Aging Aircraft Fleet Updates Expected to Drive Aerospace Coatings Demand
Though solvent-based coatings will likely dominate in the near future, strict environmental regulations are encouraging aircraft makers to switch to alternatives.
The aerospace coatings market is expected to exceed $1.2 billion by 2026, according to Global Market Insights. Rising commercial aircraft demand due to the growing need to replace ageing aircraft fleets is expected to boost industry growth over the forthcoming time period.
In terms of applications, the interior segment will witness growth at more than 6.5% CAGR during the projected timeline. Airliners are increasingly focusing on enhancing the overall traveling experience for customers. A growing focus on interior upgrades and cabin modifications will propel product demand in interior coating applications.
Solvent-based coatings will likely dominate the aerospace coatings market share in the near future. However, strict environmental regulations in the coatings industry are encouraging aircraft makers to switch to alternatives such as powder and water-based coatings. The powder segment will capture more than 10% revenue share of the total aerospace coatings industry by 2026.
Maintenance, repair, and overhaul (MRO) is anticipated to be the fastest-growing user segment up to 2026. This can be largely associated with aging air carrier fleets and the growing need for MRO services. Meanwhile, the original equipment manufacturers (OEM) user segment is slated to generate over $650 million in revenues by 2026.
Commercial aircrafts are projected to account for over 40% of the aerospace coatings market share. However, militaries in both developed and emerging regions are focusing on expanding their helicopter fleets for military applications. Industry share from the helicopter segment is poised to hit $200 million in value by the end of the forecast timespan.
Epoxy and polyurethane are the most commonly used types of resins in aerospace coatings. Epoxy resin-based coatings are gaining immense popularity due to their excellent strength, durability, and chemical resistance. Epoxy resins will capture more than 45% volume share to 2026, while polyurethane resins will experience healthy growth throughout the study duration.
From a geographical perspective, the Asia-Pacific aerospace coatings market is slated to garner more than $330 million over the analysis period. Growing commercial aircraft production and a rising number of air travelers will drive regional growth. In addition, robust economic development in China, India, and Japan, along with increasing disposable income levels, will propel aerospace sector revenues.
In developed regions such as Europe and North America, ongoing technological developments, along with favorable government initiatives, will fuel regional trends. Aerospace coatings demand in North America will also be driven by the presence of prominent aerospace players and increasing military and defense expenditures.
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