The global aerospace coatings market is estimated to surpass US$ 2 Bn in forecast period 2021-2031 expanding at 6% CAGR. Increasing application of substrates to enhance durability and longevity of aircraft bodies using less amount of material is driving aerospace coatings market growth.
According to the International Civil Aviation Organization (ICAO), the number of passengers travelled by air services increased at 6.4% CAGR in 2018, accounting nearly 4.3 billion people. Furthermore, the number rose to 4.5 billion in 2019. Hence, the demand of air services fueled aircraft manufacturers to focus on aircraft building, which will enhance aerospace coatings market.
According to the Stockholm International Peace Research Institute (SIPRI), global military spending in 2019 was over US$ 2 trillion which improved at 3.6% CAGR from 2018. Increasing fleet size in defense system is fuelling the demand for high-quality aerospace coatings in order to ensure greater longevity by developing durability of aircraft bodies to prevent corrosion, UV rays, and abrasion caused by frequent use.
“As national security concerns rise, key countries such as the United States, India, and China are immersing in strengthening existing military infrastructure, including aircraft components and body. This is driving demand for aerospace coatings globally,” said a Fact MR analyst.
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Key takeaways:
Growth Drivers:
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Competitive Landscape
Key players in the aerospace coatings market are focusing on expansion strategies, including new product launches, collaborations, and mergers & acquisitions.
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More Insights on Global Aerospace Coating Market
Fact.MR, in its new offering, presents an unbiased analysis of the aerospace coatings market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.The study divulges essential insights on the market on the basis of application (commercial, military, and general aviation), end use (MROs and OEMs), and resin (polyurethane, epoxy, and other resins), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
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