October 29, 2018
Current and evolving growth prospects in the global aerospace adhesives and coatings market look promising over the next six years, according to a recent report from Frost & Sullivan.
The analysis forecasts the market to reach $1.9 billion by the end of 2024, driven by an increasing need for lighter materials, investment in technically advanced products, evolving regulations, and high-volume demand for new and refurbished aircraft.
“While manufacturers are increasingly investing in product development to enhance environmental sustainability and product efficiency, customers are seeking out products that are easy to apply, highly durable, quick drying, lighter in weight, environmentally sustainable, and regulatory compliant,” said Christeena Thomas, senior research analyst, chemicals and materials, EIA at Frost & Sullivan.
Merger and acquisition activities are expected to continue, with global companies acquiring small manufacturers to access their products, technical competences, distribution channels, and customer bases. To gain a competitive advantage, Thomas recommends manufacturers invest in developing adhesive formulations that are superior in properties such as durability and UV resistance and compatible with multiple substrates while exhibiting reduced overall weight after application.
Key trends creating growth opportunities in the market include:
“Programs such as Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) in the European Union, U.S. Environmental Protection Agency (EPA), and Federal Aviation Administration (FAA) are expected to increase the research and development and transaction costs that businesses incur when developing and distributing new types of chemical compounds,” noted Thomas. “In addition, extensive testing, verification, and approval cycles delay product launches, resulting in significant time and costs for material suppliers.”
For further information on this analysis, click here