Advanced Aerospace Coatings Market Segments and Key Trends 2014-2020
Advanced aerospace coatings technology renders a lightweight and durable coating system that offers increased productivity and is used for all kinds of aircraft. In the last few years, the advanced aerospace coatings market has witnessed tremendous growth, as aerospace coatings offerseveral benefits such as resistance from cracking, better metal protection, and corrosion control with reduced time and labour costs. These benefits have accelerated the use of advanced aerospace coatings across various end-user segments. The advanced aerospace coatings market is expected to grow significantly due toairlines increasingly engaging in mergers in attemptsto enhance brand value.
The advanced aerospace coatings market can be segmented as coating system types, end-users and geography. On the basis of coating system types, the market can be segmented as general aviation aerospace coating systems, selectivity strippable coating system, commercial aerospace coating system, military and Maintenance, Repair and Overhaul (MRO) coatings. General aerospace coatings include sub-segments such as chrome-free aircraft systems, interior system, business jet paint system and composite system. The commercial coating systems segment includes standard commercial paint systems, composite systems, interior coating systems, and chrome-free systems. The commercial aerospace coating segment is being driven by the advent of new airlines and expansion of existing ones. Based on end-users, the advanced aerospace coatings market can be divided into categories such as government sector, industrial sector and commercial sector.
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Geographically, the advanced aerospace coatings market can be segmented as North America, Europe, Asia Pacific and Rest of the World. The global advanced aerospace coatings market was US $ 0.2 billion market in 2013, and is projected to double by 2020 at a CAGR of around 6% from 2014 to 2020.The market in the AsiaPacific region is estimated to grow at a CAGR of 7.8% during the forecast period 2014 to 2019. Itheld 31.7% market share of the global demand for aerospace coatings in 2012. The aerospace coatings market in Latin America is estimated to grow at a CAGR of 5% from 2014 to 2019.
France, Germany and Russia are the crucial European markets.The key market players are engaged in research and development (R&D) to offer innovative products in the market as a strategy to gain market share. Also, the frequency of cargo transportation in Europe is higher, and so is the number of domestic and international travellers. The civil and military aircraft sectors are the largest users of the European advanced aerospace coatings market, hence making it a developed market. The region has expertise in technologies,engineering and design services. The Aerospace and Defence Industries Association of Europe (ASD) represents theaeronautics, defence, space and security industries in Europe with the objective to promote and support the competitive development of these sectors. There were over 3,000 European companies in advanced aerospace coatings and its allied sectors, accounting for a total turnover of US $ 240 billion in 2013.
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Major players in the advanced aerospace coatings market engage in strategic partnerships, collaborations and acquisitions to outperform competitors. Key participants in the advanced aerospace coatings market include Aerospace Coatings International, Aerospace Coating Systems, Inc., AkzoNobel N.V.,Deft,Inc., The Sherwin-Williams Company, PPG Industries, Henkel AG & Co. KGaA& Company, Hohman Plating, MankiewiczGebr. & Co., Ionbond AG and Hentzen Coatings, Inc.
The aerospace industry is a powerful driver of innovation in the European economy. The employment of human resource in the European aerospace sector is extensive particularly in UK, France, Germany, Italy, Spain, Sweden and Poland. The sector is running high on profits and exports aerospace and relatedproducts all over the world which also prospers the advanced aerospace coatings market.