Increasing preventive maintenance techniques used in OEMs to reduce overall manufacturing cost is expected to drive aerospace coatings market growth in the near future. Aerospace coatings play an important role in providing corrosion protection, solar heat shielding, fog repellence and ultra-violet, abrasion & wear resistance to aircraft surfaces. These properties play an important role in enhancing service life and reducing maintenance cost for OEMs, engaged in providing services to commercial and defence aircraft. Development of chrome-free technology is expected to act as a major market driver over the forecast period. Growing powder coating demand as an eco-friendly product is expected to have positive impact on the aerospace coatings market.
The European Commission and EPA have passed various regulations for limiting volatile organic compounds (VOC) emission from chemicals used in aerospace applications which are expected to hamper aerospace coatings market growth. Increasing defence expenditure in countries such as India, China, Russia, South Korea, Japan and Brazil is expected to fuel military helicopters and aircraft production and is expected to promote aerospace coatings demand. Increasing number of aircrafts due to aviation industry growth in emerging markets such as China, India and Brazil is expected to fuel aerospace coatings demand. BRIC countries have increased defence spending resulting in more number of aircrafts being added to navy and airforce divisions which is further expected to have a positive impact on aerospace coatings market growth in military applications.
Asia Pacific is expected to be one of the most promising markets on account of positive aviation industry outlook in China and India. Governments of China and India have framed various FDI policies for promoting domestic aerospace industry and are expected to increase commercial and defence aircraft manufacturing thus, fuelling aerospace coatings demand. U.S. government framed National Space Policy for promoting investment in the aerospace industry, which is expected to provide new avenues for market growth. Border disputes between Israel and Palestine coupled with political instability in Iraq, Lebanon and Syria have resulted in increased defence budgets. Increasing defence sector expenditure is expected to result in growing military aircraft manufacturing promoting aerospace coatings demand. Some of the key market participants include Henkel AG, AkzoNobel, PPG Industries, BASF SE and The Sherwin Williams Company. AkzoNobel has global presence with brand names including eclipse, aerobase, alumigrip, aerodur and aviox.
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