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The aerospace coatings market size is estimated to grow at a CAGR of 7.1% between 2022 and 2027. The market size is forecast to increase by USD 924.3 million. The growth of the market depends on several factors, including the rise in the number of air passengers, the rise in demand for new commercial and defense aircraft, and the benefits of aerospace coatings in the aerospace industry.
This aerospace coatings market report extensively covers market segmentation by application (commercial aviation, military aviation, and general aviation), type (polyurethane, epoxy, nickel coating, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rise in the number of air passengers is notably driving the market growth, although factors such as fluctuating cost of raw materials used in aerospace coatings may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rise in the number of air passengers is the key factor driving the growth of the global aerospace coatings market. The rise in air travel globally is attributed to several factors, including the increased demand for business and leisure travel, the expansion of commercial routes, and the emergence of low-cost airlines. Increased demand for air travel has led to increased aircraft production and increased demand for aerospace coatings. The increase in air travel has also led to an increase in the number of low-cost airlines, which has had a major impact on the growth of the aerospace coatings market.
Moreover, the increasing focus on fuel efficiency and reducing carbon emissions has led to the development of advanced aerospace coatings that improve the aerodynamics of aircraft. These coatings help in reducing drag and turbulence, thereby reducing fuel consumption, which ultimately leads to a reduction in carbon emissions. In addition, the development of eco-friendly coatings that do not release VOCs has also boosted the demand for aerospace coatings. Thus, the above-mentioned factors are expected to drive the growth of the global aerospace coating market during the forecast period.
The rise in the adoption of nano-coating is the primary trend shaping the global aerospace coatings market growth. Nano-coatings refer to nano-scale thin films applied to the surface of aerospace components to enhance material functions such as water and ice protection, corrosion resistance, antifouling and antimicrobial properties, friction reduction, self-cleaning, thermal property management, and heat and radiation resistance. The focus on reducing the overall weight of aircraft to improve energy efficiency has increased the use of nanotechnology in the manufacturing of aircraft and related components. Nanoparticle powders of ceramics and plastics are used in aircraft engine coatings.
While plastic allows the formation of tiny pores, which provide elasticity, ceramic provides heat insulation. The powder composition is heated up to 12,632-degree F-14,432 degree F to melt the ceramic particles. Subsequently, it is applied to the engine using the plasma spray coating technique. The coating forms a 0.5 mm-thick layer, which is thinner than traditional coatings. This ensures flexibility and reduces the overall weight of aircraft engine components. Nanoceramic coatings are mainly used for protecting aircraft and aircraft engines from heat. Thus, such advancements in aerospace coatings are expected to fuel the growth of the market in focus during the forecast period.
The fluctuating cost of raw materials used in aerospace coatings is a major challenge impeding the growth of the global aerospace coatings market. Aerospace coatings are used to protect aircraft from extreme temperatures, corrosion, and other environmental factors. However, the cost of raw materials used in these coatings can vary widely, and these fluctuations can impact the cost of production and, ultimately, the price of the product. One of the primary raw materials used in aerospace coatings is titanium dioxide (TiO2), which is used as a pigment and provides whiteness and opacity. The price of TiO2 has been volatile in recent years due to factors such as changes in its supply and demand, trade disputes, and geopolitical tensions. In 2020, the price of TiO2 rose to its highest level in almost a decade, and it is expected to remain high in 2023.
Other raw materials used in aerospace coatings, such as solvents, pigments, and additives, can also be affected by supply and demand disparities, global economic conditions, and other factors. Manufacturers must manage their supply chains and monitor prices carefully to ensure that they can obtain raw materials at a reasonable cost and maintain profitability. Thus, such factors may negatively hamper the growth of the global aerospace coating market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Aerospace Coatings Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aerospace Coatings Inc.: The company offers aerospace coatings such as top coat, base coat. Also, this segment focuses on developing and manufacturing inorganic protective coatings for aerospace industry.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the commercial aviation segment will be significant during the forecast period. The commercial aviation segment includes both narrow-body and wide-body commercial aircraft. The exterior surface of commercial aircraft plays a crucial role in preventing corrosion and protecting against damage caused by extreme weather conditions through which these aircraft must pass while flying.
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The commercial aviation segment was valued at USD 841.45 million in 2017 and continued to grow until 2021. The demand for eco-friendly and sustainable aerospace coatings has increased significantly in recent years. Changing consumer preferences for environmentally friendly products is having a positive impact on decision-making in the commercial aviation industry. Leading commercial airlines around the world are now using sustainable aerospace coatings to improve the longevity and safety of their aircraft while contributing to environmental sustainability.
Additionally, the demand for advanced aerospace coatings is driven by many factors, such as increased air travel, new aircraft orders, and increased passenger numbers. Improving aerospace coatings for commercial aircraft applications has become a top priority, with leading aerospace companies continuously investing in research and development (R&D) to develop the latest generation of aircraft coatings. Such factors will increase segment growth during the forecast period.
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The regional military and defense sector is a significant contributor to the demand for aerospace coatings, as it requires coatings for its aircraft and related equipment. Furthermore, the well-established aircraft MRO service providers are expected to further contribute to the demand for aerospace coatings in the region. For instance, in September 2022, The US Department of Defense (DOD) awarded two five-year contracts worth USD1.8 billion to Rolls-Royce Holdings plc (Rolls-Royce) to service the engines for aircraft operated by the US Navy and the US Marine Corps. Such factors will increase the market growth in this region during the forecast period.
In 2020, the COVID-19 pandemic adversely impacted economic growth in North America. However, in Q3 2021, many vendors in the region resumed their manufacturing activities owing to the initiation of large-scale COVID-19 vaccination drives across North America. With increasing manufacturing and MRO activities in the aerospace industry propelled the demand for aerospace coatings in North America. All these factors will help market vendors recover, which in turn, will drive the growth of the aerospace coating market in North America during the forecast period.
The aerospace coatings market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global aerospace coatings market as a part of the global specialty chemicals market. The parent global specialty chemicals market covers companies engaged in the manufacturing of various types of products under organic and inorganic chemicals. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Aerospace Coatings Market Scope |
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Report Coverage |
Details |
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Page number |
173 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.1% |
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Market growth 2023-2027 |
USD 924.3 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
6.67 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 35% |
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Key countries |
US, China, India, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
3M Co., Aerospace Coatings Inc., Akzo Nobel NV, BASF SE, Curtiss Wright Corp., Henkel AG and Co. KGaA, Hentzen Coatings Inc., High Performance Composites and Coatings Pvt. Ltd., Honeywell International Inc., HSH Aerospace Finishes, IHI Corp., Mankiewicz Gebr. and Co., Metderm Treat, Nickel Composite Coatings Inc., NOVARIA HOLDINGS LLC, PPG Industries Inc., SOCOMORE SASU, The Sherwin Williams Co., Walter Wurdack Inc., and Zircotec Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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