The South America Aerospace Coating market was valued at US$ 139.53 million in 2019 and is projected to reach US$ 216.41 million by 2027; it is expected to grow at a CAGR of 5.8% 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 South America Aerospace Coating market. Based on technology, the South America Aerospace Coating market is bifurcated into Liquid coatings and Powder coatings. In 2019, the Liquid coatings segment accounted for the largest share in the South America Aerospace Coating market. Based on end-user, the South America 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 South America Aerospace Coating market.
Geographically, the South America Aerospace Coating market is segmented into the Brazil, Argentina, and Rest of SAM. Rest of SAM accounted for the largest share of the South America Aerospace Coating market. The rest of the SAM region includes countries, namely, Chile, Colombia, and Peru. These regions are witnessing fair growth in the market due to the growing demand for aerospace coating due to increased demand from commercial aviation and military aviation sectors. The urbanization and globalization in these countries are highly helping market development. Even though the rest of South American countries are exhibiting moderate growth, it is estimated that these countries will propel the market expansion in the coming years.
Akzo Nobel N.V., BASF SE, Hardide plc., Henkel AG & Co. KGaA, IHI Ionbond AG, Mankiewicz Group, PPG Industries, Inc., The Sherwin-Williams Company are among the major players present in the South America Aerospace Coating market.
Overall size of the South America 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
South Africa has the largest COVID-19 cases in the Middle East and Africa region, and is followed by Saudi Arabia and UAE, among others. UAE was the first country in Middle East and Africa to report a confirmed case of coronavirus. Due to lockdown in Middle East and African countries, various chemicals and materials companies remain closed which led to the reduction in the sale of various products which has negatively impacted the market for Aerospace Coating in the region.