Commercial aircrafts are poised to dominate the aerospace coatings market contributing around 35% share by 2024. This can be credited to continuous innovations and technological advancements including chrome free technology. Manufactures are focusing on developing economical production techniques. Deployment of the superior coating reduce the fuel cost by USD 700 per year. Stringent government regulations focusing on improving aircraft fuel efficiency will drive the aerospace coatings market.
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Aerospace coatings market from exterior application will generate revenue over USD 890 million till 2024. The growth can be attributed to its increasing usage in structural applications. It offers protection to the exterior aircraft including erosion, deterioration and cracking. Interior application will witness growth over 7% owing to superior penetration of the product for decorative and functional applications.
North America aerospace coatings market is expected to generate revenue over USD 350 million till 2024. Presence of industry players in the region coupled with growing demand for aircrafts such as Boeing 737 MAX, Boeing 787 and Boeing 767 are the key factors positively influencing the product penetration.
Asia Pacific led by China, Japan and India is poised to witness growth over 7% up to 2024. The growth can be credited to increasing passenger and cargo traffic in the region. Increasing infrastructure in the region will further support the aerospace coatings market growth.
Solvent based coating will contribute over 60% volume share till 2024. These coating offers properties including resistance to temperature and humidity. In addition, less drying time required coupled with swift application on the aircraft surface are the factors positively influencing the product growth.
Water based segment is poised to witness growth at over 6% up to 2024. The growth can be attributed to increasing penetration of the product in aircrafts. Positive regulatory and environmental compliance is another factor positively influencing the product growth.
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Polyurethane resins will contribute over 55% revenue share in the aerospace coatings market. Growing preference of the product can be attributed to properties such as superior resistance to chemicals, abrasion and staining and UV rays. Increasing usage of these resins in the aircrafts manufactured by Boeing and Airbus will support the segment growth.
Epoxy resins is estimated to generate demand over 8 kilo tons by 2024. High preference of these resins in conventional aircraft for maintenance repair and overhaul (MRO) will support the product growth. Moreover, competitive price compared to other available substitutes will positively influence the consumer preference.
OEM is estimated to generate revenue at over USD 580 million till 2024. Growing product penetration during aircraft production will support the business demand. Moreover, focus of manufactures to improve aircraft production capabilities owing to growing demand from emerging countries will fuel the product demand.
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Few key players of aerospace coatings market include Mankiewicz Gebr. & Co., Mankiewicz Gebr. & Co., Mapaero, PPG Industries, Akzonobel, BASF SE, and Hentzen. Other notable industry participants include Zodiac Aerospace, Cheaerospacel, NVSC Speciality Coatings, Brycoat.Inc, Argosy International, and International Aerospace Coatings Holdings. Manufacturers are focusing on developing advanced technologies improving the product portfolio. For instance, Akzonobel invested in developing chromate free product offering improved protection and superior service life.