Aerospace Coatings Market

Market Overview

The global Aerospace Coatings Market size was valued at USD 3298 million in 2022. It is estimated to reach USD 5485 million by 2031, growing at a CAGR of 5.82% during the forecast period (2023–2031). The increased number of aircraft due to the expansion of the aviation industry in emerging nations such as China and India is predicted to drive demand for aerospace coatings.

Aerospace coatings are specialized finishes applied to aircraft, spacecraft, and associated components for various applications. These coatings are critical for preserving the structural integrity of aerospace vehicles and boosting performance and aesthetics.

The aerospace coatings market share is projected to grow at 4.5% CAGR, driven by rising demand from numerous end users such as commercial, military, and general aviation. Aerospace coatings resist corrosion, solar heat, UV radiation, fog, and other severe weather conditions. Along with providing excellent protection, it also helps reduce aircraft weight and CO2 emissions. The increased number of aircraft due to the expansion of the aviation industry in emerging nations such as China and India is predicted to drive demand for aerospace coatings.

Market Dynamics

Market Drivers

Aircraft Fleet Expansion

Air travel demand has consistently increased in aviation due to rising disposable incomes, urbanization, and globalization. Airlines and cargo carriers are expanding their fleets to accommodate the growing demand for air travel for business and pleasure. Aviation has grown rapidly in emerging economies such as Asia-Pacific, the Middle East, and Latin America. Airlines in these regions are ordering new planes to satisfy increased travel demand, fueling the demand for coatings. Boeing and Airbus, the two largest aircraft manufacturers, receive new aircraft orders regularly. Boeing, for example, announced 3628737 MAX series aircraft as of 2022, while Airbus had orders for thousands of its A320 family of aircraft.

According to the International Air Transport Association (IATA), global passenger numbers severely impacted by the COVID-19 pandemic are projected to recover to pre-pandemic levels by 2023. This recovery is expected to encourage airlines to expand their fleets. Airlines in developing countries are expanding their networks and purchasing new aircraft. Airlines in Asia-Pacific, such as China Southern Airlines and IndiGo, have placed major aircraft orders, contributing to the aerospace coatings market trend.

Market Restraints

Stringent Regulatory Compliance

The aircraft sector is governed by many laws and standards established by aviation authorities and organizations worldwide, notably the Federal Aviation Administration (FAA) in the United States and the European Union Aviation Safety Agency (EASA) in Europe. These standards cover aircraft safety issues, including applying coatings on external and internal surfaces. Compliance with complicated and developing laws necessitates considerable testing, documentation, and quality control systems for coatings makers. This intricacy increases the time and cost of developing and manufacturing aerospace coatings.

The FAA establishes rigorous requirements for aircraft and aviation components in the United States, including coatings. Part 25 of Title 14 of the Code of Federal Regulations (14 CFR) provides airworthiness criteria for transport category aircraft. Compliance with these requirements is required for certification and airworthiness. As a result, these issues are anticipated to restrict aerospace coatings market growth.

Market Opportunity

Expansion of Commercial Aircraft           

The continuing growth in air travel demand is driving the expansion of the commercial aircraft fleet, which is a significant potential in the global aerospace coatings industry. The aviation sector has seen a constant rise in passenger air travel demand, driven mostly by rising disposable incomes, urbanization, and globalization. As a result, airlines and cargo carriers have expanded their fleets to accommodate rising passenger and cargo volumes. The scale of this opportunity is demonstrated by Boeing's CMO, which presents a thorough projection of the commercial aviation market. For example, Boeing's CMO in 2021 predicted a need for 44,040 additional jets over the next two decades. These projections cover various aircraft types, from single-aisle narrow-body planes to long-range wide-body planes.

According to aerospace coatings industry research, the steady growth in air travel demand, backed up by predictions and orders from major aircraft manufacturers, highlights the relevance of this opportunity. Manufacturers of aerospace coatings can benefit from this trend by offering high-quality coatings for new aircraft construction and maintenance applications.

Regional Analysis

North America Dominates the Global Market

The global aerospace coatings market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

North America is the most significant global market shareholder. As commercial aviation in the United States and Canada grows, so does the region's use of aerospace coatings. The United States has the largest aviation market in North America as well as one of the largest fleet sizes in the world. United Airlines and American Airlines have the largest fleets. The U.S. President Joe Biden approved a USD 29 billion increase to his anticipated national military budget for fiscal year 2022 in April. As a result of the ongoing confrontation with Russia, it was granted alongside an additional USD 13.6 billion in emergency military and humanitarian aid for Ukraine. According to FAA projections, the U.S. general aviation fleet will have grown to 204,405 aircraft by 2021. As a result, market growth will be aided over the forecast period. During the forecast period, government support is projected to increase the region's growing demand for aerospace coatings.

Asia-Pacific is anticipated to grow the market over the forecast period. With rising aviation traffic, the region has the largest commercial aircraft fleet and a long way to go before reaching maturity. Furthermore, leading airlines in the region are increasing their rebranding activities, which helps the region's coatings demand. China, Japan, and India are key markets in the region with attractive potential for coating providers. China's commercial aviation sector, in particular, has grown rapidly. Major Chinese airlines such as China Southern, China Eastern, and Air China have extended their fleets to accommodate increased air travel demand. As a result, aircraft manufacturers and coatings suppliers profit from higher coatings orders.

