The Military Aerospace Coatings Market is estimated to be USD 310.7 million in 2018 and is projected to reach USD 390.7 million by 2023, at a CAGR of 4.69% from 2018 to 2023
North America is expected to be the largest, while APAC is expected to be the fastest-growing market for military aerospace coatings, in terms of value and volume. North America is expected to retain its leadership until 2023. Countries in these regions such as US, China, and India are witnessing an increase in the use of military aerospace coatings in the OEM and MRO user types. This can be attributed to the demand for fixed wing and rotary wing military aircraft from these regions.
Increasing defense budgets; presence of a large aerospace industry; and increasing investments & expansions, mergers & acquisitions, new product launches, and joint venture activities in the region are driving the military aerospace coatings market.
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The fixed-wing military aircraft type segment is projected to grow at the highest CAGR between 2018 and 2023, followed by rotary wing military aircraft. Military aerospace coatings provide wear protection, corrosion resistance, and UV resistance, reduce weight, prohibiting oxidation of metals and enhance surface hardness on aircraft substrates. As military aerospace coatings exhibit diverse properties, these are applied on the exterior surfaces of military aircraft by OEMs and MROs. Manufacturers are focusing on R&D activities to improve properties of military aerospace coatings.
PPG (US), Akzo Nobel (Netherland), Sherwin-Williams (US), Hentzen Coatings (US), Mapaero (France), 3Chem (US), Creative Coatings (US), and Qioptiq (UK) are the key players in the global military aerospace coatings market.
These market players are expected to undertake organic growth strategies, such as regional expansions, joint ventures, and new product developments to expand their overall businesses and tap the fast-growing regions. Several companies are developing innovative products as well as enhancing their presence in emerging markets.
Moreover, major companies are focusing on strengthening their R&D facilities to provide cost-effective products. These products are manufactured adhering to regulations implemented by associations and governments. All such developments are expected to lead to the sustainable growth of the players in the military aerospace coatings market over the next 5 years.