The aerospace coating market size is projected to reach US$ 3,876.59 million by 2031 from US$ 2,248.05 million in 2023. The market is expected to register a CAGR of 7.0% during 2023–2031. Increasing demand for commercial aircraft and innovation in the aerospace coating industry are likely to remain key trends in the aerospace coating market.
The demand for aerospace coating materials is increasing notably across North American countries. The region is on the path of becoming one of the largest markets for aerospace coatings. The surging demand for aerospace coating products in the region is ascribed to the booming aerospace industry in the US, in addition to the emergence of major aerospace players in North American countries. Companies such as Airbus, Lockheed Martin, and Boeing are major players in the aerospace coating market across the world. Further, the governments of key countries in North America have been increasing their spending on the procurement and maintenance of military aircraft, which is likely to trigger the demand for coating products for military aerospace applications. The flourishing commercial aviation industry in countries such as Canada and the US is also expected to propel the demand for aerospace coatings in these countries.
Aircraft has to withstand high climatic stress that may result in frequent repair and maintenance needs due to damaged metal surfaces. Aerospace coatings provide resistance against corrosion, ultraviolet rays, solar heat, and fog and other adverse weather conditions. In addition to providing protection to the aircraft, these coatings also help reduce the wright of the aircraft, in turn, bringing down carbon dioxide emissions. Modifications or amendments in environmental regulations also impact the demand for aircraft coatings. Aerospace coatings are designed to safeguard aircraft from the effects of temperature fluctuations, air pressure variations, and air instabilities. Further, miniaturization, precision, and high strength have become the important features of aerospace coatings.
Aerospace coatings are considered as a high-performance coating material that helps in protecting the aircraft from harsh weather conditions that can cause damage to the aircraft resulting in maintenance and repairs. There has been a strong demand for aerospace coating products from the maintenance, repair, and overhaul (MRO) industry in the regions having long haul routes. New technologies, such as chrome-based coatings, protect the aircraft from UV exposure at higher altitudes. The new coating technologies have advanced capabilities that will help the aviation industry in cost-saving. Thus, various benefits provided by aerospace coating are expected to drive the market growth.
Affordable commercial air travel has emerged as one of the feasible options in developing countries, which provides travelers with a variety of destinations. Consumers in developing economies prefer air travel as it provides speed and time convenience, which the traditional modes of transportation do not provide. The rising demand for commercial air travel has increased due to the increase in tourism and decrease in travel cost, which leads to an increase in the number of commercial aircraft across the world, which, in turn, will provide an opportunity for the aerospace coatings market. The increase in passenger travel, coupled with the economic growth of developing companies, is going to enhance commercial aircraft production across the world.
Key segments that contributed to the derivation of the aerospace coating market analysis are resin type, technology, and end user.
The geographic scope of the aerospace coating market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the aerospace coating market. The presence of key aerospace coating manufacturers, well-established commercial and military aviation, and growing number of commercial and international flights are among the factors contributing to the growth of the aerospace coatings market in Asia Pacific. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
The regional trends and factors influencing the Aerospace Coating Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Aerospace Coating Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2,248.05 Million |
| Market Size by 2031 | US$ 3,876.59 Million |
| Global CAGR (2023 - 2031) | 7.0% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Resin Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Aerospace Coating Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Aerospace Coating Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The aerospace coating market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders:
AkzoNobel Aerospace Coatings will launch Aerofleet Coatings Management, a new digital, data-driven service that helps airlines and other large operators to tailor and optimize the coatings’ replacement and maintenance schedule for individual aircraft within an airline fleet. (Source: AkzoNobel N.V., Press Release, 2023)
The “Aerospace Coating Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: