Aircraft Paint Market Size Worth $6.4 Billion by 2032 | CAGR: 4.5%: Allied Market Research
The rising demand for new aircraft, increasing global air travel, and advancements in paint technologies are expected to drive the global aircraft paint market’s growth during the forecast period. The Asia-Pacific region is projected to witness prominent growth by 2032.
Wilmington, Delaware , March 18, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Aircraft Paint Market Size, Share, Competitive Landscape and Trend Analysis Report by Application, by Type, by Aircraft Type, by End-User: Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global aircraft paint market generated $4.2 billion in 2022, and is anticipated to generate $6.4 billion by 2032, rising at a CAGR of 4.5% from 2023 to 2032.
Prime Determinants of Growth
The growth in global air travel, rise of low-cost carriers operating with high-frequency, and strict regulations set by aviation authorities regarding materials and coatings used in aircraft manufacturing are the factors expected to drive the growth of the global aircraft paint market in the forecast period from 2023 to 2032. However, the high cost of advanced materials & technologies and limited resources for extensive R&D may hamper the market growth in the coming future. On the contrary, the advancements in paint technologies and the increasing environmental regulations drive the demand for eco-friendly solutions in aircraft paint. These factors are expected to offer remunerative opportunities for the expansion of the aircraft paint market during the forecast period.
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Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $4.2 billion |
Market Size in 2032 | $6.4 billion |
CAGR | 4.5% |
No. of Pages in Report | 280 |
Segments covered | Type, Aircraft Type, Application, End-user, and Region |
Drivers | Rising demand for new aircraft Increasing global air travel Strict regulations set by aviation authorities regarding materials & coatings |
Opportunities | Advancements in paint technologies Increasing environmental regulations and low-VOC formulations |
| High costs and limited resources for extensive R&D |
COVID-19 Scenario
The aircraft paint market experienced notable effects due to the COVID-19 pandemic. With global lockdowns, travel constraints, and a decline in passenger demand, airlines encountered substantial financial hurdles. Consequently, numerous airlines scaled back operations, grounded portions of their fleets, or postponed new aircraft deliveries.
Besides, airlines encountered financial pressures stemming from a drop in revenue and increased operational costs associated with implementing health and safety measures. Consequently, they faced budget limitations for non-essential services, like repainting aircraft for aesthetic or branding reasons.
Type: Epoxy Sub-segment to be the Most Dominant by 2032
The epoxy sub-segment accounted for the largest global aircraft paint market share of 76.8% in 2022 and is expected to grow at the highest CAGR of 4.7% during the forecast period. This is mainly because epoxy coatings are known for their excellent durability and resistance to environmental factors, such as corrosion and UV radiation, making them highly desirable for aircraft exteriors. Besides, advancements in epoxy coating technologies have led to the development of formulations that meet stringent environmental regulations, including regulations regarding volatile organic compounds (VOCs) and hazardous materials. Moreover, the increasing demand for high-performance and long-lasting coatings in the aircraft industry contributes to the growth of the epoxy sub-segment segment.
Aircraft Type: Narrow-body Sub-segment to be Most Prominent During the Forecast Period
The narrow-body sub-segment accounted for the largest market share of 41.4% in 2022 and is expected to hold its dominant position by 2032. This sub-segment is predicted to grow at the highest CAGR of 5.0% during the forecast period. This is mainly because as airlines expand their fleets or replace older aircraft with new narrow-body models, there's a consequent surge in the demand for aircraft paint to coat these planes, spurring growth. In addition, stringent regulations set by aviation authorities regarding safety, durability, and environmental sustainability necessitate compliance with specialized and compliant aircraft paint is further driving demand within the narrow-body sub-segment.
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Application: Interior Sub-segment to Witness Significant Growth by 2032
The interior sub-segment accounted for the largest global aircraft paint market share of 59.3% in 2022 and is expected to hold its dominant position during the forecast period. One of the primary reasons for this dominance is the airlines' pursuit of unique and visually appealing interior designs to bolster their brand image, which fuels demand for customized paints. Additionally, the need for durable interior paints capable of withstanding substantial wear and tear from passenger traffic and maintenance procedures drives the demand for the sub-segment, reducing maintenance costs and downtime.
End-user: Commercial Aircraft Sub-segment to Flourish Immensely During the Forecast Period
The commercial aircraft sub-segment accounted for the largest market share of 70.3% in 2022 and is expected to continue to dominate in terms of market share and grow at the highest CAGR of 4.8% during the forecast period. This is mainly due to the demanding operational environments of military aircraft, necessitating high-quality paint and coatings to protect against corrosion and enhance stealth capabilities. Besides, adherence to stringent safety and regulatory standards, mandating the use of specific paints and coatings and the need for distinctive paint schemes for identification and aesthetic purposes are the factors driving the growth of the commercial aircraft sub-segment.
Region: Asia-Pacific Market to Hold Major Market Share by 2032
The aircraft paint market in the Asia-Pacific region accounted for the largest share of 36.6% in 2022 and is predicted to continue to hold major market share by 2032. This growth is mainly owing to the airlines’ investments in fleet expansion and upgrades to meet regulatory standards and improve fuel efficiency. Stringent environmental and safety regulations drive the adoption of specific coatings, emphasizing the need to reduce environmental impact and ensure passenger safety. Moreover, economic development and increased budgets in the airline and military sectors also impact market dynamics, with global supply chain factors influencing regional markets like Asia-Pacific.
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Leading Players in the Aircraft Paint Market:
DuPont
Masco
Mapaero Coatings
Hentzen Coatings, Inc.
PPG INDUSTRIES, INC
Mankiewicz Gebr. & Co.
BASF SE
Kansai Paint Co., Ltd.
IHI Ionbond AG
Akzo Nobel NV
The report provides a detailed analysis of the key players of the global aircraft paint market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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