Knowledge Sourcing Intelligence announces the publication of a new report on the "Aircraft Paint Market - From 2019 to 2026" to their offering.
The aircraft paint market is projected to grow at a CAGR of 3.14% to reach US$5.393 billion in 2026 from US$4.342 billion in 2019.
Aircraft, midair have to withstand harsh weather conditions and to protect the aircraft for wear and tear certain paints and protective elements are used. These special paints like enamels, primers, epoxy give the desired appearance to the aircraft. These paints have the ability to withstand harsh conditions as they are highly durable and does not easily wear off. The growing air travel has been a major reason for the growth of this industry as airline companies have been using innovative designs and paints to attract more customers.
The COVID-19 pandemic outbreak has impacted every industry globally which is causing socio-economic disruptions. The COVID-19 outbreak followed by lockdown has disrupted the production and distribution channel of the aircraft paints. This caused the wide gap between supply and demand. However, it is expected that demand for aircraft paints will surge when the economic conditions will be back to normal.
The aircraft paint market is highly driven by the increase in the number of air travelers due to the rapid urbanization, disposable income of people, medical travel and lifestyle changes has amplified the growth of aircraft paints in the forecast period. The rapid growth in the tourism industry has fueled the use of air crafts due to cheaper fare rates which has surged the demand of aircraft paints. Moreover, the World Bank report states that the number of air passengers international or domestic has risen to 4.233 billion in 2018 from 2.628 billion in 2010. This blooming surge in the tourism industry has led to the increasing demand of aircraft paints in the global market.
The aircraft paint market by end-user is segmented as commercial and military. The commercial segment is accounted for the largest share in the forecast period owing to the lower airfares, higher standard of living, growth in tourism is driving the demand of commercial air travel. By the year 2020 Boring recorded XXXX commercial aircrafts whereas Airbus recorded the largest number of commercial aircrafts. The production and delivery of commercial aircraft is expected to fuel the growth of aircraft pant market un the forecast period.
Aircraft paint market by application is segmented as exterior and interior. The interior painting is associated with corrosion and deterioration as the interior is not exposed to harsh conditions. The exterior painting is associated with a pleasing appearance and for its protection from harsh environments. Pleasing appearance calls out for more customers which increases the overall revenue of the airlines. Airline companies have also been using decorative paints for the company’s logo and emblem to enhance the overall physical appeal of the aircraft.
However, the high cost associated with frequent painting of the exterior and the interior of an aircraft will hamper the growth of aircraft paint market. Airlines opt for cost-effective methods to maintain the interiors and exteriors of the aircraft so as to not cut down the profits generated. The painting process requires a lot of labor and is time consuming due to which airlines opt for cheaper alternatives which has proved to be a restraint in the aircraft paint market at the global level.
The covid-19 pandemic has had an adverse effect on the aircraft paint market due to the temporary suspension of travel activities around the world. These travel restrictions imposed by countries has had a negative impact on the aviation sector with many employees losing jobs. The aircraft manufacturing unit has also experienced great losses due to the limited demand and non-availability of labor resources. The disruption in the supply chain has further hampered the growth of the aircraft paint market in the time period. The limited air cargo activities and the restrictions imposed on international trade and business activities has curbed the growth of this industry in the global market. However, with the ease in lockdown and travel restrictions, the aircraft paint market is expected to bloom in the forecast period.
The aircraft paint market on the basis of region is segmented as North America, South America, Europe, Middle East & Africa, and Asia Pacific. Asia Pacific region in the aircraft paint market is expected to grow at high CAGR during the forecasted period due the increasing air travel in the region. Also, with the increasing military aircraft procurements by developing countries like India and China in the region have further surged the demand of aircraft paint in the region. The adoption of fancy paint and theme by airlines like Hainan Airlines and China Eastern Airlines to attract passengers has further boosted the paint market. Furthermore, North America region is anticipated to hold a significant share in the market due to the presence of major key players in the aircraft paint market in the region.
As a part of the report, the major players operating in the aircraft paint market, which have been covered are Akzo Nobel N.V, Axalta Coating Systems, APV Engineered Coatings, Hentzen Coatings Inc., Henkel AG & Co. KGaA, IHI Ionbond AG, Mankiewicz Gebr & Co., PPG Industries Inc., 3M Company, and Walter Wurdack Inc.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/aircraft-paint-market
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