India Aerospace Coating Market by Resin Type, Technology, User Type, End User, Application - India Opportunity Analysis and Industry Forecast, 2017-2023

Executive Summary

According to a new report, titled, India Aerospace Coating Market by Resin Type, Technology, User Type, End-use Industry, and Application: India Opportunity Analysis and Industry Forecast, 2017-2023, the India aerospace coating market was valued at $80 million in 2016, and is projected to reach $130 million by 2023, growing at a CAGR of 7.2% from 2017 to 2023. The solvent based coatings segment accounted for more than 60% share of the India aerospace coating market in 2016.

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.

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. no-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 nontechnology in paint and coatings industry is anticipated to offer growth opportunity for the market.

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. 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.

According to Onkar Sumant, Manger, in the Chemical and Material sector, Aerospace coatings manufacturers and research institutions are investing significantly to develop environment-friendly and nonhazardous aerospace coatings. Moreover, technological advancements are expected to enhance the performance of aerospace coatings, making them superior to conventional VOC-contained aerospace coatings.

Key Findings of the India Aerospace Coating Market:

In terms of volume, polyurethane accounted for share of nearly 59.13% in the India aerospace coating market in 2017.
Exterior application is anticipated to grow with the highest CAGR throughout the forecast period.
In terms of value, commercial aviation accounted for 49.45% of the India aerospace coating market in 2017.
The polyurethane resin segment is anticipated to grow at the highest rate in the India aerospace coating market during the Analysis period.

The major companies profiled in this report are Akzonobel N.V., BASF SE, Henkel AG, Hentzen Coatings, Inc., IHI Ionbond AG, Mankiewicz GEBR, Mapaero, PPG Industries, INC, The Sherwin-Williams Company, and Zircotec Ltd.

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

• Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
• Scientific and technical writings for product information and related preemptions
• Regional government and statistical databases for macro analysis
• Authentic news articles and other related releases for market evaluation
• Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.