Composite Coatings Market Share

North American Market Forecast

North America industry is likely to hold largest revenue share of 35% by 2037, impelled by the expanding aerospace & defense sector supported by rising funding in the aerospace & defense sector in the US. This as a result may rise the demand for composite coatings in the region as these coatings are used to create lightweight airframes, and are employed to protect, embellish, and serve a variety of purposes including erosion resistance, anti-static dissipation, and radar avoidance.

According to estimates, aerospace & defense industry exports increased by over 11% in 2021, reaching a total of more than USD 100 billion.

APAC Market Statistics

The Asia Pacific composite coatings market is estimated to be the second largest, during the forecast timeframe led by rapid industrialization. In emerging economies such as India rising industrialization is known to be the major driver of the composite coatings market. For instance, these coatings are suitable for various industries as they protect the machinery, and other equipment from corrosion, and can be formulated with lower levels of volatile organic compounds (VOCs).

According to recent data, India's industrial production increased by over 6% in 2023.