The global aerospace adhesives and coatings market is forecast to reach $1.9 billion by the end of 2024, reportedly driven by an increasing need for lighter materials, investment in technically advanced products, evolving regulations, and high-volume demand for new and refurbished aircraft, according to Frost & Sullivan.
“While manufacturers are increasingly investing in product development to enhance environmental sustainability and product efficiency, customers are seeking out products that are easy to apply, highly durable, quick drying, lighter in weight, environmentally sustainable, and regulatory compliant,” said Christeena Thomas, senior research analyst, chemicals and materials, EIA.
Merger and acquisition activities are expected to continue, with global companies acquiring small manufacturers to access their products, technical competences, distribution channels, and customer bases.
“Programs such as Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) in the European Union, U.S. Environmental Protection Agency (EPA), and Federal Aviation Administration (FAA) are expected to increase the research and development and transaction costs that businesses incur when developing and distributing new types of chemical compounds,” said Thomas.
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