The Military Aerospace Coatings Market is projected to grow from USD 310.7 million in 2018 to USD 390.7 million by 2023, at a CAGR of 4.69% between 2018 and 2023. North America is the largest consumer of military aerospace coatings. The military aerospace coatings market in the North America region is witnessing high demand from various new OEMs manufacturing rotary wing and fixed wing military aircraft.
Some of the major players in the military aerospace coatings market include PPG (US), Akzo Nobel (Netherlands), Sherwin-Williams (US), and Hentzen Coatings (US). These players have adopted various strategies, such as mergers & acquisitions, expansions, and new product launches to grow in the military aerospace coatings market.
Investments & expansions was the key strategy adopted by the major players to grow in the military aerospace coatings market between 2015 and 2018. This strategy accounted for a share of 53% of all growth strategies adopted by key market players and helped companies enhance their market and expand ****** presence.
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Polyurethane (PU) is the largest resin type segment of the military aerospace coatings market
The military aerospace coatings market has been segmented on the basis of resin into polyurethane, epoxy, and others which include acrylic and silicone. In 2018, the PU resin type is estimated to account for the largest market share, in terms of volume, due to the demand for military aerospace coatings for fixed wing and rotary wing military aircraft. PU is used as a top coat and epoxy is generally used as primer. The UV resistant property leads to the high demand for the PU resin.
Rising demand from emerging economies is expected to drive the military aerospace coatings market during the forecast period
North America is expected to account for the largest share of the military aerospace coatings market, in terms of both, volume and value by 2023. But, the military aerospace coatings market in APAC is projected to grow at the highest CAGR between 2018 and 2023, in terms of value, because of the increasing number of aircraft deliveries and increasing budgets of defense sectors of China and India. China is estimated to be the leading country in the APAC military aerospace coatings market in 2018, owing to the increase in demand from the OEM and MRO user types.
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