Pune, India, Jan. 22, 2021 (GLOBE NEWSWIRE) -- The global aerospace foam market size is expected to chart a remarkable growth trajectory owing to the widening applicability of polyurethane (PU) foam in the aviation industry, shares Fortune Business Insights™ in its report, titled Aerospace Foam Market Size, Share & Industry Analysis, By Foam Type (Polyurethane foam, Polyethylene Foam, Metal Foam, Melamine Foam, Polyetherimide, Polymethacrylimide, Others), By End-Use Industry (Commercial Aviation, Military & Defence, General Aviation) Others and Regional Forecast, 2019-2026”. Polyurethane-based materials are highly suitable for aerospace applications as they can withstand harsh environments better than most materials. PU foam is also seen to be highly useful in insulating aircraft from the inside, covering the walls, ceiling, and baggage section. For military aircraft, this material can prove to be extremely efficient. For example, since PU gels wells with liquids, it can be combined with other fluids, which can make the material impregnable and durable.

More importantly, it is low-cost and is thus economically more viable than other advanced materials. Furthermore, aerospace foam materials, especially PU foam, has proven to be instrumental in spacecraft propulsion. The National Aeronautics and Space Administration (NASA), for instance, has been deploying PU foam for its external fuel tanks. This foam has allowed NASA to maintain optimum temperatures to preserve fuel and inhibit air or moisture infiltration. Thus, the increasing adoption of PU in aerospace manufacturing and operations will boost the growth of this market.

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What Does the Report Offer?

  • Detailed segmentation of the market and detailed analysis of each segment;
  • Unrivaled insights into the market drivers, trends, and challenges;
  • Holistic evaluation of the regional dynamics of the market; and
  • Industry-leading research into the key players’ profiles and their preferred strategies.

Restraining Factor:

Sharp Downturn in the Aviation Industry amid COVID-19 to Hinder Market Growth

The aviation industry has been one of the hardest-hit industries by the COVID-19 pandemic. With governments imposing a series of social distancing measures, travel bans, and even nationwide lockdowns (such as in India), the demand for air travel plummeted in 2020. For example, the International Civil Aviation Organization (ICAO) estimates that airlines were forced to reduce seats by nearly 51%, leading to an overall decrease in passenger numbers by 2,851 million in 2020.

Furthermore, in the first half of 2021, the ICAO forecasts that an overall reduction of 1,129 million to 1,360 million passengers, resulting in a potential revenue loss of USD 163 billion to USD 194 billion for airline companies. The steep decline in earnings will inevitably affect investment plans for aircraft manufacturers and is likely to delay the adoption of energy-efficient technologies and materials, such as aerospace foams, in the industry. For example, a report by the Organization for Economic Cooperation and Development (OECD) observed that the uncertainty created by the pandemic has stalled the progress of the aviation sector and dampened industry spirits.

List of Key Players Profiled in the Aerospace Foam Market Report:

  • NCFI Polyurethanes
  • UFP Technologies, Inc.
  • Greiner Group
  • Rogers Corporation
  • Evonik Industries AG
  • Polyformes Limited
  • Solvay SA
  • Boyd Corporation
  • ERG Aerospace Corp.
  • General Plastics Manufacturing Company

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Regional Insights:

Speedy Expansion of Commercial Aviation to Propel the Asia Pacific Market

Asia Pacific is anticipated to lead the aerospace foam market share in the approaching decade owing to the exponential growth of the region’s commercial aviation sector. This is attributable to the growing integration of Asian economies with the world economy and increasing demand for low-cost carriers across the region. Moreover, India and China have emerged as new hubs for the manufacturing of airplanes and advanced materials such as PU foams and are thus generating lucrative opportunities for market players. North America, on the other hand, is expected to register healthy growth in the forthcoming years due to the region’s robust aerospace industry and rising uptake of aerospace foam materials to engineer lightweight aircraft.

Competitive Landscape:

Capacity Expansion to be the Core Focus Area for Market Players

In order to meet the soaring demand for high-performance materials, such as aerospace foams, in the aerospace industry, key market players are making massive investments to expand their research, development, and production capacities. This strategy is enabling companies to strengthen their regional market presence as well as amplify their operations in the international arena.

Key Industry Development:

September 2019: Solvay built a new production line at its facility in Anaheim, California, expanding its thermoplastic composites capacity in the US. The company intends to meet the growing requirement from its aerospace clients in the US for lightweight, high-performance materials.

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