Military Aerospace Coatings Market: Business Overview, Products Offered, Recent Developments, & SWOT Analysis
The Military Aerospace Coatings Market is
estimated to be USD 310.7 million in 2018 and is projected to reach USD 390.7 million by 2023, at a CAGR of 4.69%
from 2018 to 2023.
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North America is expected to be the largest, while APAC is
expected to be the fastest-growing market for military aerospace coatings, in terms of value and volume. North America is
expected to retain its leadership until 2023.
Countries in these regions such as US,
China, and India are witnessing an increase in the use of military aerospace
coatings in the OEM and
MRO user types. This can be attributed to the demand for fixed wing and rotary wing
military aircraft from
these regions. Increasing defense budgets; presence
of a large aerospace industry; and increasing investments & expansions,
mergers & acquisitions, new product launches, and joint venture activities
in the region are driving the military aerospace coatings market.
The fixed-wing military
aircraft type segment is projected to grow at the highest CAGR between 2018 and
2023, followed by rotary wing military aircraft. Military aerospace coatings provide
wear protection, corrosion resistance, and UV resistance, reduce weight,
prohibiting oxidation of metals and enhance surface hardness on aircraft
substrates. As military aerospace coatings exhibit diverse properties, these
are applied on the exterior surfaces of military aircraft by OEMs and MROs. Manufacturers
are focusing on R&D activities to improve properties of military aerospace
coatings.
PPG (US), Akzo Nobel (Netherland), Sherwin-Williams (US), Hentzen
Coatings (US), Mapaero (France), 3Chem (US), Creative Coatings (US), and Qioptiq
(UK) are the key players in the global military aerospace coatings market.
These market players are expected to undertake
organic growth strategies, such as regional expansions, joint ventures, and new
product developments to expand their overall businesses and tap the fast-growing
regions. Several companies are developing innovative products as well as
enhancing their presence in emerging markets.
Moreover, major companies are focusing on strengthening their
R&D facilities to provide cost-effective products. These products are manufactured adhering to regulations implemented
by associations and governments. All such developments are expected to lead to the
sustainable growth of the players in the military aerospace coatings market over
the next 5 years.
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