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.
Based on the Resin Type:
Of them all, Polyurethane and Epoxy-based paints and coatings are expected to retain major market share in the Global Aircraft Paints & Coating market in the forecast period. Some of the reasons attributing to the upcoming growth are their high durability as well as enhanced protection against dust and which reduces the aerodynamics of an aircraft.
In addition, polyurethane paint with higher cross-link density as compared to epoxy paint marked them more durable against the air temperature and pressure. It offers more resistance to abrasion, staining, and other harmful chemicals. Further, these paints have a high degree of natural resistance to the damaging effects of ultraviolet rays from the sun. Due to these factors, the demand for Polyurethane based paint has grown in the aviation industry.
Based on Technology:
Among them, Solvent-based Paints & Coatings have extensive usage in the exterior painting of an aircraft. These coatings are made of various organic compounds used to prevent aircraft from humid & harsh environmental conditions. The constant temperature changes, as well as air pressure & UV ray protection for the airframe, are some of the primary reasons for the rise in demand. However, due to the safer option of reducing the gases generated by paints & coatings in aircraft, the water-based coating has become popular in the interior of planes.
Based on End-user Industry:
Of them all, Civil Aviation & Military Aviation grabbed the lion’s share of the Aircraft Paints and Coatings market across the world. With the growing air fleet to cater to the increasing air traffic by airlines, as well as high investment by major defense spender countries such as the US, China, India, Russia, countries in the European Union, and so on, for enhancing air superiority & achieving an efficient area denial, the demand for new aircraft has steered the market for Aircraft Paints and Coatings market.
Furthermore, several major defense importer countries, including India, South Korea, and China, initiated programs to develop domestic infrastructure for building military jets, which would be a significant boon to increasing demand for Aircraft Paints & Coatings market.
Geographically, the Global Aircraft Paints and Coatings Market expands across:
Of all regions globally, North America, with its high manufacturing of aircraft for domestic & export purposes, has grabbed a significant market share for the Aircraft Paints & Coating Market during 2017-2021. The presence of aircraft companies such as Lockheed Martin, Boeing, Bombardier, etc., provides ample support to the paints & coating demand with the high OEM (Original Equipment Manufacturer) for aircraft for commercial, civil, and military purposes.
Moreover, the US is the largest manufacturer of aircraft & has signed various aircraft supply deals with several countries that would be conducive to enhancing the requirement for aircraft paints & coatings market in the North American region during the forecast period.
Recent Developments by the Leading Companies
Key Drivers: Robust Demand for Military Aircrafts to Lead the Growth
The rise in the demand for military aircraft has assisted in increasing the production of military aircraft leading to the surge in demand for the Aircraft Paints and Coating market globally. The high demand for military aircraft is attributed to the extensive investments made by some of the world's largest air forces, such as the US, Russia, India, China, etc., to expand their existing fleet & replace the aging fleet of aircraft to maintain air superiority. Further, military hardware technologies have also tremendously improved with the advent of technologies such as AESA (Advanced Electronically Scanned Array) Radars, Improved avionics, Stealth technologies, etc. These improvements have made the older generation military aircraft significantly vulnerable to the newer generation of aircraft. Moreover, the rising number of new technologies for the up-gradation of older generation jets as well as the fresh purchase of new military aircraft has been increased globally, which further resulted in escalating the market growth. For instance:
Possible Restraint: Low Demand for Commercial Aircraft Due to COVID-19 Pandemic
Due to the COVID-19 pandemic, there has been a significant decline in commercial aircraft manufacturing, owing to travel restrictions by the governments of various countries. This resulted in decreased demand for paints & coatings from the civil aviation industry in 2020. Additionally, the cancellation of flights across the globe had a lasting impact on the aviation industry, which led to a reduction in the demand for commercial aircraft manufacturing. Due to this, many airlines filed for ruin in 2020, such as Virgin Airlines, Compass Airlines, RavnAir, LATAM, Avianca Holdings, and many more, which hampered the market growth.
However, the huge financial losses incurred by the aviation industry limited the capital expenditure on the purchase of the new aircraft as well as stalled their overhaul programs. Therefore, the demand for paints & coatings has decreased around the world. The new business opportunities have reduced their aircraft manufacturing in commercial aviation & even in the OEM business. Further, the manufacturing companies have also reduced their production because of less demand. Hence, this resulted in less demand from civil aviation for commercial aircraft, which further declined the market growth.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Aircraft Paints and Coatings Market is projected to grow at a CAGR of around 3.98% during 2022-27.
A. The End-user industry is anticipated to emerge as an area of remunerative opportunities for the leading players in the Aircraft Paints and Coatings Market during 2022-27.
A. The rapidly expanding MRO facilities in the Asia-Pacific region are the prime aspects anticipated to drive the Global Aircraft Paints and Coatings Market and generate lucrative growth opportunities for the leading industry players in the coming years.
A. With the betterment of the pandemic situation, several companies are actively investing in the Global Aircraft Paints and Coatings Market and seeking product developments to promote their sustainable growth. It, in turn, shall enable the market to expand during the forecast period.