Technavio analysts forecast the global aerospace coatings market to grow at a compound annual growth rate (CAGR) of over 7% during the forecast 2017-2021 period, according to recent report.
The growth in the aviation industry is the major driver for the growing market for aerospace coatings, according to the report. The growth rate is leading to more innovations. Advanced materials are being tested to include as components of aerospace coatings to enhance the properties of these coatings. These innovations can further help in reduction in weight, lower the consumption of fuel, and extend the life of the aircraft.
“Airbus and Boeing are the two leaders in aircraft manufacturing, constituting more than 60% of the market share,” said Shakeel Iqbal, a lead coatings, and pigments research analyst at Technavio. “Boeing generated revenue of $65 billion in 2016 from the commercial airplanes market and the number of commercial airplanes delivered was 748. Airbus generated revenue of $74.42 billion in 2016, and the number of commercial aircraft delivered was 688.”
Water-based solvent technology is also reportedly gaining importance due to the harmful effects of solvent-based coatings on the environment. The water-based coatings market seems to be growing at an accelerated rate.
“The mergers in the airline industry have significantly benefited the growth of the global aerospace coatings market. When a merger takes place, the colors used in aircraft exteriors and interiors may have to be modified. While in some cases, only the name is repainted, most mergers result in the airlines changing both the exterior and the interior of aircraft in accordance with the style and design of the new owner of the aircraft,” said Shakeel.
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