Market Trends of Aerospace Coatings Industry
This section covers the major market trends shaping the Aerospace Coatings Market according to our research experts:
Aerospace Coatings for Maintenance Repair and Operations (MRO)
- The MRO market for aerospace coatings is witnessing high success rates in regions such as the Middle East & Africa, and Asia-Pacific. The countries in the regions are looking forward to constructing MRO centers to develop their infrastructure industry.
- In the Middle Eastern region, the United Arab Emirates stands at the top, followed by Saudi Arabia. These countries are setting up MRO centers associated with major aircraft manufacturers.
- The commercial aviation sector accounts for the fastest growth in the overall MRO sector, owing to the rapidly rising passenger air travel and increasing cargo transport rates across the globe.
- In August 2022, Adani acquired an airplane maintenance company for INR 400 crore (USD 54.0 billion). Moreover, Adani will replace the 900+ maintenance experts at Air Work. Thus, benefiting the market growth during the forecast period.
- With the increasing number of commercial airlines, the business for MRO also increases. According to International Air Transport Association (IATA), the global revenue of commercial airlines increased by nearly 32% in 2021 compared to 2020. The commercial airlines generated USD 506 billion in revenue in 2021.
- Hence, owing to all the factors mentioned above, the market for aerospace coatings is expected to increase during the forecast period.
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North America to Dominate the Market
- North America dominated the global market. With growing commercial aviation in the United States and Canada, the consumption of aerospace coatings is increasing in the region.
- The United States is the largest aviation market in North America and includes one of the largest fleet sizes in the world. United Airlines and American Airlines have the largest fleet size.
- In April, US president Joe Biden signed off on a USD 29 billion increase to his requested national defense budget for FY 2022. It was approved alongside another USD 13.6 billion in emergency military and humanitarian aid for Ukraine due to the ongoing war with Russia.
- According to the Federal Aviation Administration's estimates, the general aviation fleet in the United States had surged to 204,405 aircraft in 2021. Thus, supporting the market growth during the forecast period.
- Such factors and government support are expected to contribute to the region's increasing demand for aerospace coatings during the forecast period.
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