Aerospace coatings are applied to provide resistance against aggressive fluids such as fuel, deicing fluids and hydraulic liquids. High performance aerospace coatings are needed now days for the protection from extreme weather conditions and enhancement of the quality of the surface of aircraft to withstand dirt and drag resistance. Due to changes in environment regulations, the demand for aerospace coatings is rising.
Physical Vapor Deposition (PVD) coating is an alternative to the traditionally used chrome plating on aerospace components. It gives same benefit as hard chrome, non-hazardous characteristics and REACH-conforming. It also provides unique combination of low friction coefficient, anti-corrosion property and extreme surface hardness. This acts as a driver for the market as there is a substitute that can be used in place of hazardous chrome based coatings.
Organic coatings are applied to enhance the appearance of aircrafts and also for providing environmental protection. One of the recent developments in the aerospace coatings market is the invention of spray booth. In May 2016, PPG industries developed a capability for providing technical service to aerospace and military coatings industries. The company invested USD 2 Million for installing advanced-technology equipment that can encapsulate a full aircraft for the coating and painting purpose. This technology helped in reducing the time taken for painting and coating an aircraft.
India aerospace coatings market is projected to register a healthy CAGR of 7.5% in the forecast period of 2019 to 2026.
Segmentation: India Aerospace Coatings Market
India aerospace coatings market is segmented into five notable segments which are resin type, technology, sector, application and aerospace type.
- On the basis of resin type, the market is segmented into polyurethane, epoxy, silicone, polyester, acrylic and others
- In July 2017, Henkel acquired Darex Packaging Technologies and Sonderhoff Group completely. This strengthened the company’s Adhesive Technologies business segment as the acquired companies are high-performance sealants and coatings manufacturers. This acquisition will help the company to build strong presence among competitors of coatings market. Company purchased it for an amount equal to USD 1,050 million. The amount was made on cash and debt free basis, which enhanced the company’s strength as a free cash flow company
- On the basis of technology, the market is segmented into liquid coating and powder coating. Liquid coating is sub-segmented into solvent based and water based
- In March 2019, Hentzen Coatings, Inc. announced the expansion of its production facility in China. This new unit will be manufacturing powder coatings and will enhance the company’s product portfolio of coatings products. This helps in the growth of overall coatings market
- On the basis of sector, the market is segmented into MRO and OEM
- In September 2018, AkzoNobel Specialty Chemicals acquired Polinox, (Brazil) to increase portfolio of customers and accelerating its growth in this important region. Since this company has manufacturing units and its research and development centers established in India, so it acts as a driving point for the growth of aerospace coatings market of India
- On the basis of application, the market is segmented into interior and exterior
- In March, BASF SE announced the expansion of its regional innovation capabilities with new and innovative application areas in automotive application centre and the Process Catalysis Research & Development (R&D). This new facility will strengthen the company’s collaboration with other industries such as automotive industry. Company will be benefitted with this centre as there would be new launches for the growth of the market
- On the basis of aerospace type, the market is segmented into commercial airlines, general aviation and military air. Military air is sub-segmented into military fighters, ground equipment, transports, helicopters, engines and unmanned machines and others
- In January, Chase Corporation acquired Stewart Superabsorbents. It is a highly complementary acquisition for the company as it will bring new technologies and additional management for the company for the enhancement of its brand image. The company acquired the Stewart Superabsorbents business for an amount of USD 71,382,000
Competitive Analysis: India Aerospace Coatings Market
Some of the major players operating in this market are Hentzen Coatings, Inc., Henkel AG & Co. KGaA, IHI Ionbond AG, Chase Corp, Creative Coatings, PPG Industries, Inc., BASF SE, Akzo Nobel N.V. and The Sherwin-Williams Company.
- In 2018, HumiSeal, a subsidiary of Chase Corporation, launched new two-part silicone conformal coating and potting material named as 2C51. This product provides superior protection as a conformal coating. This enhanced the company’s product line range under its industrial material’s segment
- In May 2012, the company had launched new coatings for aerospace industry name as Aerocron which is an electrocoat primer. Key benefits of the product include it requires single operator, non-uniform line loading, immediate part handling, and reduced paint waste
Research Methodology: India Aerospace Coatings Market
Primary Respondents: Key Industry Participants, Subject-matter Experts (SMEs), C-level Executives of Key Market Players, Market Intelligence Managers, National Sales Managers and Industry Consultants’