Market data from Global Market Insights, Inc. also supports this positive outlook. According to GMI, the Aerospace Coatings Market size is estimated to surpass $1 billion by 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.
According to GMI, aircraft producers are focusing on using high quality paints and coatings in their manufacturing process. The business is witnessing regular innovations to reduce the overall manufacturing cost and enhance the product efficiency. Nano coatings has gained prominence in the industry in last decade owing to benefits offered such as resistance to dirt and retention of shiny colors for longer duration.
Exterior application will account for more than $890 million by 2024 owing to high usage of aerospace coatings in exterior aircraft structural applications. Usage of coatings provides protection to the aircraft exteriors against cracking, erosion, and deterioration.
Aerospace coatings market from interior applications will exhibit approximately 7 percent CAGR owing to rising usage of coatings for functional and decorative purposes. They are used for painting and upgrading the cabin interiors.
Outlook by Region
North America is expected to cross $350 million during the forecast period. Presence of multiple established manufacturers and introduction of new generation aircrafts including Boeing 787, Boeing 737 MAX, Airbus A350, etc. are primary influencing the product penetration across the region.
Asia Pacific aerospace coatings market size is anticipated to exhibit over 7 percent CAGR from 2017 to 2024. This can be attributed to rising cargo and passenger traffic along with increasing international trade in emerging economies including India and China. Improving aviation infrastructure in the region will further support the region’s growth.