According to technology, the solvent-based coating accounted for a share of 60 per cent of the market in 2017, in terms of volume.
Aerospace coatings manufacturers and research institutions are investing significantly to develop environment-friendly and nonhazardous aerospace coatings. Moreover, technological advancements are expected to enhance the performance of aerospace coatings, making them superior to conventional VOC-contained aerospace coatings.
According to a new report published by Allied Market Research, titled, India Aerospace Coating Market by Resin Type, Technology, User Type, End-use Industry, and Application: India Opportunity Analysis and Industry Forecast, 2017-2023, the India aerospace coating market was valued at $80 million in 2016, and is projected to reach $130 million by 2023, growing at a CAGR of 7.2 per cent from 2017 to 2023.
The solvent based coatings segment accounted for more than 60 per cent share of the India aerospace coating market in 2016. The major companies profiled in this report are Akzonobel N.V., BASF SE, Henkel AG, Hentzen Coatings, Inc., IHI Ionbond AG, Mankiewicz GEBR, Mapaero, PPG Industries, INC, The Sherwin-Williams Company, and Zircotec Ltd.
Aerospace coatings is a high-performance coating material applied on the metal surface of aircraft to provide protection against corrosion, ultraviolet rays and solar heat, climatic stress, and fog. Moreover, these coatings are applied to aircraft surface, engines, fuselage components, wings, propellers, landing gears, interiors, and other components to reduce the overall weight of the aircraft and minimize CO2 emissions. The growth of the India aerospace coating market is majorly driven by the development of the aviation industry. Moreover, advancement in the field of chrome-free technology is the major factor in boosting the growth of the market.
In addition, growth in the civil aviation sector due to the development of new airports and air services propels the market growth. Furthermore, the demand for high-quality paints and coatings for use in aircraft is on a constant increase, which has led to the development in the technologies used for manufacturing aerospace coatings. Nano-coatings are witnessing increased popularity, as they resist drag, dirt, stain, and are widely utilized for retaining shiny colors for a longer period. Thus, the increase in the use of nanotechnology in paint and coatings industry is anticipated to offer growth opportunity for the market.
The India aerospace coating market is segmented based on resin type, technology, user type, end user, and application. In terms of value, polyurethane resin generated the highest revenue in 2017, and is anticipated to maintain its dominance during the forecast period. High resistance to ultraviolet rays, abrasion, staining, and chemicals fuels the adoption of polyurethane resins.
According to technology, the solvent-based coating accounted for a share of 60 per cent of the market in 2017, in terms of volume. By user type, the India aerospace coating market is segmented into original equipment manufacturer and maintenance, repair, and overhaul.
Original equipment manufacturer garnered about 73.19 per cent of the market share by value in 2017, and is projected to exhibit prominent growth rate, owing to surge in use of the chromium-free product. Depending on end-user industry, the commercial aviation generated the highest revenue of $42.62 million in 2017.
According to Onkar Sumant, Manager, Chemical and Material at Allied Market Research, Aerospace coatings manufacturers and research institutions are investing significantly to develop environment-friendly and nonhazardous aerospace coatings. Moreover, technological advancements are expected to enhance the performance of aerospace coatings, making them superior to conventional VOC-contained aerospace coatings.