Aero-Engine Coatings Market to reach US$ 1.2 billion in 2024

The Aero-Engine Coatings Market: Highlights

The market outlook of aero-engine coatings for the next five years seems promising with favorable growth opportunities in the entire ecosystem. The market is projected to grow at an excellent rate in the coming five years to reach an estimated value of US$ 1.2 billion in 2024. Development of high-thrust engines coupled with the requirement of high-performance coatings for complex-shaped engine parts are driving the suppliers to develop new coating systems as well as sophisticated deposition techniques.

Aero-Engine Coatings Market, By Aircraft Type:

Based on the aircraft type, the market is segmented into commercial aircraft, military aircraft, regional aircraft, general aviation, and helicopter. Commercial aircraft is likely to remain the growth engine of the market during the forecast period. Increasing production rates of key aircraft programs, such as B737, B787, A320, and A350XWB to support rising passenger traffic; introduction of variants of the best-selling aircraft programs (A320neo, B737 Max, B777x, and A330neo); advancements in the fabrication process of different aero-engine components; and market entry of new aircraft (C919 and MC-21) are primarily driving the demand for aero-engine coatings in the commercial aircraft segment.

Aero-Engine Coatings Market, By Engine Type

Based on the engine type, the aero-engine coatings market is segmented into turbofan engine, turbojet engine, turboprop engine, and turboshaft engine. Turbofan engine is expected to remain the dominant and fastest growing segment of the market during the forecast period. Turbofan engine preferably used in commercial aircraft, regional aircraft, and business jets. Rise in passenger traffic across the globe has led to an increased demand for the key commercial aircraft programs, such as B737, A320, B787, and A350XWB, which, in turn, is driving the demand for turbofan engines including coating materials for their engine components.

Aero-Engine Coatings Market, By Form Type

On the basis of the form type, the aero-engine coatings market is segmented into powder coating, liquid coating, and wired coating. Powder coatings are expected to remain the dominant and fastest-growing segment of the market during the forecast period. Powder coatings deliver cost-effective solutions with improved performance. Further, these coating materials are free from volatile organic compounds unlike solvent-based coatings, which results in its significant demand in the aero-engine coatings market.

Aero-Engine Coatings Market, By Application Type

Based on the application type, the aero-engine coatings market is segmented into turbine section, combustion section, compressor section, afterburner section, and bearings & accessories. Turbine section is expected to remain the dominant and fastest-growing segment of the market during the forecast period. High-pressure turbines of an aero-engine undergo the most severe conditions as they rotate at more than 10,000 rpm. In these extreme conditions, turbine blades may suffer from oxidation and corrosion. In order to avoid degradation of blades, oxidation resistance coatings and thermal barrier coatings are applied upon them as well as in other components of the turbine section.

Aero-Engine Coatings Market, By Region

In terms of region, North America is projected to remain the largest market for aero-engine coatings during the forecast period. All the major aero-engine suppliers, such as GE Aviation, CFM International, and Pratt & Whitney, have their engine assembly plants in the region to address the teething issues of aircraft OEMs. The USA is the growth engine of the region’s market and has one of the largest fleets of commercial aircraft across the world. The country also owns the largest fleet of the military, regional, and general aviation aircraft. Presence of all major aircraft OEMs, aero-engine OEMs, tier players, aero-engine coating suppliers, and raw material suppliers are primarily driving the aero-engine coatings market in the region.

Asia-Pacific is likely to witness the highest growth during the same period, driven by a host of factors including increasing demand for commercial aircraft to support rising passenger traffic, opening of assembly plants of Boeing and Airbus for B737, A320, and A330 in China, upcoming indigenous commercial and regional aircraft (COMAC C919 and Mitsubishi MRJ), and increasing aircraft fleet size.

Top Players

The supply chain of this market comprises raw material suppliers, aero-engine coating manufacturers, coating service providers, engine tier players, engine OEMs, aircraft OEMs, airlines, aircraft leasing companies, and MRO companies. The key players in the aero-engine coatings market are Praxair Inc., OC Oerlikon Corporation AG, Chromalloy Gas Turbine LLC, PPG Industries Inc., Akzo Nobel N.V., and Dowdupont Inc. Development of high-performance coatings, expansion in untapped and growing markets, and execution of mergers & acquisitions are the key strategies adopted by the major players to gain a competitive edge in the market.

SOURCE: https://www.stratviewresearch.com/471/aero-engine-coatings-market.html