Aerospace Coatings Market to reach EUR 1.06 billion by 2026
Rising commercial aircraft demand due to the growing need to replace ageing aircraft fleets is expected to boost industry growth over the forthcoming time period.
Aerospace coatings are used across every kind of aircraft, be it military, commercial or spacecraft. A significant rise in disposable consumer income over the past decade has resulted in a rapid upsurge in air travel, particularly short distances. Growing number of air passengers across the globe and the subsequent increase in commercial aircraft production will augment aerospace coatings market forecast in the upcoming years.
Product demand in interior coating applications
Considering the applications of these coatings, interior segment will witness a growth at more than 6.5% CAGR during the projected timeline. Airliners are increasingly focusing on enhancing the overall traveling experience for customers. Growing focus on interior upgradation and cabin modification will propel the product demand in interior coating applications.
In terms of the technology used, solvent-based coatings will likely dominate the aerospace coatings market share in the near future. Solvent-based coatings are among the most widely used aerospace coatings. On the other hand, the presence of a strict environmental regulations in the coatings industry is encouraging aircraft makers to switch to alternatives, such as powder and water-based coatings. The powder segment will capture more than 10% revenue share of the total aerospace coatings industry by 2026.
Moderate growth in the European aerospace coating market
The European aerospace coating market is likely to grow at a moderate CAGR of over 5% throughout the forecast timeframe. It can be due to presence of key aircraft manufacturers coupled with ongoing R&D activities in the aerospace sector.
Approximately 12% of the total turnover of the European aerospace industry is spent on the R&D activities. Furthermore, government initiatives to encourage regional aerospace R&D activities will further influence the regional product consumption.
Key industry participants are BASF, Akzo Nobel NV, Brycoat Inc, PPG Industries, The Sherwin-Williams Company, Heinkel, Argosy International and IHI Ionbond AG.
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