Aerospace Foam Market worth USD 10.17 billion by 2028, registering a CAGR of 11% – Report by Market Research Future (MRFR)
New York, Sept. 15, 2021 (GLOBE NEWSWIRE) — Aerospace Foams Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Aerospace Foams Market Information: by Type (Polyurethane, Polyethylene, Melamine, Metal, Polyimide, Others), Application (Aircraft Seats, Interior Panel Structure, Floor Coverings, Flight Deck Pads, Electrical Components), End-Use (Commercial Aircraft, General Aviation, Military Aircraft) and Region (North America, Europe, Asia-Pacific, South America and the Middle East & Africa) – Forecast till 2028” the market is projected to be worth USD 10.17 billion by 2028, registering a CAGR of 11% during the forecast period (2021 – 2028)., The market was valued at USD 5.13 billion in 2021.
Market Competitive Landscape:
The crucial players in the aerospace foam market profiled are:
- BASF SE (Germany)—Basotect UL
- Boyd Corporation (US)—SOLIMIDE
- ARMACELL LLC (US)—Ensolite
- ERG Aerospace Corp (US)—Duocel
- General Plastics Manufacturing Company (US)—LAST-A-FOAM
- Greiner aerospace GmbH (Germany)—Greiner aerospace
- DuPont de Nemours, Inc (US)—Vespel SF
- Evonik Industries AG (Germany)—ROHACELL
- Rogers Corporation (US)—BISCO silicone
- SABIC (Saudi Arabia) —ULTEM Foam
- Zotefoams Plc (UK)—ZOTEK
- Solvay (Belgium)—TegraCore
- Pyrotek (US)—SIVEX
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Market Scope:
The aircraft sector necessitates materials with exceptional chemical and mechanical qualities due to its exposure to uncommon or demanding environments. Foam is one such material that is in high demand in the aerospace sector due to its lightweight, cellular structure, vibration dampening property, outstanding rigidity, high tensile strength, durability, and heat resistance, among other characteristics. Foams are in high demand in a variety of aviation applications, including sound and vibration dampening, shock resistance, and thermal insulation in interior panel structures.
Market USP Covered:
Market Drivers:
The increased demand for lightweight materials in aircraft construction to improve fuel efficiency is a major driver driving the worldwide aerospace foam market forward. The weight of the airplane increases the amount of fuel consumed by the engine, and consequently, the amount of carbon dioxide emitted. Furthermore, the emergence of low-cost airlines has resulted in an increase in passenger traffic, resulting in the global aviation industry’s expansion. Additionally, throughout the forecast period, governments’ growing investments in the construction of aircraft for the defense sector are likely to give growth impetus to participants in the worldwide aerospace foams market. The development of bio-based polyols, which are used as a raw ingredient in the production of polyurethane foam, is predicted to increase demand for polyurethane foam in the aerospace industry, boosting the market’s growth over the forecast period.
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Market Restraints:
The recent growth of the product market has been hampered by price changes in raw materials. During the projection period, strict rules regarding the use of polyurethane foams may stifle market expansion.
COVID-19 Analysis:
The covid-19 pandemic has wreaked havoc on a number of sectors throughout the world. Most sectors have been put on hold as a result of tough government actions such as the lockdown of major economies. In the aerospace foam industry, revenue decreased in 2020 before progressively increasing in 2021.
Market Segmentation:
The global aerospace foam market is segmented by application, type and end-use.
By application, in 2019, the global aerospace foams market was dominated by aircraft seats, and this trend is projected to continue over the forecast period. The segment’s growth is being fueled by increased investments and R&D in the construction of safe airplane seating. The worldwide aircraft industry’s expansion is driving up demand for aerospace foams all around the world.
By type, the polyurethane foam dominated the market due to its low cost, higher rigidity and resistance properties.
Regional Insights:
North America, with a market share of more than 40% in 2019, is expected to increase significantly throughout the projection period. The North American market is growing due to the developing aerospace sector and the presence of a significant number of aerospace manufacturers in the United States. Everything from aircraft designers, manufacturers, and suppliers to service providers is part of the large-scale aerospace sector in the United States. The region’s high military spending is also driving up demand for aerospace foams for military aircraft building.
Europe is another important market for aerospace foams, with significant growth projected over the projection period.
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During the forecast period, the APAC region is expected to have the greatest CAGR. The market’s expansion is fueled by strong economic growth, rising per-capita income and population, and changing demographic characteristics. These factors are driving demand for aerospace foams in the region by increasing airline passenger traffic, which in turn is boosting the production of new aircraft. In the future years, China is likely to overtake the United States as the largest country-level market for aerospace foams. During the projection period, India is predicted to be the third-largest country-level market for aerospace foams, followed by the United States.
Latin America had a smaller part of the market, but the region’s fast-growing aerospace industry is likely to enhance market growth for aerospace foams.
Due to an increase in the number of foreign players in the region, the Middle East and Africa is predicted to grow positively in the future years.
Segmentation of Market covered in the research:
Aerospace Foams Market Information: by Type (Polyurethane, Polyethylene, Melamine, Metal, Polyimide, Others), Application (Aircraft Seats, Interior Panel Structure, Floor Coverings, Flight Deck Pads, Electrical Components), End-Use (Commercial Aircraft, General Aviation, Military Aircraft) and Region (North America, Europe, Asia-Pacific, South America and the Middle East & Africa) – Forecast till 2028
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