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Aerospace Coatings Market – Growth, Trends, and Forecast (2019–2024)

The Market is Segmented by Resin Type (Epoxy, Acrylic, Polyurethane, and Others), by Technology (Water-borne, Solvent-borne, and Powder Coatings), by End User (Original Equipment Manufacturer (OEM), and Maintenance Repair and Operations (MRO)), by Aviation Type (Commercial Aviation, Military Aviation, and General Aviation), and Geography.

Market Snapshot

Aerospace Coatings Market - Summary
Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

Key Players:

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Market Overview

The market for aerospace coatings is expected to grow at a CAGR of 3.88% during the forecast period of 2019–2024. Major factors driving the market studied are increasing government spending on defense in the United States and increasing demand for aircraft in Asia-Pacific and the Middle-East. A rise in prices of raw materials and the flat growth of MRO in the United States is expected to hinder the growth of the market studied.

  • The epoxy segment dominated the market in 2018 and is expected to grow during the forecast period, owing to the increasing demand from commercial aviation across the globe.
  • Expanding maintenance, repair, and overhaul (MRO) activities in Asia-Pacific are likely to act as opportunities in the future.
  • North America dominated the market across the globe, with the largest consumption coming from the United States.

Scope of the Report

The aerospace coatings market report includes:

Resin Type
Epoxy
Acrylic
Polyurethane
Other Resin Types
Technology
Water-borne
Solvent-borne
Powder Coatings
End User
Original Equipment Manufacturer (OEM)
Maintenance Repair and Operations (MRO)
Aviation Type
Commercial Aviation
Military Aviation
General Aviation
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East & Africa
Saudi Arabia
South Africa
Rest of Middle-East & Africa

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Key Market Trends

Increasing Demand from the Epoxy Segment

  • Epoxy-based resins are reinforced polymers derived from petroleum sources, after a reaction process involving epoxide units. These resins help develop several properties, including strength, durability, and chemical resistance, in coatings.
  • Fast drying, toughness, outstanding adhesion, resistance to water, and good curing make them suitable for providing protection to metals and other surfaces. On the other hand, the paints and coatings derived from epoxy-based resins have limited gloss retention.
  • Glycidyl amine epoxy resins are produced by reacting aromatic amines with epichlorohydrin, which results in cross-linkage. These resins have high reactivity, high thermal and chemical resistance, and outstanding mechanical properties.
  • Growing environmental concerns, worldwide, are forcing the producers to focus on bio-based epoxy resins.
  • The large biomass content and excellent properties, such as thermal, mechanical, and flame retarding performances, along with the need for a sustainable environment, are likely to increase the demand for bio-based epoxy-based resins.
  • The aerospace industry primarily uses epoxy coatings as primers for corrosion protection, floor coatings, aerospace hangars, and corporate aircraft hangars etc. Epoxy primers can withstand both cold and hot temperatures. Operating temperatures, upward of 140⁰C, are not recommended. Epoxy is also used as topcoats. Epoxies are mostly preferred in interior applications, as they tend to change color under the exposure of light and extreme weather.
  • Major types of epoxy resins are Bisphenol A epoxy resins, Bisphenol F epoxy resins, Epoxy Novolacs, and Epoxy functional diluents and modifiers. For instance, Bisphenol A and F resins are used to enhance curing speed.
Aerospace Coatings Market - Segmentation Chart

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North America Region to Dominate the Market

North America dominated the global market in 2018. With growing commercial aviation in countries like the United States and Canada, the consumption of aerospace coatings is increasing in the region. The United States is the world’s largest and most powerful economy in the world, with a per capita income of USD 55,900 in 2017. The United States aerospace sector is the largest in the world. According to the US Bureau of Economic Analysis (BEA), the gross manufacturing output value was approximately USD 128 billion in 2017. Export of aerospace components to countries like France, China, and Germany, along with robust consumer spending in the United States, is driving manufacturing activities in the United States aerospace industry. Moreover, the United States has the highest number of business aircraft and private jets. In the country, the business aircraft fleet has been witnessing annual growth rates of 2.5%, since 2015, with 20,978 business aircraft in 2017. According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is estimated to reach 8,290 in 2038, from 7,141 in 2017, owing to the growth in air cargo. Additionally, the US main liner carrier fleet is projected to grow at an average rate of 45 aircraft per year, as the existing fleet is being replaced. The US MRO market is the largest in the world, primarily in terms of value, and is expected to witness slow growth in the next 10 years. This can be predominantly attributed to the opening of many MRO facilities across the world, in order to save operational costs and time. Some companies are setting up new MRO facilities, while others are focusing on upgrading the existing facilities. In September 2018, Southwest Airlines announced the construction of a new regional maintenance facility at Washington International Airport. In addition, AAR Corp. initiated heavy maintenance check operations for Republic Airlines, since early in 2018. The aforementioned factors, coupled with government support, are contributing to the increasing demand for aerospace coatings consumption in the region during the forecast period.

