The market is expected to generate an incremental $ opportunity of US$ 606.8 Mn between 2022 and 2032
Category: Chemicals & Materials Published Date : October 2022 ID: CVC-00188 Format: PDF Pages: 350
Global Advanced Aerospace Coatings Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Advanced Aerospace Coatings Market was worth US$ 532.7 Mn and is expected to grow at a CAGR of 7.9% over the forecast period. While the historical CAGR is 5.4%, the market is expected to hit US$ 1,139.5 Mn by 2032 end.
A coating is a covering on top of an object, also known as a substrate. The layer may be used for practical, ornamental, or a combination of both purposes. The market for aerospace coatings is primarily driven by rising demand from various end users, including general, commercial, and military aircraft.
Nanotechnology has been adopted in aerospace manufacturing due to the growing trend for lighter and more efficient aircraft. Because they offer greater qualities than metals with wider grain patterns, nanostructured metals are employed in the production of airplanes. Tensile strength, corrosion resistance, low density, and lighter material are all features of nanostructured metals. Because of the lightweight build of planes, less fuel is used, leaving a smaller carbon impact.
INCREASING AIR TRAVEL IN THE EMERGING REGIONS DRIVES THE MARKET
The passenger air travel market is expanding, which is good news for the global aerospace sector. Low-cost carriers (LCCs) have established themselves as formidable rivals in the market, notably in the APAC, Middle East & Africa, and South America developing economies. In these areas, more travelers are expected to fly more frequently.
Among the biggest players in commercial aviation in the Middle East are airlines like Emirates (UAE), Qatar Airways (Qatar), and Etihad Airways (UAE). Additionally, these companies conduct most of the passenger travel between Europe and APAC. The short-haul market in the APAC region is experiencing the fastest growth.
REDUCED DEFENSE SPENDING IN DEVELOPED ECONOMIES RESTRAINS THE INDUSTRY
Due to cuts in defense spending by major defense spending countries, global defense spending is decreasing. The end of the protracted wars in Iraq and Afghanistan and the affordability of the war costs spent by the militarily involved nations are major factors in the decline in defense budgets.
However, several regions are seeing a minor increase in defense spending due to higher spending by China, India, the Middle East, Japan, Brazil, and Russia. Some of these nations are investing in the modernization of their armed forces, while others are doing so to protect their borders. However, the U.S., which spends the most on defense globally and accounts for roughly 40% of all defense spending, has significantly impacted the defense market.
Market Segments Covered in Report
By User Type:
By Product Type:
By Region and Country:
Why is there a rise in interest in military aviation?
The military aviation category dominated the market. Additionally, the commercial aviation sector is anticipated to expand faster over the next few years. The airlines are buying more commercial aircraft due to the increased air traffic, which will help the aerospace coating industry grow more quickly.
Why is it expected that Solvent based Coating will dominate the market?
The solvent coating-based segment dominates the market. Additionally, the solvent coating-based market is anticipated to expand faster over the next few years. During the forecast period, one of the main drivers of the aerospace coating market is the demand for high-quality coatings and paints.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa.
The top two market participants (Akzo Nobel and PPG Industries Inc.) control double-digit market shares in Europe’s advanced aircraft coatings market, which is consolidated. The advanced aerospace coatings market has recently seen substantial advancements from a competitive standpoint. Some of the most important methods being used by market participants to grow and maintain their positions in the Europe advanced aerospace coatings market include acquisitions, partnerships, and an increase in manufacturing capacity.
The key developments in the Global Advanced Aerospace Coatings Market are:
A list of some of the key suppliers present in the market are:
Global Advanced Aerospace Coatings Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Application, Technology, User Type, Product Type, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|