India aerospace coatings market is expected to reach 118.94 million by 2026, growing with a substantial CAGR in the forecast period of 2019 to 2026. The years considered for study are as mentioned below.
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The aerospace coatings market is a highly concentrated market which includes key players and local players. The market has witnessed increased strategic developments owing to favourable market scenario. The market has a prominent growth in upcoming years due to the rising demand of coatings that can control extreme temperatures. This acts as one of the factors boosting the growth of the market. The growing demand for global connectivity and increasing number of passengers raises the demand for coatings to be used on exterior parts of the aircraft. The aerospace coatings not only provide resistance against corrosion and temperature but also add up the appearance of the aircraft.
The market has witness developments in terms of merger and acquisitions or product launches to enhance the product portfolio to meet the rising demand of innovative technology. For instance, in September 2018, AkzoNobel Specialty Chemicals acquired Polinox, (Brazil) to increase portfolio of customers and accelerating its growth in this important region. This company has manufacturing units and its research and development centres established in India, so it acts as a driving point for the growth of aerospace coatings market in India.
Akzo Nobel N.V. dominated the aerospace coatings market and accounts for the highest market share in 2018 which is followed by PPG Industries, Inc. and The Sherwin-Williams Company. The other key players existing in the market includes Hentzen Coatings, Inc., Henkel AG & Co. KGaA, IHI Ionbond AG, Chase Corp, CREATIVE COATINGS and BASF SE.
Akzo Nobel N.V.:
Akzo Nobel N.V. headquartered in Amsterdam, Netherlands was established in 1646. The company is focused in manufacturing of high performance paints and coatings for aircrafts worldwide. The company has two operating divisions namely, performance coating and decorative paints.
Performance coatings segment supplies products to protect architectural components such as structural steel, building products, flooring and consumer goods such as mobile devices, appliances, beverage cans, furniture and oil and gas facilities. Decorative paints segment supplies paints, lacquers and varnishes and also offer mixing machines for building and renovation industry.
In November 2018, AkzoNobel acquired Colourland Paints business (Malaysia) to strengthen its business in Asia by expanding its product offering and distribution network. This enhanced the company’s strength in Asia and helped it to gain more customers through this region. Due to this acquisition, company expanded its portfolio by merging other company’s paints and coatings into its own existing portfolio.
It has its global networks in Europe, North America, South America, Africa and Asia-Pacific. The company has various subsidiaries such as Akzo Nobel Coatings Inc., (US), Akzo Nobel Swire Paints (Shanghai) Ltd (China), Imperial Chemical Industries Limited (UK), Akzo Nobel Coatings SPA (Italy), Akzo Nobel Industrial Chemicals B.V. (Netherland), Akzo Nobel Pulp and Performance Chemicals AB (Sweden) and others.
PPG Industries, Inc.:
The PPG Industries, Inc. headquartered in Pennsylvania, United States was founded in 1883. The company is engaged in manufacturing paints, coatings, and specialty materials. The company operates through two business segments which include performance coatings and industrial coatings.
The performance coatings segment comprises of the automotive refinish coatings, aerospace coatings, architectural coatings, architectural coatings and protective and marine coatings. The automotive refinish coatings provide technological products for Automotive and commercial transport/fleet repair and refurbishing, light industrial coatings and specialty coatings for signs. Aerospace coatings offer products for commercial, military, regional jet and general aviation aircraft. Architectural coatings provide products for decoration and maintenance of residential and commercial building structures. Industrial Coatings segment comprises of automotive original equipment manufacturer (“OEM”) coatings, industrial coatings, packaging coatings, and the specialty coatings and materials operating segments.
In May 2016, the company had invested USD 1.99 million to expand development and technical-service facilities for military and aerospace coatings at U.K. The investment supports installation of high-technology machines for measuring paint characteristics. This expansion is done due to high demand for custom color as well as an accelerating pace for commercializing new coating technologies in the aerospace industry.
It has its global networks through direct sales representatives and distributors in more than 60 countries in Latin America, Central and Eastern Europe, Middle East, Africa, Asia-Pacific. It operates through its subsidiaries such as PPG Architectural Coatings UK, PPG Canada Inc, PPG Industries Italy S.p.A., PPG Industries Netherlands B.V., PPG Industries France SAS and others.
The Sherwin-Williams Company:
The Sherwin-Williams Company headquartered in Ohio, U.S. was founded in 1866. The company is engaged in the manufacturing of coatings and paints to provide quality coating systems to commercial, military, general and business aviation markets. The company has three operating divisions namely, the Americas group, performance coatings group, consumer brands group.
The Americas group segment manufactures and sells a wide range of architectural paint, industrial coatings and related products across Latin America through company-operated stores and dedicated dealers. Performance coatings group segment sells a wide range of industrial coatings and finishes to general industrial, industrial wood, protective and marine, coil & extrusion, packaging and automotive customers. Consumer Brands Group segment sells portfolios of branded and private-label products through retailers across North America and in parts of Europe, Australia, New Zealand and China.
In June 2017, the Sherwin-Williams Company announced the acquisition of The Valspar Corporation. This helped the company to enhance its product portfolio by merging the other companies’ products into its own. The acquired company is listed on New York Stock Exchange and is purchased for an amount of USD 113 million per share. This acquisition made the company a global leader in paints and coatings.
The company has wide geographic presence in North America, Asia-Pacific, Europe ,South America, Middle East/Africa and it operates through its subsidiaries such as Valspar (United States), Minwax (United States), Sayerlack (Italy), Ronseal (United Kingdom), Sherwin Williams Automotive Finishes Corp (United States), Dupli-Color Products Company (United States) and others.
India Aerospace Coatings Market - Industry Trends and Forecast to 2028