LONDON--(BUSINESS WIRE)--Technavio research analysts are expecting positive growth for the global aerospace market over the next four years. Between 2015 and 2019, many segments of the aerospace market including additive manufacturing, aerospace coatings and high performance alloys will see a significant increase in revenue.
Technavio’s market research analysts forecast the global aerospace additive manufacturing market to grow at a CAGR of over 20% during 2014-2019. Additive manufacturing (AM) is a process of building three-dimensional objects based on a CAD digital model. The 'additive' process involves applying materials in successive layers as per the CAD design to manufacture an object. Unlike conventional manufacturing, which involves 'subtractive' process (e.g., cutting, drilling, milling) and forming (bending, shaping), AM requires minimal or no tooling to build the finished product.
Increased utilization and acceptance of AM in the aerospace industry is likely to drive the market during the forecast period. Technavio analysts predict significant growth potential for metal-based AM in the aerospace industry.
Aside from the AM, the second most sought after market in aerospace is the global aerospace coatings market which is likely to grow at a CAGR of over 7% over the period 2014-2019. Aerospace coatings are products that enhance the appearance and durability of an aircraft by protecting it from external factors such as UV radiation and extreme temperatures. Aerospace coatings are used by aircraft manufacturers for the production of new aircrafts as well as overhauling of existing aircrafts. Vendors in the market offer products for four different functional layers: e-coat, primer, basecoat, and clear coat.
“With the phenomenal increase in air traffic as a result of the emerging middle class population in developing countries, the market for new as well as existing aircrafts is likely to soar, which in turn will positively impact the aerospace coatings market,” says Abhay Singh, a lead analyst at Technavio for aerospace and defense research.
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Technavio's analysts forecast the global aerospace high performance alloys (HPA) market to grow at a CAGR of 6% over the period 2014-2019. The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report segments the HPA market into three main geographical regions namely the Americas, APAC, and EMEA and provides an in depth analysis of the growth prospects of each region during the forecast period.
The report also presents the vendor landscape and a corresponding detailed analysis of the prominent vendors operating in the market. In addition, it discusses the major drivers influencing market growth, and outlines the challenges faced by vendors and the market as a whole. It also examines the key emerging trends and their likely influence on current and future market dynamics.
Some of the key vendors for the aerospace market include 3D Systems, Arcam and EOS for aerospace additives, Akzo Nobel, Hentzen Coatings and PPG for aerospace coatings and Allegheny Technologies, Aperam and Carpenter Technology for high performance alloys.
Browse Related Reports:
- Global Aerospace Composite Market 2016-2020
- Global Aerospace Fasteners Market 2016-2020
- Global Aerospace and Defense Telemetry Market 2015-2019
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