Assessing the Growth Opportunities of the Aerospace Coatings Market from 2017 to 2023
Aerospace coatings provide protection against corrosion, solar heat, UV rays, fog, and various harsh weather conditions. In addition to offering superior defense, these coatings also help reduce the weight of aircraft, contributing to lower CO2 emissions. According to a report published by Allied Market Research, the aerospace coatings industry size was valued at $1,587 million in 2016. It garnered $2,433 million by 2023, registering a CAGR of 6.3% from 2017 to 2023.
The report offers an in-depth analysis of the aerospace coatings market, highlighting sales projections, market size, share, and primary growth drivers. It reveals significant growth prospects for the forecast period. Additionally, it provides comprehensive data on market drivers, challenges, and opportunities influencing the industry. The research also investigates the impact of both internal and external forces, including parent and peer market influences on the global aerospace coatings industry. Moreover, it assesses the market's reach across four major regions including Asia-Pacific, Europe, North America, and LAMEA.
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The market dynamics section of the study delivers detailed insights into factors that positively and negatively impact the market. It covers various segments, identifies major investment opportunities, and reviews the positioning of leading market players. The growing aviation industry in emerging markets, like China and India, has driven higher demand for aerospace coatings due to an increase in the number of aircraft.
Regional Outlook
The Asia-Pacific region experienced significant growth from 2017 to 2023. The rise in cargo traffic, increasing number of air travelers, and growing international trade in emerging markets like China and India have contributed to the expansion of the aerospace industry, creating valuable opportunities for aerospace coatings market players.
In the LAMEA region, the aerospace industry has also seen growth due to a rise in air travel. The UAE, for example, has the second-largest airport in the region, according to the General Civil Aviation Authority. Abu Dhabi International Airport rapidly expanded, serving over 94 destinations across 56 countries. Furthermore, the UAE’s aviation sector contributed $53 billion to the country’s economy by 2020, opening up new prospects for aerospace coatings manufacturers in the Middle East.
Key companies profiled in the study
The company profiles in the study underlines their strategic developments, including mergers, acquisitions, collaborations, new agreements, product launches, joint ventures, R&D investments, and regional growth efforts of leading players in the landscape at both global and regional levels.
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The forerunners of the industry that are analyzed in the report include:
Akzonobel N.V.
BASF SE
Henkel AG & Co. KGaA
Hentzen Coatings, Inc.
IHI Ionbond AG
Mankiewicz Gebr. & Co.
Mapaero
PPG Industries, Inc.
The Sherwin-Williams Company
Zircotec Ltd.
Top investment pockets mentioned in the study
The commercial aviation sector was the most profitable market for aerospace coatings and experienced substantial growth during the assessment period. The rise in air travelers, increased cargo traffic, and growth in international trade have contributed to the expansion of the commercial aviation industry, further boosting the aerospace coatings market demand. Moreover, the military aviation sector was the second most promising market, driven by increased investments in the military and defense industries in countries like the U.S., Mexico, China, India, and Russia.
In conclusion, the AMR report highlights the main factors that influenced the market's growth between 2017 to 2023. The study offers important insights into the competitive environment and regional trends, equipping companies with the information needed to adjust the business owners’ strategies and operations to fulfil their growth objectives.
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