India Aerospace Coating Market was valued at $80 million in 2016, and is projected to reach $130 million by 2023, As per the report by Allied Market Research. The solvent based coatings segment accounted for more than 60% share of the India aerospace coating industry in 2016.
In addition, growth in the civil aviation sector due to development of new airports and air services propels the market growth. Furthermore, the demand for high-quality paints & coatings for use in aircraft is on a constant increase, which has led to development in the technologies used for manufacturing aerospace coatings. Nano-coatings are witnessing increased popularity, as they resist drag, dirt, stain, and are widely utilized for retaining shiny colors for a longer period. Thus, increase in use of nanotechnology in paint and coatings industry is anticipated to offer growth opportunity for the market.
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Aerospace coatings is a high-performance coating material applied on the metal surface of aircraft to provide protection against corrosion, ultraviolet rays & solar heat, climatic stress, and fog. Moreover, these coatings are applied to aircraft surface, engines, fuselage components, wings, propellers, landing gears, interiors, and other components to reduce the overall weight of the aircraft and minimize CO2 emissions. The growth of the India aerospace coating market is majorly driven by development of the aviation industry. Moreover, advancement in the field of chromo-free technology is the major factor boosting the growth of the market.
By Resin Type
The India aerospace coating market is segmented based on resin type, technology, user type, end user, and application. In terms of value, polyurethane resin generated the highest revenue in 2017, and is anticipated to maintain its dominance during the forecast period. High resistance to ultraviolet rays, abrasion, staining, and chemicals fuels the adoption of polyurethane resins.
1. Solvent Based
2. Water Based
3. Powder Coating
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According to technology, the solvent-based coating accounted for a share of 60% of the market in 2017, in terms of volume. By user type, the India aerospace coating market is segmented into original equipment manufacturer and maintenance, repair, and overhaul. Original equipment manufacturer garnered about 73.19% of the market share by value in 2017, and is projected to exhibit prominent growth rate, owing to surge in use of chromium-free product. Depending on end user industry, the commercial aviation generated the highest revenue of $42.62 million in 2017.
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