The Aerospace Coatings Market is expected to grow at a CAGR of 6% between 2021 and 2031, reaching USD 2.0 billion from USD 1.4 billion. The aerospace coatings industry is being driven by increased demand from a variety of end users, including commercial, military, and general aviation. Aerospace coatings for military aircraft are expected to expand rapidly, with a CAGR of 5% during the projected period.
Aerospace coatings are critical to the protection and aesthetics of aircraft exteriors and interiors. These coatings protect aircraft components from corrosion, UV radiation, severe temperatures, and chemical exposure, assuring their longevity and safety. The global aerospace coatings industry has been steadily growing, driven by rising demand for new aircraft, refurbishment of older aircraft, and developments in coating technologies.
Market Dynamics
The aerospace coatings industry is primarily driven by increased global demand for commercial aircraft. Rising air passenger volume, particularly in emerging nations, has resulted in a considerable increase in aircraft purchases from airlines. Furthermore, the growing emphasis on lightweight materials in aircraft manufacture has created a need for new coatings that provide both protection and weight savings.
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Corrosion prevention is a primary driver behind the use of aerospace coatings. Aircraft are subjected to extreme climatic conditions both in flight and on the ground, making them prone to corrosion. Aerospace coatings form a protective layer, reducing corrosion and prolonging the life of aircraft components.
Furthermore, the aircraft industry's transition to more ecologically friendly methods has resulted in the creation of eco-friendly coatings. These coatings emit fewer volatile organic compounds (VOCs) and comply with environmental laws, making them increasingly popular among aircraft manufacturers and operators.
Market Future Outlook
The future of the aerospace coatings market (항공우주 코팅 시장) looks promising, with several factors contributing to its growth. The increasing demand for air travel, especially in the Asia-Pacific region, is expected to drive the demand for new aircraft, thereby boosting the demand for aerospace coatings.
Moreover, the growing trend of aircraft refurbishment and maintenance is expected to drive the aftermarket segment of the aerospace coatings market. As older aircraft are refurbished to extend their service life, there will be a significant demand for coatings that can protect and enhance the appearance of these aircraft.
Recent Developments:
Key players in the aerospace coatings market (Marché des revêtements aérospatiaux) use a variety of growth tactics, including new product launches, partnerships with current manufacturers, and mergers and acquisitions.
In May 2021, BASF SE worked with German airline Lufthansa Group to install AeroSHARK surface film on Boeing 777 freighters. The film replicates the delicate structure of shark skin to reduce aerodynamic drag, and installation is scheduled to begin in 2022.
Hohman Plating & Manufacturing LLC opened a new controlled environment plant in April 2020 to manufacture aerospace adhesive primers. These primers will be used on components of Pratt & Whitney's PurePower® PW1000G next-generation engine.
Old Source: https://www.openpr.com/news/3403877/aerospace-coatings-market-to-achieve-6-cagr-from-2021-to-2031
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