The analysis anticipates a strong growth trajectory for the worldwide aerospace coatings market, projecting a CAGR of over 6% from 2021 to 2031, with the market exceeding US$ 2 billion in value by 2031. The military industry is projected to continue to be a major driver of growth.
The market has seen tremendous growth in the past, with a 2017 valuation of little over US$ 1 billion. During the COVID-19 pandemic in 2020, cross-border passenger air travel was prohibited in order to contain the virus. Between 2016 and 2020, the market grew at a rate of less than 5%.
According to the Stockholm International Peace Research Institute (SIPRI), worldwide military spending increased by 3.6 percent in real terms in 2019, with the United States accounting for the lion’s share (US$ 732 billion), followed by China (US$ 261 billion), and India (US$ 71 billion). As a result, military aircraft spending have increased, paving the path for increased adoption of aerospace coatings to safeguard the fleet’s endurance and durability.
The aerospace coatings market is being driven by increased demand for aerospace coatings from a variety of end users, including commercial aviation, military aviation, and general aviation.
BASF SE, Argosy International Inc., Akzo Nobel N.V., AHC Oberflachentechnik GmbH, Hentzen Coatings Inc., PPG Industries, International Aerospace Coatings Holding LP, and Ihi Ionbon AG are some of the major competitors in the aerospace coatings market.
- International Aerospace Coatings began painting a prototype new livery for Hawaiian Airlines in June 2017, cementing its position as one of the world’s top aerospace coatings companies.
- PPG Industries stated in April 2021 that it has provided various aerospace coatings to Rex Airlines for six Boeing 737-800 aircraft that will increase the airline’s domestic service. The company supplied its DESOGELTM EAP-9 chromate-free conversion coating among others for aircraft fuselage, tail and engine cowlings.
For more information about this report https://www.factmr.com/report/aerospace-coatings-market
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