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Aerospace Coatings are protective type of coating applied on the surface of substrates to improve the functionality and aesthetic properties. Aircrafts are highly exposed to harsh weather and climatic stress which often result in wear and tear of the aircrafts. These coatings offer multiple properties like heat resistance, corrosion resistance, protection from solar and UV radiations. Aerospace coatings help in reducing the carbon emissions of aircrafts by reducing the weight of the parts.
Increasing air travel activities attributed to the growing tourism industries and substantial expenditure on lifestyle and comfort shall drive the market growth. Additionally, increasing demand for aircrafts from defense industries as well as commercial air service providers shall drive the market growth. Technological advancement coupled with government initiatives to support import and export services shall increase the trade activities further positively impacting the market.
However, volatility in prices of raw materials used for aerospace coatings like polyurethane resins and epoxy resins is expected to act as limiting factor for market growth.
Key Market Driver -
Increasing demand for commercial and defense aircrafts.
Key Market Restraint -
Volatility in raw material prices
Based on resin type, market is segmented into polyurethanes, epoxy. Based on application, market is segmented into exterior and interior.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global Aerospace Coatings market consists of global & regional players operating. Some of the key players in the market Akzo Nobel NV, BASF, Heibnkel, PPG industries, Sherwin-Williams Company, Argosy International, Hentzen Coatings, Inc., Axalta Coating Systems Ltd, and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market. Presence of large manufacturing base for coatings and paints shall drive the local market. Asia Pacific is expected to hold significant share attributed to the increasing trade activities through air. Europe is anticipated to show significant growth attributed to the increasing air travel frequencies. Latin America and Middle East & Africa shall exhibit sluggish growth by the end of forecast period.
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By Resin Type
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