Global Aerospace Coatings Market demand is forecast to cross 16 kilo tons by 2024 growing at 5.4% CAGR from 2017 to 2024.

Selbyville, DE -- (SBWire) -- 10/05/2018 --GMI presents a most up-to-date research on "Aerospace Coatings Market - Global Industry Analysis, Size, Share, By Resin (Polyurethane, Epoxy), Growth Potential, Trends Statistics, Regional Outlook (U.S., Canada, Germany, France, UK, Italy, Russia, Poland, Netherlands, China, Japan, India, South Korea, Singapore, Australia, Thailand, Malaysia, Taiwan, Brazil, Mexico, Argentina, Peru, Chile, Colombia, Venezuela, Saudi Arabia, Israel, Egypt, Turkey, Iran, Algeria, UAE, Syria, South Africa) and Forecast 2017 – 2024".

Aerospace Coatings Market size is estimated to surpass USD 1 billion by 2024. Global aerospace coatings industry size is expected to cross 16 kilo tons till 2024. High usage of these coatings in various aircrafts such as military, space, and commercial will primarily drive the industry over the forecast timeframe. Frequent rising air passenger traffic across the globe has led to increased deliveries of aircrafts, further positively influencing the industry demand.

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Polyurethane resins will account for over 55% revenue share in the aerospace coatings market over the forecast timeframe. High preference towards this resin can be attributed to its advantages such as high resistance to the UV rays and other damages including staining, chemicals, and abrasion. Extensive usage of these resins in new generation aircrafts such as Boeing 787 will further support the segment's dominance.

Epoxy resins are anticipated to generate a demand of approximately 8 kilo tons by 2024. High usage of these resins in traditional aircrafts has resulted in high demand from maintenance, repair, and overhaul (MRO), fostering the industry growth. Additionally, consumer preference can be attributed to its cost effectiveness as compared to the counterparts.

Solvent based coatings will account for over 60% share till 2024. These coatings are less prone to environmental damages due to humidity and temperature. Moreover, the technology leads to considerable reduction in drying time which in turn drive the aerospace coatings market share over the forecast timeline. Water based coatings will exhibit over 6% CAGR from 2017 to 2024 owing to high usage in aircrafts. Environmental and regulatory compliance is another factor significantly contributing to the segment demand.

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OEM is expected to register over USD 580 million till 2024. High usage of coatings in aircraft manufacturing will primarily escalate the revenue generation. Rising number of aircraft deliveries has led to increased production of aircrafts, further strengthening the product penetration.

Commercial aircrafts are expected to dominate the industry with almost 35% business share by 2024. This can be credited to rising innovations in coatings such as chrome-free-technology. The new technologies are featured with advanced capabilities that offer cost saving. Enhanced coating products lower the overall fuel cost by USD 700 annually. Rising air passenger traffic along with increasing airline mergers across the globe will further propel the industry growth.

Exterior application will account for over USD 890 million by 2024 owing to high usage of aerospace coatings in exterior aircraft structural applications. Usage of coatings provides protection to the aircraft exteriors against cracking, erosion, and deterioration. Aerospace coatings market from interior applications will exhibit approximately 7% CAGR owing to rising usage of coatings for functional and decorative purposes. They are used for painting and upgrading the cabin interiors.

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North America is expected to cross USD 350 million during the forecast period. Presence of multiple established manufacturers and introduction of new generation aircrafts including Boeing 787, Boeing 737 MAX, Airbus A350, etc. are primary influencing the product penetration across the region.

Asia Pacific aerospace coatings market size is anticipated to exhibit over 7% CAGR from 2017 to 2024. This can be attributed to rising cargo and passenger traffic along with increasing international trade in emerging economies including India and China. Improving aviation infrastructure in the region will further support the region's growth.

PPG Industries, Mankiewicz Gebr. & Co., Akzonobel, BASF SE, The Sherwin-Williams Company, Hentzen Coatings, and Mapaero are among the noticeable players in the aerospace coatings market share. Other prominent players include Brycoat.Inc, Zodiac Aerospace, Argosy International, Cheaerospacel, International Aerospace Coatings Holdings, and NVSC Speciality Coatings. Industry players are focusing on making huge investments for developing technologically advanced products. For instance, Akzonobel invests substantially in R&D to produce chromate free products that provide maximum protection and better service life.

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Polyurethanes (PU) Market Size By Product (Flexible Foams, Rigid Foam, Adhesives & Sealants, Elastomers, Coatings), By Application (Construction, Automotive, Furniture & Interiors, Electronics, Footwear, Packaging), Industry Analysis Report, Regional Outlook (U.S., Germany, Italy, UK, China, India, Japan, Indonesia, Brazil, Saudi Arabia), Bio-based PU Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023
https://www.gminsights.com/industry-analysis/polyurethane-PU-market-report

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