Regional - Aerospace Coatings Market

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Competitive Landscape

The global aerospace coatings market is partially concentrated, with the top ten players accounting for approximately 50% of the market share in 2017. The major companies include The Sherwin-Williams Company, AkzoNobel NV, Axalta Coatings Systems, Mankiewicz Gebr & Co., and PPG Industries Inc.

Major Players

  1. Mankiewicz Gebr. & Co.
  2. Axalta Coatings Systems
  3. The Sherwin-Williams Company
  4. PPG Industries, Inc.
  5. AkzoNobel NV

* Complete list of players covered available in the table of contents below

Market Concentration - Aerospace Coatings Market

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Government Spending on Defense in the US

      2. 4.1.2 Increasing Demand for Aircraft in Asia-Pacific and the Middle East

      3. 4.1.3 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Rise in Prices of Raw Materials

      2. 4.2.2 Flat Growth of MRO in the US

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Price Analysis

    6. 4.6 Patent Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Resin Type

      1. 5.1.1 Epoxy

      2. 5.1.2 Acrylic

      3. 5.1.3 Polyurethane

      4. 5.1.4 Other Resin Types

    2. 5.2 Technology

      1. 5.2.1 Water-borne

      2. 5.2.2 Solvent-borne

      3. 5.2.3 Powder Coatings

    3. 5.3 End User

      1. 5.3.1 Original Equipment Manufacturer (OEM)

      2. 5.3.2 Maintenance Repair and Operations (MRO)

    4. 5.4 Aviation Type

      1. 5.4.1 Commercial Aviation

      2. 5.4.2 Military Aviation

      3. 5.4.3 General Aviation

    5. 5.5 Geography

      1. 5.5.1 Asia-Pacific

        1. 5.5.1.1 China

        2. 5.5.1.2 India

        3. 5.5.1.3 Japan

        4. 5.5.1.4 South Korea

        5. 5.5.1.5 Rest of Asia-Pacific

      2. 5.5.2 North America

        1. 5.5.2.1 US

        2. 5.5.2.2 Canada

        3. 5.5.2.3 Mexico

      3. 5.5.3 Europe

        1. 5.5.3.1 Germany

        2. 5.5.3.2 UK

        3. 5.5.3.3 Italy

        4. 5.5.3.4 France

        5. 5.5.3.5 Rest of Europe

      4. 5.5.4 South America

        1. 5.5.4.1 Brazil

        2. 5.5.4.2 Argentina

        3. 5.5.4.3 Rest of South America

      5. 5.5.5 Middle-East & Africa

        1. 5.5.5.1 Saudi Arabia

        2. 5.5.5.2 South Africa

        3. 5.5.5.3 Rest of Middle-East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 AkzoNobel NV

      2. 6.4.2 Axalta Coating Systems, LLC

      3. 6.4.3 BASF SE

      4. 6.4.4 BryCoat Inc.

      5. 6.4.5 Hentzen Coatings Inc.

      6. 6.4.6 Hohman Plating & Manufacturing LLC

      7. 6.4.7 IHI Ionbond AG

      8. 6.4.8 Mankiewicz Gebr. &Co.

      9. 6.4.9 Mapaero

      10. 6.4.10 PPG Industries Inc.

      11. 6.4.11 SOCOMORE

      12. 6.4.12 The Sherwin-Williams Company

      13. 6.4.13 Zircotec Ltd

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Expanding Maintenance, Repair, and Overhaul (MRO) Activities in Asia-Pacific

    2. 7.2 Other Opportunities

**Subject to Availability

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