The Middle East and Africa Aerospace Coating market was valued at US$ 148.95 million in 2019 and is projected to reach US$ 233.96 million by 2027; it is expected to grow at a CAGR of 5.9% 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 Middle East and Africa Aerospace Coating market. Based on technology, the Middle East and Africa Aerospace Coating market is bifurcated into Liquid coatings and Powder coatings. In 2019, the Liquid coatings segment accounted for the largest share in the Middle East and Africa Aerospace Coating market. Based on end-user, the Middle East and Africa 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 Middle East and Africa Aerospace Coating market.
Geographically, the Middle East and Africa Aerospace Coating market is segmented into the South Africa, Saudi Arabia, UAE, and Rest of MEA. Rest of MEA accounted for the largest share of the Middle East and Africa Aerospace Coating market. The rest of the Middle East & Africa region consists of countries such as Qatar, Oman, Egypt, and Israel. Demographic changes across the region generate the aerospace industry demand in the rest of MEA countries in the next few years. One of the major driving factors for the growth of the aerospace coating market in the rest of MEA countries has been the growth of the aerospace and defense sector. The countries in the region are improving their air-based surveillance and defense capabilities. Also, the rest of the Middle East and African countries are witnessing rapid urbanization, which is leading to an increase in air passenger traffic. It is further surging the demand for aircraft and, subsequently, the growth of aerospace coatings.
Akzo Nobel N.V., BASF SE, Henkel AG & Co. KGaA, IHI Ionbond AG, PPG Industries, Inc., The Sherwin-Williams Company are among the major players present in the Middle East and Africa Aerospace Coating market.
Overall size of the Middle East and Africa 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
Brazil has the highest number of COVID-19 cases, followed by Argentina, Peru, Chile, and Ecuador among others. The government of South America has taken an array of actions to protect their citizens and contain COVID-19’s spread. It is anticipated that South America will face lower export revenues, both from the drop in commodity prices and reduction in export volumes, especially to China, Europe, and the United States, which are important trade partners. Containment measures in several countries of South America will reduce economic activity in the manufacturing and service sectors for at least the next quarter, with a rebound once the epidemic is contained.