Aerospace Coatings Market Chemicals Market Size will Observe Lucrative Surge by the End 2024
The global aerospace coatings market is witnessing a high degree of competition on account of the rivalry between PPG Industries Inc, The Sherwin-Williams Co., Akzo Nobel N.V., and BASF SE. These players are focusing substantially on expanding in emerging economies, equipped with abundant untapped potential. Over the coming years, the competition within this market is expected to intensify further, states the research report.
According to the research report, the global market for aerospace coatings presented an opportunity worth US$1.53 bn in 2016. Further expanding at a CAGR of 5.80% during the period from 2017 to 2025, the market is expected to rise to US$2.53 bn by the end of the period of the forecast. On the basis of the technology, the global market expected to be led by the solvent-based segment in the near future. By end user, commercial and business aircraft have been reporting a higher usage of aerospace coatings. However, the market is projected to observe a rising demand for these coatings in the military sector in the near future. In terms of the geography, North America has surfaced as the dominant regional market for aerospace coatings and is projected to remain so, thanks to the U.S. becoming the leading individual contributor to the global market and the investments in the science and technology and the military domains in this region over the forthcoming years, reports the research study.
Increasing Expansion in Emerging Economies to Support Market’s Growth
“With the rising number of low cost carriers and the increasing competition between Boeing and other key companies operating in the global aircraft industry, the global market for aerospace coatings has been observing a tremendous rise,” says a TMR analyst. “The surge in the fleet expansion activities is another important factor that has been supporting the growth of this market significantly,” he added. Over the coming years, the market is likely to benefit from the increasing expansion of the leading players in emerging economies, such as India and China, which boast of abundant untapped potential, states the research report.
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High Cost incurred in Aerospace Coating Application to Hamper Market
On the flip side, the high cost incurred in the application of aerospace coatings and their maintenance is hampering the growth of the global aerospace coatings market and is expected to continue doing so over the next few years. The increasing demand for greener products is also expected to limit the usage of aerospace coatings in the near future. However, a spike in investments, thanks to the rise in aircraft manufacturing, will support the market in the years to come, notes the market study.
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