July 20, 2022 09:12 ET | Source: Research Dive Research Dive
New York, USA, July 20, 2022 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global aerospace coatings market is anticipated to rise at a stable CAGR of 5.5%, thereby garnering a revenue of $1,144.1 million in the 2019-2026 timeframe. This comprehensive report presents a brief outlook of the current framework of the aerospace coatings market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2019-2026. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Aerospace Coatings Market:
Drivers: In the last few years, there has been an increase in the overall production and sales of aircrafts, which in turn, has led to an increase in demand for aerospace coatings. This is expected to become the primary growth driver of the aerospace coatings market. Along with this, strategic alliances in the form of company acquisitions are predicted to push the market further.
Opportunities: Rapid increase in the number of travelers, especially in the last decade, is anticipated to provide huge growth opportunities to the market in the forecast years. Product developments by leading players of the market such as Boeing and Airbus is estimated to increase the expanse of this industry even more.
Restraints: However, stringent environmental regulations put in place by various governments might become a hurdle in the growth of the aerospace coatings market.
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Segments of the Aerospace Coatings Market:
The Research Dive report has fragmented the aerospace coatings market across different segments such as resin, technology, aircraft type, application, end-use, and region.
Resin: Epoxy Sub-segment to be the Most Profitable
By resin, the epoxy sub-segment is expected to generate the highest yield of $478.4 million by 2026. Various chemical properties exhibited by epoxy resin such as durability, chemical resistance, and strength has helped in increasing their demand which is expected to boost this sub-segment in the analysis timeframe.
Technology: Solvent-based Sub-segment to Have the Largest Market Share
By technology, the solvent-based sub-segment is anticipated to have the most dominating market share and grow with a CAGR of 5.3% in the 2019-2026 timeframe. Solvent-based coatings are highly in demand as they deliver high performance due to properties like even surface finish, enhanced coverage, etc. This high demand for solvent-based coatings is expected to boost this sub-segment in the forecast period.
Aircraft Type: Commercial Aircrafts Sub-segment to be the Most Dominating
By aircraft type, the commercial aircrafts sub-segment is predicted to have the highest market share and will grow at a CAGR of 5.3% in the 2019-2026 period. Rising incomes and spending capabilities of middle- and high-class populations across the globe has led to an upsurge in demand for commercial flights, which is expected to boost this sub-segment.
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Application: Exterior Application Sub-segment to Flourish Immensely
By application, the exterior application sub-segment had the most dominating market share in 2018 of more than 58% and is anticipated to continue on this growth trajectory in the 2019-2026 timeframe. Exterior application of aerospace coatings is highly in demand due to the growing need for aircrafts to handle extreme environmental conditions. This is anticipated to be the leading contributor to the growth of this sub-segment.
End-Use: OEM Sub-segment to be the Most Lucrative
By end-use, the OEM sub-segment accounted for $544.2 million in 2018 and is predicted to have the highest market share in the 2019-2026 period. Growing demand from airline companies to increase their commercial aircraft fleet is predicted to be the primary driving force behind the growth of the market.
Region: Aerospace Coatings Market in the Asia-Pacific Region to be the Fastest Growing
By regional analysis, the aerospace coatings market in Asia-Pacific region is anticipated to be the fastest growing one and grow with a CAGR of 6.3% in the 2019-2026. The high investments done by various governments in this region on military aircrafts, the rising cargo traffic, and increasing air travel are expected to be the chief growth drivers of the market in this region.
Some prominent players in the aerospace coatings market are
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market.
For instance, in July 2021, PPG, an American paints and coating manufacturer and global supplier, launched a new range of topcoat series for light aircrafts industry and general aviation markets called BOUNDLESS CA6500. This product launch is expected to offer PPG an opportunity to cater to different segments of the aviation industry which will help the company to increase its market share in the long run.
Finally, this comprehensive report also summarizes many crucial facets of the aerospace coatings market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
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