1. Findings Based On Regions
Regarding regional growth, researchers found that the Asia-Pacific region will experience rapid growth and will continue to grow at the highest CAGR through the forecast period. According to the study, this growth can be attributed to:
• The Rising Demand For Aerospace Coating From Emerging Economies
There is an ever-increasing demand for aerospace coating from emerging giants of the Asia-Pacific region, which include South Korea, Singapore, China, India, and Vietnam.
• The Improving Standards Of Living In The Asia-Pacific Region
Despite the slight fall in Asia’s economic growth in 2017, the region continues to be the world’s economic powerhouse. The standard of living in this region continues to improve, and this has resulted in increased airline passenger traffic rate, which, in turn, leads to increased demand for aerospace coatings.
• The Rapid Growth Of Infrastructure
The region is progressively embracing technologies that help the area overcome infrastructure development challenges. As a result, more airports and aviation companies are coming up, and this is causing an increase in demand for aerospace coatings in this region.
2. Findings Based On End-Users
The study grouped the end-users segment into three segments that included the commercial aviation, military aviation, and general aviation. Among these, researchers found out that the commercial aviation segment leads the park in terms of market shares and is expected to grow at the highest CAGR during the forecast period. Why is this segment dominating the aerospace coating industry? Researchers at Markets and Markets say that this dominance is due to:
• The Advent Of Chrome-Free Technologies
For many decades, the aviation world has been relying on chrome-based coatings to protect planes against intense UV exposure at higher altitudes, corrosion, and temperature fluctuations. Recently, the introduction of chrome-free technologies are attracting the aviation segment to these new coating products which are faring well in the aerospace coating industry.
• The introduction of cost-saving products
The new technologies in aerospace coating come with advanced capabilities that help those in the aviation industry save money. For instance, they can minimize drag in the air and reduce debris build-up, both of which help reduce airplane fuels. Such savings have both environmental and economic impact that cannot be ignored. Experts say that these new aerospace coating products can help the aviation industry lower fuel costs by $700 a year.
• The Emerging Middle Class
Another reason why the aviation segment dominates the aerospace coating market is the ever-increasing traffic rate, which increases aircraft deliveries and results in increased demand for aerospace coating in the aviation industry.
• The Need To Beat The Competition
In the past, aerospace coatings were only used for one reason; to provide defense against corrosion and other damage. However, in today’s increasingly developing and highly competitive aviation world, aerospace coatings are being used by aviation companies to achieve a competitive advantage.
Today’s aerospace coating products not only perform well under extraordinary conditions, but they are also aesthetically pleasing. Aviation companies are taking advantage of this and are now using these new products to come up with planes that speak of class, uniqueness, and trendiness. The new aerospace coating products also help companies in this segment stand out and lure more clients.
• The Increasing Airline Mergers
The other reason why commercial aviation segment leads in the aerospace coating market is the increasing airline mergers. As aviation companies merge, depending on terms of their agreement, either one or both companies rebrand and repaint their planes, which in turn increases demand of aerospace coating.
• The Disruptive Application Innovations
The increasing demand for innovations relating to aerospace coating application is also another reason why the commercial aviation segment dominates the coating market. More and more aviation companies are embracing these innovations. They have realized that these innovations can help them come up with aerospace coatings that last against punishing temperatures, extreme weather, aggressive chemicals, corrosion exposure, and cleaning materials. These innovations are also cost-effective and help commercial aviation get value for money.
3. Findings Based On Resin TypesAmong resin types, researchers found out that the polyurethanes is the most popular segment and is estimated to grow the most during the forecast period. According to the study, most people go for the polyurethanes resin types because:
• They Offer More Resistance
When compared to other coatings, the polyurethanes resin types provide more defense against staining, chemicals, and abrasions. Polyurethanes resin types also act as UV inhibitors and protect aircraft from the corrosive effects of UV rays.
• They Are Durable
Polyurethanes resins also help give an aircraft an elegant look that lasts for decades. These resins are also elastic, which means they won’t crack even if the fillers underneath get thin hair cracks. These resins are also light and don’t add weight to the aircraft.
4. Findings Based On Application
Regarding application, the study found out that the liquid coating-based technology segment is gaining popularity, and markets estimate that this segment will grow the highest through 2022.
• The Segment’s Properties
The liquid coating-based technology segment has various properties, such superior capability of covering hard to reach places and inside corners. This technology also helps one achieve a smooth and uniform finish.
The study also found that the exterior application segment is growing at a faster rate than other application segments due to the increased use of aerospace coatings to cover the exterior parts of an aircraft. They protect them from deterioration, cracking, and erosion.