The aviation industry is continuously
evolving due to the increase in the number of air travelers each year owing to
a significant reduction in airline charges and a perceptible rise in disposable
income and this is leading to an increase in the production of aircraft across
the globe. The rise in the number of flyers is quite evident in the forecast by
Airlines for America (A4A) – an organization that projected a record high of
150.7 million passengers between March 1 and April 30, 2018 – a 4% increase as
compared to 145 million passengers in the spring of 2017. The subsequent surge in the requirement of aircraft is increasing the
production in aircraft manufacturing units, and it is reflecting in the
increasing demand for aerospace coatings. Consequently, the aerospace coatings
market players are expanding their territories by strategizing through mergers
and acquisitions in order to gain maximum revenues from this increasing demand.
In July 2019, AkzoNobel revealed its intention to acquire Mapaero – a
manufacturer of aerospace coatings. The acquisition is envisioned to strengthen
AkzoNobel’s position in the global aerospace coatings market as it will widen
the company’s portfolio.
The aerospace coating market size was
evaluated at $1.3 billion as of 2018. Owing to the rising demand from the
aircraft manufacturing units, the demand for aerospace coating will increase at
a CAGR of 3.36% during the forecast period 2019-2025.
North
America – The Most Lucrative Aerospace Coatings Marketplace & Opportunities
for the Vendors:
In 2018, North America had the maximum
aerospace coatings market share with 36% in the global revenues. This is owing
to the abundance of renowned aerospace manufacturers such as The Boeing
Company, Lockheed Martin Corporation, General Dynamics Corporation, Northrop Grumman
Corporation, and others. The increase in the requirement of aircraft has been catapulting
the production activities in North American aerospace and defense companies,
which is augmenting the aerospace coatings market demand in the region. The
major part of North America aerospace coatings market revenues are generated in
the US due to the booming US aerospace and defense industry and presence of
major aerospace industry players. According to the Aerospace Industry
Association (AIA), the US aerospace and defense industry generated $865 billion
in economic output in 2017, which is substantially attributable to the revenues
generated in the aerospace manufacturing segment. While this is an enough evidence of the humongous aerospace coatings market
scope in the country, here are some other factors that are creating significant
growth prospects –
·
The Increasing
International Freights in the US Aviation Industry –
According to the
findings by the US Government of Transportation, the US aviation industry
witnessed 226.9 million passengers that traveled in aircraft between the US and
the rest of the world as of December 2017. The figure underwent a growth of 5% in the next year and translated to 238.7
million passengers as of December 2018. The rise in the number of passengers traveling by aircraft is creating demand
for more aircraft in the country. This figure is only going to increase in the
upcoming years, and it will lead to an increase in the aerospace coatings
market demand in the US.
·
The Growing Trade
of Aircraft from the US to the ROW Evincing the Growing Aerospace Coatings
Market Size –
According to
SelectUSA, in 2018, the aerospace industry had contributed with a massive $151
billion in export sales to the US economy. Furthermore, the inward stock of
foreign direct investment in the US manufacturing industry was evaluated at $21
billion at the end of 2017. These statistics evince the growing export of aircraft from the US to the ROW.
Evidently, the growing export is creating a demand influx in the aircraft
manufacturing industries, which is further driving the aerospace coatings
market.
·
The Expansion
Projects in the US to Increase the Aerospace Coatings Market Demand –
The rise in the
requirement of aircraft is leading to an increase in production, and companies
are also enhancing their production capacities in order to meet the current
demand. For instance, Honda Aircraft Company – HondaJet is poised to expand its
production operations in Greensboro in order to capitalize on the increasing
demand for aircraft. This expansion project will offer opportunities to the
aerospace coatings market players. Furthermore, GE Aviation’s US expansion exemplifies
the need for expansion in order to meet the currently growing demand. The
American aviation company has inaugurated 8 new production facilities in the US,
which will cater to the demand for jet engines from the newly manufactured aircraft
by various manufacturers. The upcoming years are expected to witness more
expansion projects in the aerospace industry, which will again augment the
demand for aerospace coatings.
Aerospace
Coatings Market – Global Scenario and Growth Drivers:
·
The Key
Application in the Aerospace Coatings Market: Commercial Aviation –
Commercial
aviation is the key application which will be booming over the forecast period.
The demand for aerospace coatings from the commercial aircraft will increase at
a CAGR of 4.2% through to 2025. While this is predominantly because of the
growing number of passengers, it is also attributable to the growing aircraft
logistics across the globe due to which the logistics industry is emerging out
as the most propitious area for generating revenues. The FedEx and Boeing story
evinces the much anticipated growth opportunities for the aerospace coatings
market players in the commercial aerospace industry. In June 2018, FedEx
announced an order of 24 medium and large aircraft from Boeing. This was
because of the growth in the air cargo demand which increased by 10% during the
FY-18. The upcoming years are poised to observe more demand for commercial
craft, and the subsequent manufacturing of the same will be a boon to the
aerospace coatings market.
·
The Projected
Increase in the Global Production of Aircraft to Flourish the Aerospace
Coatings Market –
As per the
findings by the International Air Transport Association (IATA), total 4.1
billion passengers traveled by air in 2017 – a 7.3% rise as compared to 2016. This figure is expected grow even further because the increasing affordability
due to the reduction in airlines tariff will make more people opt for air
transport. Therefore, there will be increase in requirement for aircraft across
the globe. IATA also projects that 39,000 airplanes will be produced by the end
of 2027. These airplanes will be coated with aerospace coatings which will increment the
aerospace coatings market revenues.
·
The Growing Demand
for Combat Aircraft in Developing Countries to Augment the Aerospace Coatings
Market Size –
There is a
discernible rise in the demand for combat aircraft from the developing
countries such as India. This is leading to an expansion of production
capacities of the countries that manufacture these aircraft. For instance, in
April 2018, Hindustan Aeronautics boosted production capacity in order to
manufacture combat aircraft. This is attributable to the investment of $210
million by the Government of India for combat aircraft. The production capacity
expansion by Hindustan Aeronautics will generate revenue sources in the
aerospace coatings market.
Aerospace
Coatings Market – Competitive Landscape:
The major market players that are
expanding geographically to leverage the growing aerospace coatings market demand
are NVSC Specialty Coatings, BASF SE, PPG Industries, Inc., Akzo Nobel N.V., AHC
Oberflächentechnik GmbH, Argosy International, Axalta Coating Systems LLC, Asahi
Kinzoku Kogyo Inc., Brycoat Inc., Cheaerospacel, International Aerospace
Coatings Holdings LP, Hohman Plating & Manufacturing LLC, Merck Performance
Materials, and Zodiac Aerospace.
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