Aerospace Coatings Market Takes Off

The aerospace coatings market is forecasted to grow in 2024 and beyond. According to ResearchandMarkets.com study, “Aerospace Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the market for aerospace coatings is forecast to reach $1.8 billion by 2028.

According to the study, “the latest comprehensive research unveiled on the global aerospace coatings market underscores a projected uptrend, evidencing its growth from a robust $1.3 billion benchmark in 2022 to an anticipated $1.8 billion by the year 2028. This market is forecasted to flourish at a compound annual growth rate (CAGR) of 5.6% during the period from 2022-2028.”

The International Air Transport Association (IATA) released data for November 2023 air travel performance indicating that air travel demand reached 99% of 2019 levels. Total traffic in November 2023 rose 29.7% compared to November 2022. IATA noted that globally, traffic is now at 99.1% of November 2019 levels.

International traffic rose 26.4% versus November 2022. The Asia-Pacific region continued to report the strongest year-over-year results (+63.8%) with all regions showing improvement compared to the prior year. November 2023 international RPKs reached 94.5% of November 2019 levels.

“We are moving ever closer to surpassing the 2019 peak year for air travel. Economic headwinds are not deterring people from taking to the skies. International travel remains 5.5% below pre-pandemic levels but that gap is rapidly closing. And domestic markets have been above their pre-pandemic levels continuously since April,” said Willie Walsh, IATA’s director general.

This month’s article on the aerospace coatings market features a Q&A discussion with experts from industry leaders AkzoNobel, Mankiewicz and PPG.

Jill Kokkinen, global product marketing and commercialization manager, Aerospace Coatings, AkzoNobel, noted, “All of the indicators suggest that the airlines have indeed recovered. World passenger numbers were close to pre-pandemic levels and ended the year just 3% off the 2019 peak. Passenger revenues have also recovered. The resilience of the airlines is quite remarkable, but perhaps reflects our thirst for travel. Passenger numbers fell by 60% during COVID and even when demand began to return in 2022, traffic was still down more than a quarter (27%) on pre-pandemic levels. Seen in that context, airlines are now pointing with greater confidence to the future and that is certainly reflected in an increased demand for our aerospace coatings.”