The aero-engine coating market is expected to grow by USD 48.84 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. As per Technavio, the impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on full-year economic growth. Request a free sample report
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Technavio has announced its latest market research report titled Global Aero-Engine Coating Market 2020-2024 (Graphic: Business Wire)
Coatings such as thermal barrier coating (TBC) and abradable coatings function as thermal barriers and improve the efficiency and performance of aero-engines. They protect engine components such as actuator components, afterburner assemblies, bearing and accessories, combustion chambers, combustion flame tubes, and others from corrosion, wear, erosion, fouling, and heat. For example, abradable coating improves the overall efficiency of engines by achieving high operating temperatures (650°F-2,100°F) and improving the surge margin. Such operational advantages are driving the growth of the global aero-engine coating market.
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As per Technavio, the growing demand for military aircraft engines will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Aero-engine Coating Market: Growing Demand for Military Aircraft Engines
Countries across the world are increasing investments in new generation aircraft to modernize and strengthen their defense forces. For instance, during 2017 and 2018, the global military expenditure increased by about USD 46 billion, led by countries such as the US, China, Saudi Arabia, India, and France. In June 2019, the Government of Russia signed a contract with United Aircraft Corp. (UAC) to procure 76 Sukhoi Su-57 fighter aircraft. Such investments are providing significant growth opportunities for vendors, which is expected to boost the growth of the aero-engine coating market during the forecast period.
"The development of nano-coatings will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Aero-engine Coating Market: Segmentation Analysis
This market research report segments the aero-engine coating market by geography (North America, APAC, Europe, MEA, and South America) and application (commercial aircraft and military aircraft).
The North America region led the aero-engine coating market in 2019, followed by APAC, Europe, MEA, and South America respectively. During the forecast period, North America is expected to register the highest incremental growth due to factors such as the strong presence of numerous aero-engine and aircraft manufacturers and the increasing number of air travelers in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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