Military Aerospace Coatings Market worth $390.7 million by 2023

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 global presence.

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The demand for military aerospace coatings for different military aircraft is high, especially in Russia, the US, China, and India. Competition among countries to become global superpowers, empowerment of their defense sectors, and the adoption of emerging technologies and innovations are expected to drive the demand for military aerospace coatings in these industries. APAC is projected to witness strong growth over the next 5 years followed by North America and Europe.

Different types of military aerospace coatings are used in aircraft, based on the requirements and durability of products. These have distinct properties, which vary according to application requirements. Military aerospace coatings are classified based on resin types, namely, polyurethane, epoxy, and others. Demand in the coating market is based on the demand for coat layers, such as base coat, and top coat. Generally, polyurethane is applied as a top coat and epoxy is applied as a primer. The growing demand for military aerospace coatings from the APAC and North America regions is expected to drive the market. However, government regulations and policies consume time due to the required approvals and are affecting market growth.

PPG Industries (US) manufactures and distributes coatings and glass products. The company operates through two business units, namely, performance coatings and industrial coatings. The company also provides industrial and automotive coatings to manufacturing companies. The company has 140 manufacturing facilities in 40 countries. In June 2017, PPG (US) completed the construction of a USD 49 million paints and coatings manufacturing facility and started operations in the Lipetsk region of Russia.

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