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The aircraft paint market share is expected to increase to USD 193.78 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.72%.
This aircraft paint market research report extensively covers aircraft paint market segmentation by end-user (commercial, military, and general aviation) and geography (APAC, Europe, North America, Middle East and Africa, and South America). The aircraft paint market report also offers information on several market vendors, including 3M Co., A and A Thermal Spray Coatings, Akzo Nobel NV, APS Materials Inc., APV Engineered Coatings Inc., Axalta Coating Systems Ltd., BASF SE, Chromalloy Gas Turbine LLC, DuPont de Nemours Inc., Henkel AG and Co. KGaA, Hentzen Coatings Inc., Hisco Inc., IHI Corp., Indestructible Paint Ltd., Linde Plc, Mankiewicz Gebr. and Co., OC Oerlikon Corp. AG, PPG Industries Inc., The Sherwin-Williams Co., and Walter Wurdack Inc. among others. Furthermore, this report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.
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The growing demand for commercial aircraft is notably driving the aircraft paint market growth, although factors such as the impact of COVID-19 on the aviation industry may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the aircraft paint industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Aircraft Paint Market Driver
One of the key factors driving the global aircraft paint market growth is the growing demand and manufacturing of commercial aircraft in countries such as India, China, and others. For instance, Indian civil aviation industry is moving from nascency towards the growth phase and progressing rapidly in the area of aircraft manufacturing. The Indian government announced a plan to increase the number of airports from 138 to 220 in the next four to five years, as building infrastructure in the aviation sector is crucial. In addition, major aircraft OEMs have initiated revamping their existing production facilities to ensure scheduled deliveries. For instance, in 2021, the reported delivery total for Airbus includes 611 commercial aircraft to 88 customers, up from 566 in 2020. Such factors are expected to drive the growth in the market in focus during the forecast period.
Key Aircraft Paint Market Trend
Another key factor driving the global aircraft paint market growth is technological innovations. For instance, one weight-reducing product is PPG AEROCRON chrome-free, electrocoat (e-coat) primer, which is used to coat structural parts by electrodeposition instead of a traditional spray process and provides a more uniform film thickness on the part. This can result in up to 75% weight savings on highly complex parts. Aerospace coatings or paints customer needs are centered around three key areas: faster processing times, durability, and the application of thinner films to save weight. Vendors have been significantly making advancements in paints and related technologies. For instance, in December 2021, Sherwin-Williams Aerospace Coatings introduced the Aircraft Color Visualizer, which is a web-based tool that enables plane owners, paint shops, aircraft designers, OEMs, and aviation enthusiasts to experience color combinations on a variety of aircraft types digitally. Such factors will further support the market growth in the forecast period.
Key Aircraft Paint Market Challenge
One of the key challenges to the global aircraft paint market growth is the impact of COVID-19 on the aviation industry. Air travel is at a historically low level due to the pandemic, and the situation is not expected to go back to pre-pandemic levels any time sooner. As airlines grapple with a huge financial setback, they are aggressively reassessing their fleet strategy and capital expenditure. In 2020, Boeing Market Outlook (BMO) projected that the commercial aviation and services markets would continue to face significant challenges due to the pandemic, while global defense and government services markets remain more stable. BMO forecasted a total market value of USD 8.5 trillion over the next decade, including demand for aerospace products and services. The forecast was down from USD 8.7 trillion a year ago due to the impact of the COVID-19 pandemic. Thus, the slowdown in the aviation industry and decline in aircraft manufacturing will negatively impact the application of aircraft paint during the forecast period.
This aircraft paint market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the aircraft paint market encompasses successful business strategies deployed by the key vendors. The aircraft paint market is fragmented and the vendors are deploying growth strategies such as the expansion of product portfolio to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The aircraft paint market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Technavio categorizes the global aircraft paint market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the aircraft paint market during the forecast period.
Our report provides extensive information on the value chain analysis for the aircraft paint market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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55% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for aircraft paint in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The significant increase in air fleet and the rise in the number of air travelers will facilitate the aircraft paint market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in APAC has hampered the growth of the regional aircraft paint market. Countries such as China, India, Nepal, Pakistan, South Korea, Malaysia, Sri Lanka, and the Philippines were under partial or complete lockdowns in 2020. All aircraft paint production units were negatively affected by these lockdowns and stringent regulations. However, the lifting of lockdowns and the subsequent reopening of manufacturing units of aircraft paint are estimated to boost the market growth during the forecast period.
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The aircraft paint market share growth by the commercial segment will be significant during the forecast period. The growth can be attributed to the increasing number of air passengers and the rising shipment through air cargo owing to technological advancement and the increasing preference of consumers for air travel.
This report provides an accurate prediction of the contribution of all the segments to the growth of the aircraft paint market size and actionable market insights on post COVID-19 impact on each segment.
Aircraft Paint Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.72% |
Market growth 2022-2026 |
$ 193.78 million |
Market structure |
Fragmented |
YoY growth (%) |
3.69 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 55% |
Key consumer countries |
US, China, India, Germany, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
3M Co., A and A Thermal Spray Coatings, Akzo Nobel NV, APS Materials Inc., APV Engineered Coatings Inc., Axalta Coating Systems Ltd., BASF SE, Chromalloy Gas Turbine LLC, DuPont de Nemours Inc., Henkel AG and Co. KGaA, Hentzen Coatings Inc., Hisco Inc., IHI Corp., Indestructible Paint Ltd., Linde Plc, Mankiewicz Gebr. and Co., OC Oerlikon Corp. AG, PPG Industries Inc., The Sherwin-Williams Co., and Walter Wurdack Inc. |
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 the forecast period |
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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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