Aerospace Coatings Market Brewing Billions Poised for Explosive Growth 2017-2023

Aerospace Coatings Market Report 2017-2023 | Size, Trends, Growth Demand, Overview

PORTLAND, OREGON, UNITED STATES, May 27, 2024 /EINPresswire.com/ -- According to the latest report by Allied Market Research titled "Aerospace Coatings Market: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global aerospace coatings market reached $1,587 million in 2016 and is projected to reach $2,433 million by 2023, with a CAGR of 6.3% from 2017 to 2023. In 2016, the polyurethane resin segment accounted for approximately three-fifths of the total revenue share.

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Overview of Aerospace Coatings Market:

Aerospace coatings are high-performance materials that provide excellent wear resistance to aircraft surfaces. They protect against corrosion, ultraviolet rays, solar heat, climatic stress, and fog, thereby reducing maintenance and repair costs. These coatings, applied to various aircraft components, enhance fuel economy by reducing overall weight, thereby lowering CO2 emissions.

Summary of Aerospace Coatings Market Report at https://www.alliedmarketresearch.com/aerospace-coatings-market

Market Drivers:

The rise in air travel, increase in cargo traffic, and growth in international trade have spurred the development of the commercial aviation industry, driving market growth. Additionally, increased investment in the military and defense sectors in countries like the U.S., Mexico, China, India, and Russia further fuels market expansion. Furthermore, the development of chrome-free technology acts as a market driver.

Polyurethane Resin Segment:

Polyurethane resin dominated the market in 2016 and is expected to maintain its dominance. It offers high resistance to UV rays and abrasion, making it ideal for aerospace applications.

Market Challenges:

However, regulations imposed by agencies like the Environmental Protection Agency (EPA) and Registration Evaluation Authorization and Restriction of Chemicals (REACH) on solvent-borne coatings containing hazardous substances may hinder market growth.

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Key Findings:

Asia-Pacific is expected to lead the market, followed by North America.
The polyurethane resin segment is projected to witness the highest CAGR of 6.9% during the forecast period.
Commercial aviation is the largest end-use industry, with a CAGR of 6.8%.
Europe accounted for over one-fourth of the market share in 2016.
Asia-Pacific and LAMEA collectively contributed around two-fifths of the market share in 2016.
Key Players:

Major players in the market include Akzonobel N.V., BASF SE, Henkel AG & Co. KGaA, Hentzen Coatings, Inc., IHI Ionbond AG, Mankiewicz Gebr. & Co., Mapaero, PPG Industries, Inc., The Sherwin-Williams Company, and Zircotec Ltd.

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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Market Research
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