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According to the latest report by IMARC Group, titled "Aerospace Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global aerospace coatings market grew at a CAGR of around 6% during 2015-2020. Aerospace coatings refer to the materials that are widely used on the exterior surface of aircraft to protect its interiors and exteriors while boosting the overall performance. They are designed in a manner that assist in withstanding fluctuations in temperature and air pressure. They also offer excellent resistance against dirt, corrosion and ultraviolet (UV) rays at higher altitudes. Consequently, these materials are extensively utilized to improve durability of the aircraft, reduce in-flight drag on wings, prevent surface icing and facilitate vacuum-suction waste evacuation in an efficient manner.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Aerospace Coatings Market Trends:
The global market is majorly driven by considerable growth in the aerospace sector. With rapid globalization, inflating disposable income of the masses and their improving lifestyle preferences, there has been a significant rise in the number of passengers who opt for traveling through airways. Along with this, the reducing air fares that has led to a considerable rise in air traffic is expected to provide an impetus to the market. The market is further driven by the growing preference for international e-commerce businesses and significant growth in the tourism sector. Moreover, continual focus on innovation and digital transformation in the sector has led to the rising adoption of aerospace coatings across the globe. For instance, numerous key players are introducing UV-cured aerospace coatings in the market with lightweight materials and chrome-free technologies in an attempt to reduce weight and fuel consumption while minimizing the emissions of volatile organic compounds (VOCs). This is expected to create a positive outlook for the market further. On account of the aforementioned factors, the market is anticipated to exhibit moderate growth during 2021-2026.
Market Summary:
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