Aerospace coatings are being used extensively to cover the outer surface of the aircraft. A significant rise in the manufacturing of aircraft and the rapid development of the aircraft industry in several developing economies are projected to accelerate the growth of the global aerospace coatings market in the next few years.
As per the market intelligence study by Transparency Market Research, in 2016, the global market for aerospace coatings was worth US$1.53 bn and is projected to reach a value of US$2.53 bn by the end of 2025. The market is estimated to register a healthy 5.80% CAGR between 2017 and 2025.
Fleet Expansion in Developing Economies to Drive Aerospace Coatings Market
The increasing number of low cost carriers and the rising competition among the leading aircraft companies are the key factors that are projected to enhance the growth of the global aerospace coatings market in the next few years.
The fleet expansion activities is another major factor that is predicted to accelerate the growth of the market in the coming few years.
In addition to this, the rising focus of the players on emerging economies as they hold growth opportunities is projected to accelerate the growth of the global aerospace coatings market in the near future.
On the other hand, the exorbitant price required for the application of aerospace coatings and for their maintenance are predicted to hamper the growth of the market in the coming years.
Nonetheless, the rising investments in the aircraft manufacturing is projected to offer lucrative opportunities for the market players in the next few years.
North America and Europe to Witness High Growth in Coming Years
From a regional viewpoint, the global aerospace coatings market has been categorized into Europe, North America, Latin America, North America, and the Middle East and Africa. Among the mentioned segments, North America is likely to hold a large share of the market in the next few years, further followed by Europe. The rising use of aerospace coatings in defense and military sector is one of the major factors that is predicted to encourage the growth of the North America market in the next few years. Moreover, the presence of leading players is likely to support the market growth in near future. Asia Pacific, on the other side, is estimated to experience a healthy growth in the next few years, owing to the rising contribution from India and China.
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The global market for aerospace coatings market is experiencing a high level of competition and is projected to remain in the similar scenario in the next few years. The key players in the market are emphasizing on the development of new products and research and development activities, which is likely to support the growth of the overall market in the next few years. In addition to this, the key players are focusing in emerging economies, who hold immense growth opportunities, which is further predicted to enhance the growth of the market in the near future. Some of the key players operating in the aerospace coatings market across the globe are The Sherwin-Williams Company, PPG Industries, Inc, Akzo Nobel N.V, Mankiewicz Gebr. & Co., and Hentzen Coatings Inc.