ALBANY, New York, February 2, 2018 /PRNewswire/ --
In a new study, Transparency Market Research (TMR) has
identified PPG Industries Inc, Akzo Nobel N.V, The Sherwin-Williams
Company, and BASF SE as some of the key players in
the global aerospace coatings market. These companies
adopt various strategies to maintain a strong position amidst the
prevailing companies. For instance, many among the prominent market
players have shifted their focus toward emerging nations. Not only
do companies benefit from expansion strategies, positive effect is
also reflected on the overall market as it reports increased
penetration in developing nations. In addition, the global
aerospace coatings market will witness a considerable number of
strategic collaborations in the coming years. These strategies
together will have prolific influence on the global aerospace
coatings market.
TMR pegged the global aerospace coatings market at US$1,537.9 mn in 2016. Steadily expanding at a
CAGR of 5.8% between 2017 and 2025, the market is poised to value
US$2,532.9 mn by the end of 2025. In
terms of technology, the global aerospace coatings market is
dependent in OEM and MRO segments alike. Based on end user,
commercial and business aircrafts held the lion's share in the
overall market. However, in the forthcoming years the market is
likely to witness surging investment in the military sector.
Regionally, North America emerged
dominant in the base years, driven by significant contribution from
the US and rising investment in the military and science &
technology domains.
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Rising Demand from Emerging Nations Creates Lucrative Growth
Prospects
"Trends are currently in favor of the global aerospace coatings
market with expansion of low cost carriers, intensifying
competition between Boeing and other prominent names in the global
aircraft industry, surging fleet expansion activities, and cause
relaxations," said a lead TMR analyst. Spurring opportunities in
India, China, and Brazil, buoyed by economic growth also provide
an environment conducive to the market's growth. In the near
future, the rising disposable income of individuals will fuel air
travels around the world, especially in emerging and underdeveloped
nations. These factors together serve a perfect concoction
supporting the expansion of the global aerospace coatings market.
Other ancillary factors supporting the market's growth include
elevated spending in tourism, especially international travels,
reduced air fares, and better hospitality.
As a result of the aforementioned factors, the revenue passenger
kilometers (RPK) has considerably increased across the world.
Consequently, investment in the aerospace infrastructure, which
encompassed airports, support vehicles, airline finance, and
manufacturing facilities has surged. This will in turn create
lucrative prospects for the aerospace coatings market. Aerospace
coatings are used to reduce skin friction and helps reducing fuel
consumption, thus, bringing down the overall cost incurred and
carbon footprint.
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Increased Expenditure on Maintenance and Repair of Aircrafts
to Fuel Demand for Aerospace Coatings
The existing aircrafts also require repairs and maintenance to
keep up performance and improve efficiency. Therefore spending on
upgrades and repainting in the industry is quite high. This in turn
fuels the demand for aerospace coatings. Therefore during the
course of the report's forecast period, the global aerospace
coatings market will witness a spike in investment on account of
rising aircraft manufacturing and increased spending on their
maintenance and repair. In addition, the rising demand from the
developed nations in North America
and Europe will keep the demand
for aerospace coatings high through the forecast period. However,
the rising demand for greener products to improve performance and
durability of aircrafts without causing harm to the environment
will pose new challenge to the market players. Nonetheless, TMR
forecasts long term growth for the global aerospace coatings
market, following the increased expenditure for infrastructural
development and rising coating consumption reported from around the
world.
Information provided in the review is derived from a TMR report,
titled "Aerospace Coatings Market (Resin - Polyurethane, Epoxy,
and Acrylics; Technology - Water-based and Solvent-based; User: OEM
and MRO; End-User - Commercial & Business Aircraft, Military
& Space, and Helicopters) - Global Industry Analysis, Size,
Share, Growth, Trends, and Forecast 2017 -
2025."
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Key Takeaways:
- Increasing investment in upgrades and repainting in the
aerospace industry fuels demand for aerospace coatings.
- Lucrative prospects across emerging nations to boost global
aerospace coatings market.
The report segments the global aerospace coatings market as:
Aerospace Coatings Market - Resin
Analysis
- Polyurethane
- Epoxy
- Acrylics
- Others
Aerospace Coatings Market - Technology
Analysis
- Water-based
- Solvent-based
- Others
Aerospace Coatings Market - User
Analysis
Aerospace Coatings Market - End User
Analysis
- Commercial & Business Aircraft
- Military & Space
- Helicopters
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