The Asia Pacific Aerospace Coating market was valued at US$ 409.26 million in 2019 and is projected to reach US$ 478.48 million by 2027; it is expected to grow at a CAGR of 6.7% during the forecast period 2020-2027.
Aircrafts has to withstand high climatic stress which generally damages the metal surface resulting in frequent repairs and maintenance. Aerospace coatings provides high resistance against corrosion, ultraviolet rays and solar hear, fog and other adverse weather conditions. Aerospace coating not only provides protection the aircraft but also reduces the weight of the aircraft which helps in reducing CO2 emission. The requirement of coatings for aircraft is also due to the change in environment regulations. Aerospace coatings are designed in order to prevent temperature fluctuations, variable air pressure and variable air instabilities. Miniaturization, Precision and high strength has become the important features of aerospace coating.
Based on resin type, the Aerospace Coating market is segmented into Epoxy, Polyurethane and Others. In 2019, the Polyurethane segment dominated the Asia Pacific Aerospace Coating market. Based on technology, the Asia Pacific Aerospace Coating market is bifurcated into Liquid coatings and Powder coatings. In 2019, the Liquid coatings segment accounted for the largest share in the Asia Pacific Aerospace Coating market. Based on end-user, the Asia Pacific Aerospace Coating market is bifurcated into commercial aviation, military aviation and general aviation. In 2019, the into commercial aviation segment accounted for the largest share in the Asia Pacific Aerospace Coating market.
Geographically, the Asia Pacific Aerospace Coating market is segmented into the Australia, China, India, Japan, South Korea, and Rest of APAC. Japan accounted for the largest share of the Asia Pacific Aerospace Coating market. The Japanese aerospace sector has a strong international reputation. In the past years, the value of defense aircraft production has grown consistently, in line with the Japanese defense budget. Japan is a lucrative market for imported aircraft and aircraft parts. U.S. firms have an astonishing presence in the market owing to long-standing relationships with domestic manufacturers and trading firms.
Akzo Nobel N.V., BASF SE, Hardide plc., Henkel AG & Co. KGaA, IHI Ionbond AG, Mankiewicz Group, PPG Industries, Inc., The Sherwin-Williams Company, Hentzen Coatings, Inc., Zircotec, are among the major players present in the Asia Pacific Aerospace Coating market.
Overall size of the Asia Pacific Aerospace Coating market has been derived in accordance to primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Aerospace Coating market.
Impact of COVID-19 Pandemic on Aerospace Coating Market
The COVID-19 is anticipated to cause a loss of more than 3 Billion in the Asia Pacific region. The consequence and impact can be even worse and totally depends on the spread of the virus. The government of Asia Pacific is taking possible steps to reduce its effects by announcing lockdown, and thus, impact the revenue generated by the market. The Government have asked the chemicals and materials manufacturers to delay their production which will adversely affect the global supply of Aerospace Coating.