Europe Advanced Aerospace Coatings Market is anticipated to register the CAGR of 4.9% through 2028
The report provides comprehensive information on market trends, value (US$ Mn) and volume (‘000 Li), competition, recent developments and dynamics in Europe advanced aerospace coatings market for the duration between 2018 and 2028.
The Europe advanced aerospace coatings market was valuated at just-over US$ 390 million in 2018, which is anticipated to register the CAGR of 4.9% through 2028. Increasing demand for efficient and lightweight advanced aerospace coatings is expected to be a major factor driving the demand for advanced aerospace coatings in the Europe market during the forecast period.
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Rising Aircraft Production & Expanding Fleet Size Continues to Generate Sustained Demand for Advanced Aerospace Coatings in Europe
Europe’s increasing air passenger traffic has been leading to an increase in the demand for commercial aircraft. This, in turn, has been leading to an increase in the production of commercial aircraft. The growth of the advanced aerospace coatings market is directly dependent on the total aircraft production and the fleet size.
Rising production and sales of aircraft, particularly in developing countries within the region are anticipated to create noteworthy opportunities in Europe’s advanced aerospace coatings market. Increasing aircraft deliveries by leading manufacturers such as Airbus and Boeing are underpinning substantial additions to the existing aircraft fleet size of Europe.
Progressing Scenario within MRO Segment to Majorly Influence Europe’s Advanced Aerospace Coatings Market Growth
As the number of aircraft that are in service is increasingly constantly, the report prompts at the subsequent rise in demand for maintenance, repair, and overhaul (MRO) of various aircraft parts, components, and vital systems. This, according to FMI, will trigger the revenue growth of MRO sales channel within Europe’s advanced aerospace coatings market during the forecast period.
The MRO sales channel of commercial segment of the Europe advanced aerospace coatings market is projected to grow at a 5.9% value CAGR during the forecast period. Increasing fleet size of commercial as well as business aircraft and high demand for customized exteriors are some of the other factors driving the growth of the advanced aerospace coatings MRO sales channel.
Aftermarket Sales of Advanced Aerospace Coatings in Europe to Gain Uptick with Soaring Demand for Leased Aircraft
An aircraft, being one of the most expensive commodities, a number of small airline carriers prefer to lease from major players. While leasing of aircraft helps these airline carriers avoid high capital investments, they generally tend to renovate the entire aircraft before putting it into operation. The entire aircraft cabin is renovated according to specific requisites of respective airline carriers and their customer demands.
More often, a leased aircraft is coated with multiple paints and colors, highlighting the symbol and logo of particular airlines. According to the report, increasing rate of aircraft leasing will continue to push the growth of advanced aerospace coatings market in Europe.
Rapid Sales of Advanced Aerospace Coatings Continue to Suffer from Relatively Gradual Growth of European Economies, Post Crisis
Post the financial crisis, economic growth has slowed down, as compared to the growth registered prior to the financial crisis. Wage growth has been weak and most of the industrial work has been outsourced to emerging economies, which has made industrial investment in developed economies weak. This, in turn, has been restraining the growth of the advanced aerospace coatings market.
Democratic uprisings, such as the Arab Spring, economic sanctions against Russia and the involvement of Ukraine in a proxy war, have pushed many countries into an economic turmoil. The market in these nations has been deteriorating exponentially and in recent times, these markets have been exhibiting a moderate growth scenario. Due to the economic crisis, the purchasing in these countries has come down drastically and subsequently, the demand for advanced aerospace coatings has suffered.
Advanced Aerospace Coatings Market – Competition Landscape
The Europe advanced aerospace coatings market is consolidated with the top two market players (Akzo Nobel and PPG Industries Inc.) accounting for double-digit market shares as of 2017. The top ten players in the Europe advanced aerospace coatings market are projected to collectively account for between a 50% and 60% market share.
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In the recent past, the advanced aerospace coatings market has witnessed significant improvements from a competition perspective. Acquisitions, collaborations and expansion of production capacity are some of the key strategies being adopted by market players to expand and sustain in the Europe advanced aerospace coatings market.
- Praxair, Inc. and GE Aviation opened a new facility in the U.S. for their PG Technologies business that specializes in advanced coatings and enables jet engines to withstand high stress and temperatures
- PG Technologies Ltd. announced that it intends to add a new additional coating capacity in Singapore to meet the ever-increasing demand from the aviation industry
- Akzo Nobel opened a specialty coatings facility in Dongguan, China, primarily for the production of advanced aerospace coatings for South and North Asia aviation markets