Sep 5, 2017   SOURCE: BusinessWire

Aerospace Coatings Market - Drivers and Forecasts by Technavio

Technavio analysts forecast the global aerospace coatings market to grow at a CAGR of over 7% during the forecast period, according to their latest report.

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Technavio has published a new report on the global aerospace coatings market from 2017-2021. (Graphi ...

Technavio has published a new report on the global aerospace coatings market from 2017-2021. (Graphic: Business Wire)

The research study covers the present scenario and growth prospects of the global aerospace coatings market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.

The growth in the aviation industry is the major driver for the growing market for aerospace coatings. The growth rate is leading to more innovations. Advanced materials are being tested to include as components of aerospace coatings to enhance the properties of these coatings. These innovations will further help in reduction in weight, lower the consumption of fuel, and extend the life of the aircraft.

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Technavio analysts highlight the following three factors that are contributing to the growth of the global aerospace coatings market:

  • Growth in commercial aviation
  • Demand for water-based solvent coatings
  • M&A in airline industry

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Growth in commercial aviation

With the increase in disposable income of people worldwide, a growing number of them have been opting to travel by air transport over other means of transportation such as buses or trains, primarily to save time. Earlier, aircraft were used primarily for international travel; but this has changed in recent years, with the demand for domestic airlines having increased considerably.

Shakeel Iqbal, a lead paints, coatings, and pigments research analyst at Technavio, says, “Airbus and Boeing are the two leaders in aircraft manufacturing, constituting more than 60% of the market share. Boeing generated revenue of USD 65 billion in 2016 from the commercial airplanes market and the number of commercial airplanes delivered was 748. Airbus generated revenue of USD 74.42 billion in 2016, and the number of commercial aircraft delivered was 688.”

Demand for water-based solvent coatings

Water-based solvent technology is gaining importance due to the harmful effects of solvent-based coatings on the environment. The water-based coatings market is growing at an accelerated rate. These have lower amounts of volatile organic compounds (VOCs) and less toxicity than solvent-based coatings. Moreover, the solvent-based coatings also cause health-related issues. For instance, in confined rooms, the VOCs from solvent-based coatings can cause discomfort to those exposed. Consequently, a growing number of vendors in the aerospace coatings market have been developing water-based products.

M&A in airline industry

“The mergers in the airline industry have significantly benefited the growth of the global aerospace coatings market. When a merger takes place, the colors used in aircraft exteriors and interiors may have to be modified. While in some cases, only the name is repainted, most mergers result in the airlines changing both the exterior and the interior of aircraft in accordance with the style and design of the new owner of the aircraft,” adds Shakeel.

This benefits the paints and coatings industry. The US has seen a number of mergers in its airline industry over the last few years. This has significantly benefited the aerospace coatings market in the country.

Top vendors:

  • 3M
  • Akzo Nobel
  • Hentzen Coatings
  • PPG Industries
  • Sherwin-Williams

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