Europe Advanced Aerospace Coating Industry Analysis by Size, Share,
Demand & Growth to 2034
The Europe advanced aerospace coatings market was valuated at just-over US$
846.47 million in 2034, which is anticipated to register the CAGR of 4.5%
through 2034. Increasing demand for efficient and lightweight advanced
aerospace coatings is expected to be a major factor driving the demand for
advanced aerospace coatings in the Europe market during the forecast period.
Rising Aircraft Production & Expanding Fleet Size Continues to Generate
Sustained Demand for Advanced Aerospace Coatings in Europe
Europe’s increasing air passenger traffic has been leading to an increase in the
demand for commercial aircraft. This, in turn, has been leading to an increase in
the production of commercial aircraft. The growth of the advanced aerospace
coatings market is directly dependent on the total aircraft production and the
fleet size.
Rising production and sales of aircraft, particularly in developing countries
within the region are anticipated to create noteworthy opportunities in Europe’s
advanced aerospace coatings market. Increasing aircraft deliveries by leading
manufacturers such as Airbus and Boeing are underpinning substantial additions
to the existing aircraft fleet size of Europe.
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Progressing Scenario within MRO Segment to Majorly Influence Europe’s
Advanced Aerospace Coatings Market Growth
As the number of aircraft that are in service is increasingly constantly, the report
prompts at the subsequent rise in demand for maintenance, repair, and overhaul
(MRO) of various aircraft parts, components, and vital systems. This, according
to FMI, will trigger the revenue growth of MRO sales channel within Europe’s
advanced aerospace coatings market during the forecast period.
Aftermarket Sales of Advanced Aerospace Coatings in Europe to Gain
Uptick with Soaring Demand for Leased Aircraft
An aircraft, being one of the most expensive commodities, a number of small
airline carriers prefer to lease from major players. While leasing of aircraft helps
these airline carriers avoid high capital investments, they generally tend to
renovate the entire aircraft before putting it into operation. The entire aircraft
cabin is renovated according to specific requisites of respective airline carriers
and their customer demands.
More often, a leased aircraft is coated with multiple paints and colors,
highlighting the symbol and logo of particular airlines. According to the report,
increasing rate of aircraft leasing will continue to push the growth of advanced
aerospace coatings market in Europe.
Rapid Sales of Advanced Aerospace Coatings Continue to Suffer from
Relatively Gradual Growth of European Economies, Post Crisis
Post the financial crisis, economic growth has slowed down, as compared to the
growth registered prior to the financial crisis. Wage growth has been weak and
most of the industrial work has been outsourced to emerging economies, which
has made industrial investment in developed economies weak. This, in turn, has
been restraining the growth of the advanced aerospace coatings market.
Democratic uprisings, such as the Arab Spring, economic sanctions against
Russia and the involvement of Ukraine in a proxy war, have pushed many
countries into an economic turmoil. The market in these nations has been
deteriorating exponentially and in recent times, these markets have been
exhibiting a moderate growth scenario. Due to the economic crisis, the
purchasing in these countries has come down drastically and subsequently, the
demand for advanced aerospace coatings has suffered.
Advanced Aerospace Coatings Market – Competition Landscape
The Europe advanced aerospace coatings market is consolidated with the top
two market players (AkzoNobel and PPG) accounting for double-digit market
shares as of 2023. The top ten players in the Europe advanced aerospace
coatings market are projected to collectively account for between a 50% and
60% market share.
In the recent past, the advanced aerospace coatings market has witnessed
significant improvements from a competition perspective. Acquisitions,
collaborations and expansion of production capacity are some of the key
strategies being adopted by market players to expand and sustain in the Europe
advanced aerospace coatings market.
Praxair, Inc. and GE Aviation opened a new facility in the U.S. for their PG
Technologies business that specializes in advanced coatings and enables
jetengines to withstand high stress and temperatures
PG Technologies Ltd. announced that it intends to add a new additional coating
capacity in Singapore to meet the ever-increasing demand from the aviation
industry
Akzo Nobel opened a specialty coatings facility in Dongguan, China, primarily
for the production of advanced aerospace coatings for South and North Asia
aviation markets
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