International. According to a new research report from Global Market Insights, the size of the aerospace coatings market is estimated to exceed the one billion euro mark in the coming years.
The size of the global aerospace coatings market is expected to exceed 16 kilo tons by 2024. The high use of these coatings in various aircraft, such as military, space and commercial, will mainly boost the industry in the foreseen timeframe.
Increasing air passenger traffic around the world has led to an increase in aircraft deliveries, which has positively influenced industry demand.
The flourishing growth in international trade has resulted in the development of commercial aircraft, boosting the size of the industry. Several government agencies around the world are investing significantly in the aerospace sector, contributing to revenue generation. For example, in 2014, China invested more than €3 billion in the aviation industry to meet the growing demand for air traffic. These investments will generate immense potential for the growth of the industry. However, the introduction of substitutes such as composite fuselage designs may pose a challenge to the aerospace coatings market share over the anticipated timeframe.
Aircraft producers focus on using high-quality paints and coatings in their manufacturing process. The business is witnessing regular innovations to reduce the total cost of manufacturing and improve product efficiency. Nano coatings have gained prominence in the industry over the past decade due to the benefits offered, such as dirt resistance and retaining bright colors for longer life.
