Aerospace Coatings Global Market Report 2023

NEW YORK, March 1, 2023 /PRNewswire/ -- Major players in the aerospace coatings market are Akzo Nobel N.V., Henkel AG & Co. KGaA, Mankiewicz Gebr. & Co., Hentzen Coatings Inc., Badische Anilin und Soda Fabrik, IHI Ionbond AG, The Sherwin-Williams Company, Zircotec Ltd., Asahi Kinzoku Kogyo Inc., Brycoat Inc., Axalta Coating Systems Ltd., LORD Corporation, APV Engineered Coatings, Bry Coat Inc., Hardide PLC., Bodycote plc, PPG Industries, Oerlikon Balzers Coating S.A. Brügg, DowDuPont Inc., Hohman Plating & Manufacturing LLC, International Aerospace Coatings Holdings LP, Compagnie de Saint-Gobain S.A., AHC Oberflachentechnik, and NV Specialty Coatings.

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The global aerospace coatings market grew from $2.36 billion in 2022 to $2.56 billion in 2023 at a compound annual growth rate (CAGR) of 8.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The aerospace coatings market is expected to grow to $3.3 billion in 2027 at a CAGR of 6.6%.

The aerospace coatings market consists of sales of epoxy and polyurethane used as primer in aerospace coatings.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Aerospace coatings provide a high level of resistance against high-temperature ranges, extreme UV exposure, air drag erosion, humidity corrosion, and the effect of high-velocity dust particles.It also helps to resist cracking due to variable air pressures.

Aerospace coatings are applied to jets, planes, helicopters, and other aircraft to preserve their beauty and guard against corrosion.

North America was the largest region in the aerospace coatings market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the aerospace coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of aerospace coatings are top-coat, primer, and others.The top-coat is used as a seal, primary obstacles in the surroundings, protection from the climate, moisture, and chemicals, durability, and exterior resistance to abrasion.

A top-coat is a transparent or translucent paint coat put over the underlying substrate.The topcoat in a paint system forms a resinous seal over the intermediate layers and primer.

The different resins include epoxy, polyurethane, acrylic, and others that use various technologies such as solvent-based coatings, water-based coatings, powder coatings, and others. The several applications include exterior and interior that are employed by several users, such as commercial aviation, military aviation, general aviation, and others.

The growing demand for commercial aircraft is expected to propel the growth of the aerospace coatings market going forward.Commercial aircraft are a type of aircraft that is used to transport passengers or cargo on a scheduled basis for some payment.

Increasing demand for commercial aircraft requires new commercial aircraft to be manufactured, thereby promoting the growth of aerospace coatings used to coat the interior and exterior of an aircraft.For instance, according to Boeing, a US-based aerospace company's commercial market outlook for 2021–2040, the global commercial fleet will exceed 49,000 aircraft by 2040.

Therefore, the growing demand for commercial aircraft is driving the demand for the aerospace coatings market.

Product innovations are the key trends gaining popularity in the aerospace coatings market.Major companies operating in the aerospace coatings sector are focused on developing new technological and innovative products to strengthen their position in the market.

For instance, in January 2022, Sherwin-Williams Aerospace Coatings, a US-based manufacturer of high-quality exterior and interior paint and coating systems, launched the Aircraft Color Visualizer platform, an online 3D color visualizer tool that lets users experiment with different color schemes for their aircraft. The Aircraft Color Visualizer is a fully interactive desktop tool that lets users design color schemes for six different types of aircraft, including kit planes, single and twin-turboprops, light and heavy-duty business jets, and helicopters.

In December 2020, Xeriant Inc., a US-based aircraft company acquired a significant interest in its strategic alliance partner Xeriant Europe sro for an undisclosed amount. The acquisition enables Xeriant Inc to offer advanced aerospace material solutions and grow the revenue. Xeriant Europe sro is a Czech Republic-based company with a focus on advanced technologies to offer unique products in aerospace.

The countries covered in the aerospace coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The aerospace coatings market research report is one of a series of new reports that provides aerospace coatings market statistics, including aerospace coatings industry global market size, regional shares, competitors with aerospace coatings market share, detailed aerospace coatings market segments, market trends, and opportunities, and any further data you may need to thrive in the aerospace coatings industry. This aerospace coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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