The market for aerospace coatings is valued at USD 631. 62 million in 2020 and is expected to grow at a CAGR of less than 4% during the forecast period. Many aerospace companies are facing overwhelming competitive challenges and unknown skies as they continue to respond to the impact of the COVID-19 pandemic.
New York, Sept. 06, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aerospace Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06134960/?utm_source=GNW
The passenger demand is low, and the pandemic and its corresponding travel restrictions and economic recession have forced airlines to find ways to cut costs. Many cost-cutting measures arose from the cancellation or postponement of aircraft orders. According to Accenture’s report, the total deliveries by Airbus and Boeing dropped by 58% in the first half of 2020. This is negatively affected the market in 2020.
In the short term, major factors driving the market studied are increasing government spending on defense in the United States and increasing demand for aircraft in Asia-Pacific and the Middle East. A rise in prices of raw materials and the flat growth of MRO in the United States is expected to hinder the growth of the market studied.
The epoxy segment dominated the market and is expected to grow during the forecast period, owing to the increasing demand from commercial aviation across the globe.
Expanding maintenance, repair, and overhaul (MRO) activities in Asia-Pacific are likely to act as opportunities in the future.
North America dominated the market across the globe, with the largest consumption coming from the United States.
Key Market Trends
Increasing Demand for the Epoxy Resins
The epoxy-based resins are reinforced polymers derived from petroleum sources, after a reaction process involving epoxide units. These resins help develop several properties, including strength, durability, and chemical resistance, in coatings.
Fast drying, toughness, outstanding adhesion, resistance to water, and good curing make it suitable for providing protection to metals and other surfaces. On the other hand, the paints and coatings derived from epoxy-based resins have limited gloss retention.
Glycidal amine epoxy resins are produced by reacting aromatic amines with epichlorohydrin, which results in crosslinkage. These resins have high reactivity, high thermal and chemical resistance, and outstanding mechanical properties.
The growing environmental concerns, worldwide, are forcing the producers to focus on bio-based epoxy resins.
An epoxy resin comprising biomass content of bis (2-methoxy-4-(oxiran-2-ylmethyl)phenyl)furan-2,5-dicarboxylate (EUFU-EP) as high as 93.3% by volume, and 2,5-furandicarboxylic acid and eugenol, has been developed.
The large biomass content and excellent properties, such as thermal, mechanical, and flame retarding performances, along with the need of sustainable environment, are likely to increase the demand for bio-based epoxy-based resins.
The aerospace industry primarily uses epoxy coatings as primers for corrosion protection, floor coatings, aerospace hangars, corporate aircraft hangars etc. Epoxy primers can withstand both cold and hot temperatures; however, operating temperatures upward of 140?C are not recommended. Epoxy is also used as topcoats. Epoxies are mostly preferred in interior applications, as they tend to change color under the exposure of light and extreme weather.
Major types of epoxy resins are Bisphenol A epoxy resins, Bisphenol F epoxy resins, Epoxy Novolacs, and Epoxy functional diluents and modifiers. For instance, Bisphenol A and F resins are used for enhance curing speed.
North America Region to Dominate the Market
North America dominated the global market. With growing commercial aviation in countries like the United States and Canada, the consumption of aerospace coatings is increasing in the region.
According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037, owing to the growth in air cargo. Also, the US mainliner carrier fleet is expected to grow at a rate of 54 aircraft per year due to the existing fleet getting older.
In 2021, US defense budgets and revenues are probable to remain largely stable, on account of military programs which continue to be serious for national defense, especially in view of geopolitical tensions.
In 2020, the space investments persisted strong at USD 25.6 billion, and the thrust on investments is expected to remain consistent in 2021 as well. Space launch services are predicted to witness a strong growth rate in 2021, with the market estimated to see 15.7% growth year over year.
Strong exports of aerospace components to countries, such as France, China, and Germany, along with robust consumer spending in the United States, are driving the manufacturing activities in the aerospace industry.
Furthermore, Canada is the third-largest in civil aircraft production around the world, along with being the second in business aircraft production and third helicopter production around the world.
The increasing manufacturing activities from major players, such as Bombardier, Pratt and Whitney Canada, Bell Helicopter Textron Canada Limited, and ExelTech Aerospace, are augmenting the growth of revenues from the aerospace manufacturing sector.
Such aforementioned factors, coupled with government support, are contributing to the increasing demand for aerospace coatings consumption in the region during the forecast period.
The global aerospace coatings market is concentrated, with the top three players accounting for over 60% of the market share in 2020. The major companies include The Sherwin-Williams Company, AkzoNobel NV, Mankiewicz Gebr & Co., Socomore, and PPG Industries Inc.
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