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INDUSTRIAL FINISHING: AEROSPACE COATINGS

THRIVING AVIATION

INDUSTRY EVOKES DEMAND

FOR AEROSPACE COATINGS

By Global Market Insights

global behemoth, the aerospace industry has come out Billion-dollar Aerospace Industry to Form a Pivotal
strong as a profitable business sphere over the past few Growth Ground for Canada Aerospace Coatings Market
Ayears, both in terms of revenue share and developments. Speaking of the significance of aerospace coatings across Canada,
The Canadian aerospace industry contributes about $25 billion in it is pivotal to understand how crucial the aerospace industry is for
GDP and hundreds of thousands of jobs to the economy. the country. According to the Aerospace Industries Association of
By the end of 2018, the U.S. aerospace industry boasted of for- Canada and Innovation, Science and Economic Development
eign direct investments (FDIs) of almost US $22 billion. The sector Canada, the aerospace industry valuation in the region, in 2018,
as a whole has been proliferating at a steady pace over the last dec- stood at an impressive US $31 billion, and contributed over US $25
ade or so. Obviously, this will provide a major boost to the demand billion to the national GDP and more than 213,000 jobs in the
for aerospace coatings. Canadian economy. Around 70 percent of the industry’s activity is
It is no secret that aerospace sector is one of the demanding in- dedicated toward manufacturing while the remaining concen-
dustries for coatings and materials. Aerospace Coatings – as well trates on MRO (maintenance, repair and overhaul).
as paint technology – offer high-end protection from corrosion, UV Expanding aircraft production and rising passenger traffic are
radiation, erosion, abrasion, and more in the most extreme con- likely to offer a significant boost to the overall industry share over
ditions. The aerospace coating market is set to record phenomenal the coming years. In turn, this will boost the aerospace coatings
gains in the years ahead because of its strong role in the overall industry in Canada.
aerospace and defense industry, and for its winning business The Canadian government has been bringing about various
strategies including mergers and acquisitions, product diversifica- reforms as well as novel strategies to enhance the development of
tion, partnerships, and others. aerospace coatings facilities across the country.
Powerful industry players like BASF, Akzo Nobel NV, Heinkel, In 2018, the federal government and the Atlantic Canada
PG industries, and The Sherwin Williams Co., are leaving almost Opportunities Agency (ACOA) announced a whopping US $3.2
no stone unturned to leverage the opportunities coming their way, billion investment in leading aerospace company MDS Coating
making the global market a lucrative business hub. Technologies. As per news reports, the funds have been utilized to
26 CANADIAN FINISHING & COATINGS MANUFACTURING JANUARY/FEBRUARY 2021