Global aerospace coatings market size is expected to cross 16 kilo tons till 2024. High usage of these coatings in various aircrafts such as military, space, and commercial will primarily drive the industry over the forecast timeframe. Frequent rising air passenger traffic across the globe has led to increased deliveries of aircrafts, further positively influencing the industry demand.
Flourishing growth in international trade has resulted in the development of commercial aircraft, propelling the industry size. Various government bodies across the globe are investing significantly in aerospace sector, contributing towards revenue generation. For instance, in 2014, China invested over USD 3 billion in aviation industry to cater the rising demand of air traffic. These investments will further induce immense potential to the industry growth. However, the introduction of substitutes such as composite fuselage designs may pose a challenge to aerospace coatings market share over the forecast timeline.
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Powered by a barrage of tech benefactors, aerospace coatings market has witnessed remarkable proceeds across a host of aviation fraternities including the likes of military, space, commercial etc. Even a few years back, the application significance of these coatings was deemed to be limited to protection and aesthetic appearance improvement.
However, with technological proliferations and subsequent complexity in the aviation industry, the requirement of advanced coatings endorsed with features like faster drying time, lightweight, increased durability, and unique color styling has upscaled tremendously. These ongoing developments and technological adoption in product designing is expected to conveniently help aerospace coatings industry to establish itself as a remunerative business space over the coming years. This is apparently quite vivid from the estimates by Global Market Insights, Inc. which claims aerospace coatings industry size to surpass the billion-dollar frontier by 2024.
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In recent times, aerospace coatings market is characterized by a plethora of contemporary product innovations, inherently influenced by the sustainability march across the globe. It has been observed that research efforts have been focused on developing smart multifunctional coatings that not only ensure improved functionality but also are environmentally viable. Citing a recent instance of the same, Airbus and Lufthansa, two of the eminent aerospace giants have developed an ecofriendly coating solution dubbed as sharkskin for aircraft wings.
Researched at ZAL Centre of Applied Aeronautical Research, Hamburg, this groundbreaking coating technology is claimed to improve the fuel efficiency by reducing the airflow resistance. Reportedly, the ‘riblet’ aerospace coating having a structural resemblance with shark skin, may result in saving kerosene worth of almost USD 62 million per annum, reducing the carbon footprint by approximately 200000 tons. Considering the innovative product configuration and its proclaimed offering, experts have enough reason to believe that sharkskin would prove to be disruptive for the aerospace coatings industry trends in the coming years.
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Another eyepopping spectacular scoop in aerospace coatings marketplace is UDRI’s contract with the United States Air Force Department. The University of Dayton Research Institute, has been recently awarded a contract worth of USD 1.5 million to evaluate and deliver innovative advanced aerospace coatings for turbine engine parts.
Reportedly, this USD 1.5 million agreement stems from UD’s seven-year contract with U.S. Air Force worth over USD 40 million, targeting environmentally viable and energy efficient technologies for Air Force equipment. While UDRI has always been one of the few renowned names in aerospace coatings industry whose contribution has been phenomenal, being awarded with such a prospective contract by USAF is certainly a news to be reckoned with, claim experts.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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