On the other hand, India has begun a substantial military aviation modernization program that involves the acquisition of advanced fighter aircraft such as the Rafale and Tejas. These aircraft require specialized aerospace coatings for stealth, performance, and longevity. Because of the region's important contribution to the worldwide aircraft coatings industry, it is a critical priority area for coatings producers and service providers.

Europe has a moderate market share, according to aerospace coatings market insights. France, the United Kingdom, and Germany are all actively updating their military aircraft fleets. Acquiring sophisticated fighter fighters and transport aircraft requires specific aerospace coatings for stealth, durability, and protection. Major commercial aerospace manufacturers, such as Airbus, are based in Europe. Airbus is a major driver of the region's aerospace coatings business. The manufacture and delivery of new aircraft demand coatings employed during manufacturing. Airbus is one of the world's leading commercial aircraft manufacturers, headquartered in Toulouse, France. It relies on aerospace coatings to protect aircraft surfaces, improve fuel efficiency, and maintain branding as it manufactures airplanes such as the A320, A350, and A380. Coatings are an important part of Airbus' aircraft manufacture.

As the number of air travelers has expanded, the region of Latin America, the Middle East and Africa has experienced a rise in trend. According to the General Civil Aviation Authority, it presently has the UAE's second-largest airport. Furthermore, with 94 destinations in 56 countries, Abu Dhabi International Airport (AUH) is one of the world's fastest-growing airport hubs. According to an April 2017 Gulf News estimate, the UAE's aviation sector will contribute $53 billion to the country's GDP by 2020. This is expected to open up new potential for Middle Eastern manufacturers of aviation coatings.

Segmental Analysis

The global aerospace coatings market is segmented based on type, technology, user type, end-user industry, Application, and region.

Type is further segmented into polyurethane, Epoxy, and Others.

Polyurethane accounts for the largest market share.

Polyurethane

Polyurethane coatings are well-known for their long-term durability, corrosion resistance, and good adherence. They are frequently employed in the aerospace industry due to their ability to protect aircraft exteriors for extended periods. Polyurethane coatings are frequently used because of their high gloss and color retention. These coatings are frequently used to paint the outside surfaces of commercial and military aircraft, such as the fuselage, wings, and tail sections. They offer UV protection, weather resistance, and abrasion resistance.

Epoxy

Epoxy coatings are well-known for their high adherence and chemical and corrosion resistance. They provide great protection for aircraft components, particularly those subjected to harsh climatic conditions.

The market is sub-segmented based on technology: Solvent Based Coatings, Water Based Coatings, Powder Coatings, and Others.

Solvent Based Coatings hold the major market share.

Solvent Based Coatings

Organic solvents are used as carriers in the formulation of solvent-based coatings. They have good adhesion, durability, and resistance to environmental conditions. When opposed to water-based coatings, these coatings often dry faster. Solvent-based coatings are extensively utilized on aircraft exteriors, such as fuselages and wings. They offer strong resistance to corrosion, UV radiation, and abrasion.

Water-based coatings

Water-based coatings, often known as waterborne coatings, substitute water for organic solvents as a carrier. They are known for their environmental friendliness, low VOC emissions, and little environmental impact.

The market is divided into Original Equipment Manufacturer, Maintenance, Repair, and overhaul based on user type.

Original Equipment Manufacturers led the market.

Original Equipment Manufacturer

OEMs design, manufacture, and assemble new commercial, military, and private aircraft. They work on the basic design and production of airplanes and their components.

Maintenance, Repair, and Overhaul

MRO firms specialize in maintaining, repairing, refurbishing, and repainting existing aircraft. They ensure that aircraft conform to safety regulations and are operationally ready.

Based on end-user industry, the market is classified into Commercial Aviation, Military Aviation, and General Aviation.

Commercial Aviation is the major income generator in the market.

Commercial aviation

Commercial aviation refers to the airline industry that provides commercial passenger and cargo transportation services. It consists of major commercial airlines, regional carriers, and freight carriers.

Military aviation

Military aviation includes all aircraft employed by the armed services, including fighter jets, transport planes, helicopters, and surveillance aircraft.

By Application, the segment can be further bifurcated into interior and exterior.

Exterior Application is the common Application in the market.

Exterior

The Application of aerospace coatings on an aircraft's outside surfaces is called the exterior segment. The fuselage, wings, tail, engines, landing gear, and other outside components are examples of these surfaces.

Interior

The interior segment refers to employing aerospace coatings on various surfaces and components within an aircraft's interior. This includes the cabin, cockpit, and other enclosed compartments that house passengers, crew, and cargo.

Recent Developments

• June 2023- Avient and BASF collaborated to provide colorful Ultrason® to the worldwide high-performance polymer market.
• August 2023- AkzoNobel finalized the acquisition of Sherwin-Williams' Chinese Decorative Paints business*. The acquisition will strengthen the company's position in China by allowing us to segment the market further and strengthen our presence outside the premium segment.