overall durability and longevity of aircraft components. The aerospace coatings market represents a significant sector within the broader aerospace industry. It encompasses producing and selling these specialized coatings to aircraft manufacturers, maintenance, repair, and overhaul (MRO) facilities, and other stakeholders in the aerospace field.
Growing Innovations Within the Aerospace Coatings Industry Drive the Market Growth
The continuous innovations within the industry are driving the aerospace coatings market. These innovations introduce advanced coating technologies that offer enhanced protection, durability, and performance for aircraft and spacecraft. As these cutting-edge coatings become available, they cater to the ever-evolving needs of the aerospace sector, ranging from improving fuel efficiency to providing resistance against extreme environmental conditions.
For instance, in March 2023, AkzoNobel Aerospace Coatings launched Aerofleet, a fleet management solution designed to streamline coating maintenance for multiple aircraft within an airline fleet. This innovative solution will improve coating processes and overall maintenance efficiency, thereby contributing to optimizing operations and maintenance costs in the aerospace coatings market.
The Rising Space Exploration Industry Globally Fuels the Market Growth
The burgeoning global space exploration industry is propelling the aerospace coatings market growth. As countries and private companies engage in more space missions, there is an increased demand for specialized coatings to protect and enhance spacecraft performance.
According to the Space Foundation Organization, the global space economy achieved USD 469 billion in 2021, with the commercial space sector experiencing a 6.4% increase in revenue since 2020. This growth in space exploration activities is driving the aerospace coatings market, as the coatings are essential for safeguarding the surfaces of spacecraft from the harsh conditions of outer space and the Earth's atmosphere. The need for reliable and advanced coatings is crucial to ensure the success and longevity of space missions.
High Costs Associated with Aerospace Coatings Restrain the Market Growth
Investing in top-notch aerospace coatings comes at a significant cost, and this expense can have a notable impact on the overall budget for producing and maintaining aircraft. These specialized coatings, designed to meet high industry standards, are relatively expensive. This cost includes the initial application and reapplication or touch-ups required in the aircraft over time.
While they deliver crucial benefits in terms of protection and performance, businesses in the aerospace industry need to allocate a substantial portion of their budget toward acquiring and maintaining these coatings. Balancing the expenses with the long-term advantages of these coatings is a key consideration for decision-makers in the aerospace sector.
The Introduction of Parylene Conformal Coatings and Smart Coatings to Create Lucrative Opportunities
Parylene conformal coatings are ultra-thin films that withstand extreme conditions, such as condensation, salt fog and spray, penetrating dust, freezing air, and even atmospheric conditions at more than 30,000 feet altitudes. Parylene coatings offer superior penetration, insulation, barrier properties, high frequency stability, and high thermal protection, making them the preferred coating of top-tier aviation and aerospace companies. Thus, it is expected to create ample growth opportunities for the market.
North America Dominates the Aerospace Coatings Market
The aerospace coatings market in North America is experiencing significant growth, due to the growing commercial aviation in the region. According to the United States Department of Transportation, the U.S. airlines witnessed nearly 30% increase in passenger numbers in 2022 compared to 2021, with 194 million more passengers flying.
Throughout 2022, the U.S. airlines served 853 million passengers, a significant surge from 658 million passengers in 2021 and 388 million passengers in 2020. This surge in commercial aviation creates a higher need for top-quality coatings that protect aircraft surfaces and enhance their performance, leading to the increased demand for aerospace coatings. As airlines continue to meet the travel demands of passengers, the aerospace coatings market is set to benefit from this upswing in the industry.
Also, stringent government regulations in the region concerning aircraft safety and maintenance are further fuelling the growth of the market. These regulations are becoming more rigorous, necessitating the use of high-quality coatings to meet safety and performance standards. As a result, the demand for aerospace coatings is rising as aircraft operators ensure compliance with these stringent regulations.
For instance, in 2023, The Federal Aviation Administration initiated a significant reform in the certification process for aircraft airworthiness. This reform aims to modernize and streamline the certification procedures, making them more efficient and cost effective than before. This trend aligns with the overarching goal of enhancing safety in the aviation industry, thus increasing the demand for aerospace coatings in the U.S.
