North America Aerospace Costings Market to surpass $350 mn by 2024
SELBYVILLE, Del., June 20, 2018 /PRNewswire-iReach/ -- Global Aerospace Coatings Market size is forecast to hit USD 1 billion and the consumption to reach 16 kilo tons till 2024. High usage of these coatings in various aircrafts such as military, space, and commercial will primarily drive the industry over the forecast timeframe. Frequent rising air passenger traffic across the globe has led to increased deliveries of aircrafts, further positively influencing the industry demand.
Polyurethane resins will account for over 55% revenue share in the aerospace coatings market over the forecast timeframe. High preference towards this resin can be attributed to its advantages such as high resistance to the UV rays and other damages including staining, chemicals, and abrasion. Extensive usage of these resins in new generation aircrafts such as Boeing 787 will further support the segment's dominance.
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Epoxy resins are anticipated to generate a demand of approximately 8 kilo tons by 2024. High usage of these resins in traditional aircrafts has resulted in high demand from maintenance, repair, and overhaul (MRO), fostering the industry growth. Additionally, consumer preference can be attributed to its cost effectiveness as compared to the counterparts.
Solvent based coatings will account for over 60% share till 2024. These coatings are less prone to environmental damages due to humidity and temperature. Moreover, the technology leads to considerable reduction in drying time which in turn drive the aerospace coatings market share over the forecast timeline. Water based coatings will exhibit over 6% CAGR from 2017 to 2024 owing to high usage in aircrafts. Environmental and regulatory compliance is another factor significantly contributing to the segment demand.
OEM is expected to register over USD 580 million till 2024. High usage of coatings in aircraft manufacturing will primarily escalate the revenue generation. Rising number of aircraft deliveries has led to increased production of aircrafts, further strengthening the product penetration.
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Commercial aircrafts are expected to dominate the industry with almost 35% business share by 2024. This can be credited to rising innovations in coatings such as chrome-free-technology. The new technologies are featured with advanced capabilities that offer cost saving. Enhanced coating products lower the overall fuel cost by USD 700 annually. Rising air passenger traffic along with increasing airline mergers across the globe will further propel the industry growth.
Exterior application will account for over USD 890 million by 2024 owing to high usage of aerospace coatings in exterior aircraft structural applications. Usage of coatings provides protection to the aircraft exteriors against cracking, erosion, and deterioration. Aerospace coatings market from interior applications will exhibit approximately 7% CAGR owing to rising usage of coatings for functional and decorative purposes. They are used for painting and upgrading the cabin interiors.
Asia Pacific aerospace coatings market size is anticipated to exhibit over 7% CAGR from 2017 to 2024. This can be attributed to rising cargo and passenger traffic along with increasing international trade in emerging economies including India and China. Improving aviation infrastructure in the region will further support the region's growth.
PPG Industries, Mankiewicz Gebr. & Co., Akzonobel, BASF SE, The Sherwin-Williams Company, Hentzen Coatings, and Mapaero are among the noticeable players in the aerospace coatings market share. Other prominent players include Brycoat.Inc, Zodiac Aerospace, Argosy International, Cheaerospacel, International Aerospace Coatings Holdings, and NVSC Speciality Coatings. Industry players are focusing on making huge investments for developing technologically advanced products. For instance, Akzonobel invests substantially in R&D to produce chromate free products that provide maximum protection and better service life.
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/aerospace-coatings-market
Some of The Major Chapter From TOC:
Chapter 4. Aerospace Coatings Market, By Resin
4.1. Global aerospace coatings market share by resin, 2016 & 2024
4.2. Polyurethane resins
4.2.1. Global market estimates and forecasts, 2013 ? 2024
4.2.2. Market estimates and forecast, by region, 2013 ? 2024
4.3. Epoxy resins
4.3.1. Global market estimates and forecasts, 2013 ? 2024
4.3.2. Market estimates and forecast, by region, 2013 ? 2024
4.4. Others
4.4.1. Global market estimates and forecasts, 2013 ? 2024
4.4.2. Market estimates and forecast, by region, 2013 ? 2024
Chapter 5. Aerospace Coatings Market, By Technology
5.1. Global aerospace coatings market share by technology, 2016 & 2024
5.2. Solvent based coatings
5.2.1. Global market estimates and forecasts, 2013 ? 2024
5.2.2. Market estimates and forecast, by region, 2013 ? 2024
5.3. Water based coatings
5.3.1. Global market estimates and forecasts, 2013 ? 2024
5.3.2. Market estimates and forecast, by region, 2013 ? 2024
5.4. Powder coatings
5.4.1. Global market estimates and forecasts, 2013 ? 2024
5.4.2. Market estimates and forecast, by region, 2013 ? 2024
5.5. Others
5.5.1. Global market estimates and forecasts, 2013 ? 2024
5.5.2. Market estimates and forecast, by region, 2013 ? 2024
Chapter 6. Aerospace Coatings Market, By User
6.1. Global aerospace coatings market share by user, 2016 & 2024
6.2. OEM
6.2.1. Global market estimates and forecasts, 2013 ? 2024
6.2.2. Market estimates and forecast, by region, 2013 ? 2024
6.3. MRO
6.3.1. Global market estimates and forecasts, 2013 ? 2024
6.3.2. Market estimates and forecast, by region, 2013 ? 2024
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