The aviation industry is continuously evolving due to the increase in the number of air travelers each year owing to a significant reduction in airline charges and a perceptible rise in disposable income and this is leading to an increase in the production of aircraft across the globe. The rise in the number of flyers is quite evident in the forecast by Airlines for America (A4A) – an organization that projected a record high of 150.7 million passengers between March 1 and April 30, 2018 – a 4% increase as compared to 145 million passengers in the spring of 2017. The subsequent surge in the requirement of aircraft is increasing the production in aircraft manufacturing units, and it is reflecting in the increasing demand for aerospace coatings. Consequently, the aerospace coatings market players are expanding their territories by strategizing through mergers and acquisitions in order to gain maximum revenues from this increasing demand. In July 2019, AkzoNobel revealed its intention to acquire Mapaero – a manufacturer of aerospace coatings. The acquisition is envisioned to strengthen AkzoNobel’s position in the global aerospace coatings market as it will widen the company’s portfolio.

The aerospace coating market size was evaluated at $1.3 billion as of 2018. Owing to the rising demand from the aircraft manufacturing units, the demand for aerospace coating will increase at a CAGR of 3.36% during the forecast period 2019-2025.

North America – The Most Lucrative Aerospace Coatings Marketplace & Opportunities for the Vendors:

In 2018, North America had the maximum aerospace coatings market share with 36% in the global revenues. This is owing to the abundance of renowned aerospace manufacturers such as The Boeing Company, Lockheed Martin Corporation, General Dynamics Corporation, Northrop Grumman Corporation, and others. The increase in the requirement of aircraft has been catapulting the production activities in North American aerospace and defense companies, which is augmenting the aerospace coatings market demand in the region. The major part of North America aerospace coatings market revenues are generated in the US due to the booming US aerospace and defense industry and presence of major aerospace industry players. According to the Aerospace Industry Association (AIA), the US aerospace and defense industry generated $865 billion in economic output in 2017, which is substantially attributable to the revenues generated in the aerospace manufacturing segment. While this is an enough evidence of the humongous aerospace coatings market scope in the country, here are some other factors that are creating significant growth prospects –

 

·         The Increasing International Freights in the US Aviation Industry –

According to the findings by the US Government of Transportation, the US aviation industry witnessed 226.9 million passengers that traveled in aircraft between the US and the rest of the world as of December 2017. The figure underwent a growth of 5% in the next year and translated to 238.7 million passengers as of December 2018. The rise in the number of passengers traveling by aircraft is creating demand for more aircraft in the country. This figure is only going to increase in the upcoming years, and it will lead to an increase in the aerospace coatings market demand in the US.

 

·         The Growing Trade of Aircraft from the US to the ROW Evincing the Growing Aerospace Coatings Market Size –

According to SelectUSA, in 2018, the aerospace industry had contributed with a massive $151 billion in export sales to the US economy. Furthermore, the inward stock of foreign direct investment in the US manufacturing industry was evaluated at $21 billion at the end of 2017. These statistics evince the growing export of aircraft from the US to the ROW. Evidently, the growing export is creating a demand influx in the aircraft manufacturing industries, which is further driving the aerospace coatings market.

 

·         The Expansion Projects in the US to Increase the Aerospace Coatings Market Demand –

The rise in the requirement of aircraft is leading to an increase in production, and companies are also enhancing their production capacities in order to meet the current demand. For instance, Honda Aircraft Company – HondaJet is poised to expand its production operations in Greensboro in order to capitalize on the increasing demand for aircraft. This expansion project will offer opportunities to the aerospace coatings market players. Furthermore, GE Aviation’s US expansion exemplifies the need for expansion in order to meet the currently growing demand. The American aviation company has inaugurated 8 new production facilities in the US, which will cater to the demand for jet engines from the newly manufactured aircraft by various manufacturers. The upcoming years are expected to witness more expansion projects in the aerospace industry, which will again augment the demand for aerospace coatings.

 

Aerospace Coatings Market – Global Scenario and Growth Drivers:

·         The Key Application in the Aerospace Coatings Market: Commercial Aviation –

Commercial aviation is the key application which will be booming over the forecast period. The demand for aerospace coatings from the commercial aircraft will increase at a CAGR of 4.2% through to 2025. While this is predominantly because of the growing number of passengers, it is also attributable to the growing aircraft logistics across the globe due to which the logistics industry is emerging out as the most propitious area for generating revenues. The FedEx and Boeing story evinces the much anticipated growth opportunities for the aerospace coatings market players in the commercial aerospace industry. In June 2018, FedEx announced an order of 24 medium and large aircraft from Boeing. This was because of the growth in the air cargo demand which increased by 10% during the FY-18. The upcoming years are poised to observe more demand for commercial craft, and the subsequent manufacturing of the same will be a boon to the aerospace coatings market.

 

·         The Projected Increase in the Global Production of Aircraft to Flourish the Aerospace Coatings Market –

As per the findings by the International Air Transport Association (IATA), total 4.1 billion passengers traveled by air in 2017 – a 7.3% rise as compared to 2016. This figure is expected grow even further because the increasing affordability due to the reduction in airlines tariff will make more people opt for air transport. Therefore, there will be increase in requirement for aircraft across the globe. IATA also projects that 39,000 airplanes will be produced by the end of 2027. These airplanes will be coated with aerospace coatings which will increment the aerospace coatings market revenues.

 

·         The Growing Demand for Combat Aircraft in Developing Countries to Augment the Aerospace Coatings Market Size –

There is a discernible rise in the demand for combat aircraft from the developing countries such as India. This is leading to an expansion of production capacities of the countries that manufacture these aircraft. For instance, in April 2018, Hindustan Aeronautics boosted production capacity in order to manufacture combat aircraft. This is attributable to the investment of $210 million by the Government of India for combat aircraft. The production capacity expansion by Hindustan Aeronautics will generate revenue sources in the aerospace coatings market.

 

Aerospace Coatings Market – Competitive Landscape:

The major market players that are expanding geographically to leverage the growing aerospace coatings market demand are NVSC Specialty Coatings, BASF SE, PPG Industries, Inc., Akzo Nobel N.V., AHC Oberflächentechnik GmbH, Argosy International, Axalta Coating Systems LLC, Asahi Kinzoku Kogyo Inc., Brycoat Inc., Cheaerospacel, International Aerospace Coatings Holdings LP, Hohman Plating & Manufacturing LLC, Merck Performance Materials, and Zodiac Aerospace.

 

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https://www.industryarc.com/Report/18131/protective-coatings-market.html

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https://www.industryarc.com/Report/15244/paints-and-coating-market.html

 

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