Asia-Pacific is Expected to Show Steady Growth in the Aerospace Coatings Market
Asia-Pacific is expected to witness an increased demand for aerospace coatings in the coming years, driven by factors such as the expanding space exploration industry in countries such as China and India. This, in turn, is expected to propel the aerospace coatings market growth. As these countries invest significantly in space missions and satellite programs, there is a growing need for advanced aerospace coatings. These coatings are vital for safeguarding spacecraft and satellites from the harsh environmental challenges of outer space. Consequently, this surge in demand is driving the aerospace coating industry, presenting opportunities for manufacturers and suppliers in the aerospace coatings market.
According to the Space Foundation Organization, the majority of revenue growth in the space industry occurred in the commercial sector, with a 6.4% increase. The revenue of over USD 224 billion came from space company products and services and almost USD 138 billion was invested in commercial space infrastructure and support in 2022. This growth is attributed to the increased government spending on military and civil space programs, including an 18% rise by the U.S., an estimated 23% increase by China, and a 36% boost by India.
In addition, the active participation, innovative initiatives, and investments by global companies such as BASF SE and PPG Industries in the Asia-Pacific region are significantly boosting the aerospace coatings market. These companies recognize the region's potential as a key hub for aerospace manufacturing and maintenance. By establishing a presence and collaborating with local partners, they contribute to the expansion of the aerospace industry in the region.
For instance, in October 2022, BASF inaugurated the Chemetall Innovation and Technology Center in China, aiming to advance surface treatment solutions. This strategic move contributes to the aerospace coatings market by fostering innovation in surface treatment technologies, reinforcing BASF's dedication to serving the aerospace industry with state-of-the-art solutions.
Competitive Landscape
Several market players operating in the aerospace coatings industry include PPG Industries Inc., Akzo Nobel N.V., The Sherwin-Williams Company, Socomore, Hentzen Coatings Inc., BASF SE, Henkel AG & Co. KGaA, Mankiewicz Gebr. & Co., IHI Ionbond AG, Zircotec Ltd., and others. These market players are adopting product launches across various regions to maintain dominance in the aerospace coatings market.
For instance, in May 2023, Henkel, a player in adhesive technologies, unveiled a cutting-edge adhesive technology center in Bridgewater, the U.S. This center is set to be a pivotal development for the aerospace coatings market, particularly in the realm of adhesive solutions. By focusing on advanced adhesives, Henkel aims to provide innovative and reliable aerospace coatings, serving the needs of the aerospace industry.
Also, in April 2023, PPG Industries, an aerospace coatings manufacturer, launched a portable aerospace sealant removal, mixing, and application kit. This innovation facilitates efficient sealant application and removal processes, enhancing maintenance and repair capabilities for aircraft at remote locations.
AEROSPACE COATINGS MARKET KEY SEGMENTS
By Resin Type
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Polyurethane
-
Epoxy
-
Other Types
By Technology
-
Solvent-Based Coating
-
Water-Based Coating
-
Powder Coatings
-
Others
By User Type
-
Original Equipment Manufacturer
-
Maintenance, Repair, and Overhaul (MRO)
By Application
-
Exterior
-
Interior
By End User
-
Military Aviation
-
General Aviation
By Region
-
North America
-
The U.S.
-
Canada
-
Mexico
-
-
Europe
-
The U.K.
-
Germany
-
France
-
Italy
-
Spain
-
Denmark
-
Netherlands
-
Finland
-
Sweden
-
Norway
-
Russia
-
Rest of Europe
-
-
Asia-Pacific
-
China
-
Japan
-
India
-
South Korea
-
Australia
-
Indonesia
-
Singapore
-
Taiwan
-
Thailand
-
Rest of Asia-Pacific
-
-
Rest of the World (RoW)
-
Latin America
-
Middle East
-
Africa
-
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 2.38 Billion |
|
Revenue Forecast in 2030 |
USD 3.39 Billion |
|
Growth Rate |
CAGR of 5.20% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
The rising space exploration industry globally Growing innovations within the aerospace coatings industry |
|
Countries Covered |
28 |
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
-
PPG Industries, Inc.
-
Akzo Nobel N.V.
-
The Sherwin-Williams Company
-
Socomore
-
Hentzen Coatings, Inc.
-
BASF SE
-
Henkel AG & Co. KGaA
-
Mankiewicz Gebr. & Co. KGaA
-
IHI Ionbond AG
-
Zircotec Ltd.
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