Paint is a colored substance used to spread over the surface to provide it a smooth finish as well as to help retain the inner surface from the external environment. On the other hand, a coating is applied to the surface of an object to protect the exterior from other corrosive agents. The purpose of applying the paints & coating is to provide an extra layer of protection on the surface of the object to add enhanced protection against wear & corrosion. The aircraft paint & coatings market is largely driven by increased demand for aircraft coatings from various end-users, such as commercial aviation, military aviation, and general aviation.
The Global Aircraft Paints and Coatings Market is projected to grow at a CAGR of around 3.98% during the forecast period, 2022-27. An increase in the production of new commercial aircraft & military aircraft has contributed to the increase in demand for paints & coatings globally. However, due to the COVID-19 pandemic in 2020, the demand for commercial aircraft nosedived, resulting in declining demand for paints & coatings for the manufacturing of new aircraft. Moreover, with the sustained demand for new military jets, the paint & coating industry witnessed a steady increase in 2021. Some of the key developments in the historical period that had proven to be conducive to the increase in the demand for Aircraft Paints & Coatings Market globally were:
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: The US, Canada, Mexico|
|South America: Brazil, Argentina, Rest of South America|
|Europe: Germany, The UK, France, Italy, Spain, Russia Rest of Europe|
|Asia-Pacific: China, Japan, India, South East Asia, ANZ Region, Rest of Asia Pacific|
|Middle East & Africa: Saudi Arabia, UAE, Turkey, Israel, Rest of Middle East|
|Key Companies Profiled||PPG Industries, Inc., AkzoNobel N.V., Mankiewicz Gebr. & Co, the Sherwin-Williams Company, BASF SE, Henkel AG & Co. KGaA, Hentzen Coatings, In, Other|
|Unit Denominations||USD Million/Billion|
Additionally, with the offset of COVID-19, the demand for commercial aircraft has also witnessed a sharp increase in the subsequent years, i.e., 2021 & 2022. For instance, in 2021, Airbus announced that it received an order of 255 commercial aircraft from the US private equity firm Indigo Partners. As per the company, it is the first mega-deal received after the COVID-19 pandemic. Hence, this further resulted in escalating the demand for aircraft paints & coatings during the forecast period.
Impact of Covid-19 on the Global Aircraft Paints and Coatings Market
COVID-19 severely impacted the Global Aircraft Paints and Coatings Market in 2020. Commercial airlines were the major contributors to the demand for the market. Therefore, the less up-gradation of the commercial aircraft during the pandemic resulted in a decline in the market growth. Further, due to the disruption in the supply chain, the companies operating in the paint & coatings industry have seen a major decline in the demand for paints. In addition, according to Airport Council International, the revenues of the airports dropped by 49% in North America, 42% in Europe, 43% in the Middle East, 48% in Asia-Pacific, and 38% in Latin America. The trend depicts the huge financial losses incurred by the aviation industry, which limited the capital expenditure on the purchase of the new aircraft as well as stalled their overhaul programs.
During the pandemic, companies such as HMG paints are constantly employing innovative techniques to stabilize their operation & maintain a high level of stocks for finished goods. Hence, resulted in improving the overall growth of the paints & coatings market.