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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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. The site is expected to produce about 25 million liters of coatings at full capacity and caters to the demand for coatings in Russia. The company has been acquiring emerging companies in the military aerospace coatings market. For example, in July 2017, PPG acquired the Crown Group, a US-based leader in the coatings application services business. This acquisition is expected to enhance PPG’s ability to service its Original Equipment Manufacturer (OEM) customers and help cater to the demand for coatings in the North American region.
There are several major North American and European players in the military aerospace coatings market. The Netherlands based Akzo Nobel Company is also one of the leaders in the military aerospace coatings market. The company has a strong customer base and operates in various countries in Europe, North America, APAC, South America, and the Middle East. It has business activities in more than 80 countries. The company mainly focuses on the investments & expansions strategy to grow its business. For example, in July 2018, Akzo Nobel opened a new coatings production facility in Kenya, which is expected to expand the company’s performance coatings presence in Africa.
Military Aerospace Coatings Market by Resin Type (Polyurethane and Epoxy), Technology (Liquid and Powder), User Type (OEM and MRO), Aircraft Type (Fixed Wing and Rotary Wing), and Region (North America, Europe, APAC) - Global Forecast to 2023
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