The global Aero Engine Coatings market is expected to witness a market value of US$ 105.0 Million in 2023 and is expected to accumulate a market value of US$ 141.1 Million by registering a CAGR of 3.0% in the forecast period 2023 to 2033. The Aero Engine Coatings market registered a CAGR of 2.3% in the historical period 2018 to 2022. Factors such as the increase in development in the aircraft industry, as well as increasing export and import activities, are expected to boost the market growth over the analysis period.
As per Future Market Insights - market research and competitive intelligence provider, the global market value for Aero Engine Coatings has been flourished. With the increasing demand for fuel-efficient and advanced aircraft, there is a growing need for coatings that can reduce the weight of aircraft, improve their fuel efficiency, and protect critical engine components from harsh operating conditions. Advanced coatings can help to achieve these objectives, and hence the demand for Aero Engine Coatings is expected to increase.
Moreover, the aviation industry is growing at a steady pace, driven by factors such as rising disposable incomes, increasing globalization, and a growing number of air travelers. With the growing aviation industry, there is an increasing need for new aircraft and advanced coatings that can enhance the performance and durability of aerospace components. In addition, the need for lightweight and advanced coatings is increasing, driven by the need to reduce the weight of aircraft and improve their fuel efficiency. Advanced coatings can also help to protect critical engine components from harsh operating conditions, which is essential for ensuring the safety and reliability of aircraft. Thus, these factors are expected to accelerate the market growth during the forecast period.
The development of new coating materials and technologies is expected to drive the growth of the Aero Engine Coatings market. Advanced coating materials such as ceramic matrix composites and thermal barrier coatings offer superior performance and durability, which is driving their adoption in the aerospace industry.
Additionally, the increasing focus on environmental sustainability and the need to comply with stringent regulations are driving the adoption of advanced coatings that are more environmentally friendly and can reduce the carbon footprint of the aerospace industry. Regulations such as REACH and the European Aviation Safety Agency (EASA) regulations are also fueling the adoption of advanced coatings that are more environmentally friendly.
Furthermore, another major factor such as the growing demand for air travel and the need for new aircraft are resulting the increase in aircraft fleet size. With the increase in aircraft fleet size, there is a growing need for advanced coatings that can enhance the performance and durability of aerospace components.
Besides, the growing demand for air cargo is escalating the need for advanced coatings that can protect critical engine components from the harsh operating conditions of air cargo transportation. Advanced coatings can also help to reduce the maintenance and repair costs of aircraft, which is essential for the profitability of air cargo operators.
On the regional end, the Aero Engine Coatings market in North America is expected to account for the maximum share during the analysis period, owing to the factors such as increasing demand for fuel-efficient and advanced aircraft, the growing aviation industry, and the need for advanced coating technologies to enhance the performance and durability of aerospace components in the region.
On the other hand, the Aero Engine Coatings market in Europe is expected to account for a significant share over the forecast period, attributed to the factors such as the growing air travel industry, and the need for advanced coating technologies in the region. With the presence of major aerospace companies in the region and the growing demand for new aircraft, Europe is expected to remain a key market for Aero Engine Coatings in the coming years.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Aero Engine Coatings are expected to create lucrative opportunities for the market growth over the analysis period.
For instance, Socomore, in March 2021, launched an alkaline degreaser in its surface treatment range, approved by major OEMs like Airbus and Safran. The product can clean the parts by removing inks, oils, grease, among others, from the surface.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 105.0 Million |
| Projected Market Value in 2033 | US$ 141.1 Million |
| Growth Rate (2023 to 2033) | 3.0% CAGR |
Demand for aero engine coatings will witness sound recovery in short-term, with optimistic growth outlook in the long-run. Growing demand from aviation industry will have boundless opportunities in near future and sales of aero engine coatings in aircraft manufacturing sector will provide momentum.
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Aero-engines are becoming hotter by the day to meet airlines' ever-increasing demand for aircraft that use less fuel and generate less carbon dioxide and nitrogen oxide. Temperatures in aero-engine parts, particularly the turbine and combustor, are exceeding 3,000 degrees Fahrenheit.
These portions use super alloys that melt at temperatures hundreds of degrees lower. Coatings are essential for these super alloys to withstand such extreme temperatures.
Engine parts are coated to protect them from oxidation, corrosion, wear, erosion, and fouling, as well as extreme temperatures. In an aero-engine, multiple coatings are applied to various components.
For example; Heat barrier coatings are applied to turbine blades to allow components to function at a greater temperature while reducing thermal exposure and providing oxidation resistance, resulting in a longer lifespan.
The certification of the B737Max by the Federal Aviation Administration (FAA) and other regulatory agencies, as well as the use of modern materials in critical engine sections and developments in the coating system and method, are all likely to return the industry to growth.
Furthermore, the growth of high-thrust engines, together with the demand for high-performance coatings and the coating of complex-shaped engine parts, is encouraging coating providers to develop new coating systems and sophisticated deposition techniques, boosting sales during the projection period.
Aero engine manufacturers continue to seek out innovative materials in order to enhance fuel efficiency, lower MRO costs, and extend component life.
Engine OEMs have intentionally utilised innovative materials such as titanium and ceramic matrix composites in their latest engine series to maximise the benefits.
Such adoption of advanced material is shuffling the dynamics of the aero engine coatings market. Major coating supplier are working for the development of advanced coating system addressing the industry requirement. As a result, market will increase in coming years.
Principal Consultant
During the forecast period, North America is expected to maintain its dominance in the global market.
The number of instances of COVID-19 has been rising in the United States, prompting governments to declare a state of emergency and shut down industrial plants.
As a result, the growth of the region's aviation industry, especially aero-engine coatings, is suffering. All of the major aero-engine suppliers' engine assembly plants, on the other hand, ensure the region's unquestionable lead in the global market.
Many countries in East Asia have been severely impacted by the COVID-19 crisis, which led a decline in economies activities.
However, the government spending millions of dollars in the aviation industry to help steer green air transportation to drive demand for aero engine coatings.
Increasing need for commercial aircraft to handle rising passenger traffic, as well as the establishment of Boeing and Airbus assembly lines in China for the B737, A320, and A330, as well as the development of indigenous commercial and regional aircraft.
In addition, leading aero engine manufacturers' new facilities in the region to create aero engine parts are likely to boost demand for aero engine coatings in the region.
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Some of the leading manufacturers and supplier of aero engine coatings include
Many leading manufacturers and supplier have longstanding service contracts with aero engine manufacturers to supply aero engine coatings.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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Aero Engine Coatings Market
