Asia Pacific aerospace coatings market is anticipated to exhibit over 7% CAGR from 2017 to 2024. This can be attributed to rising cargo and passenger traffic along with increasing international trade in emerging economies including India and China. Improving aviation infrastructure in the region will further support the region’s growth.
Powered by a barrage of tech benefactors, aerospace coatings market has witnessed remarkable proceeds across a host of aviation fraternities including the likes of military, space, commercial etc. Even a few years back, the application significance of these coatings was deemed to be limited to protection and aesthetic appearance improvement. However, with technological proliferations and subsequent complexity in the aviation industry, the requirement of advanced coatings endorsed with features like faster drying time, lightweight, increased durability, and unique color styling has upscaled tremendously.
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In recent times, aerospace coatings market is characterized by a plethora of contemporary product innovations, inherently influenced by the sustainability march across the globe. It has been observed that research efforts have been focused on developing smart multifunctional coatings that not only ensure improved functionality but also are environmentally viable. Citing a recent instance of the same, Airbus and Lufthansa, two of the eminent aerospace giants have developed an ecofriendly coating solution dubbed as sharkskin for aircraft wings.
Researched at ZAL Centre of Applied Aeronautical Research, Hamburg, this groundbreaking coating technology is claimed to improve the fuel efficiency by reducing the airflow resistance. Reportedly, the ‘riblet’ aerospace coating having a structural resemblance with shark skin, may result in saving kerosene worth of almost USD 62 million per annum, reducing the carbon footprint by approximately 200000 tons. Considering the innovative product configuration and its proclaimed offering, experts have enough reason to believe that sharkskin would prove to be disruptive for the aerospace coatings market trends in the coming years.
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Another eyepopping spectacular scoop in aerospace coatings market place is UDRI’s contract with the United States Air Force Department. The University of Dayton Research Institute, has been recently awarded a contract worth of USD 1.5 million to evaluate and deliver innovative advanced aerospace coatings for turbine engine parts. Reportedly, this USD 1.5 million agreement stems from UD’s seven-year contract with U.S. Air Force worth over USD 40 million, targeting environmentally viable and energy efficient technologies for Air Force equipment.
If sources are to be relied, this Dayton based institute proclaims its research project to uptick by 10% in 2018, from what it recorded in the year before last. Furthermore, as it is being reported, the research programs initiated by the University of Dayton, in terms of valuation, is slated to increase from USD 117.6 million to USD 130 million over 2016-2017. Having recognized the potential opportunities of utilizing UDRI’s exceptional product palate in aerospace coatings market, the United States Air Force Department, may have taken the decision of giving the contract to the institute.
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Speaking along the similar lines, U.S., quite evidently proves its supremacy over the entire business space. In fact, as per estimates, with the dominance of U.S., North America aerospace coatings market size is forecast to exceed USD 350 million by 2024. Other than the regional governmental support, this belt houses established coatings manufacturers and new generation aircrafts such as Airbus A350, Boeing 737 MAX, and Boeing 787, which undeniably has opened up slew of opportunities for aerospace coatings industry players.
The strategic landscape of aerospace coatings market is chronicled to be rather consolidated with renowned giants like Mankiewicz, PPG Industries, Akzo Nobel NV, Merck Performance, and BASF, procuring almost 50% of the global share. Amidst the intense share battle, product innovations via R&D investments is claimed to be one of the major parameters justifying the sustainability quotient of aerospace coatings industry participants.
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