Aerospace Coatings Market to See 5.4%+ CAGR to 2024| PPG Industries, Merck Group, Sherwin-Williams, Zodiac Aerospace, BASF, Hentzen Coatings, AkzoNobel Henkel key players
SELLBYVILLE, Del., Nov. 7, 2018 /PRNewswire-PRWeb/ -- Global Aerospace coatings market share is expected to cross 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.
Aerospace Coatings Market size is estimated to surpass USD 1 billion revenue by 2024. Flourishing growth in international trade has resulted in the development of commercial aircraft, propelling the industry size. Various government bodies across the globe are investing significantly in aerospace sector, contributing towards revenue generation.
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The product segment of aerospace coatings market mainly includes epoxy and polyurethane resins. Currently, polyurethane resins are extensively used in the next-generation aircrafts such as Boeing 787, pertaining to the advantages they provide, such as high resistance to UV rays and ability to prohibit abrasion, chemical, and staining damages. Polyurethane resins will hold 55% of the overall aerospace coatings market share by 2024, driven by its excessive sales and growing popularity.
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.
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.
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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.
Regionally, North America aerospace coatings industry is predicted to collect a revenue of more than USD 350 million by 2024, owing to the fact that the region houses some of the biggest players. Moreover, increasing development of next-generation aircrafts such as Airbus A350, Boeing 737, and Boeing 787, mainly for commercial applications, will also push the product demand across North America.
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Top key players mentioned in this Aerospace Coatings Market report include PPG Industries, Merck Group, Sherwin-Williams, Zodiac Aerospace, BASF, Hentzen Coatings, AkzoNobel, Henkel, Argosy International Inc., Ionbond IHI Group, International Aerospace Coatings, Hohman Plating & Mfg., LLC, Zircotec Group, Mapaero, Mankiewicz Gebr. & Co., BryCoat Inc., NVSC Speciality Coatings, Cheaerospacel, Asahi Kinzoku Kogyo Inc., and AHC Oberflächentechnik GmbH
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