New York, US, June 24, 2021 (GLOBE NEWSWIRE) --
Aerospace Foams Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Aerospace Foams Market Information by Type, Application, End-Use, and Region - Forecast till 2027” the market was valued at USD 5.42 Billion in 2018 and is estimated to register a CAGR of 8.1% during the forecast period, 2019-2027.
Market Dynamics:
Because of its proximity to rare or daunting conditions, the aerospace industry needs materials with exceptional chemical and mechanical properties. Foam is one such material that is in high demand in the aerospace industry due to its lightweight, cellular form, vibration dampening property, excellent rigidity, high tensile strength, resilience, and heat resistance, among other characteristics. The growing need for lightweight materials in aircraft manufacturing to improve fuel efficiency is a major factor driving the global aerospace foam market forward. The weight of the aircraft increases the amount of fuel used by the engine, and hence the amount of CO2 emitted. The introduction of low-cost airlines has resulted in a rise in passenger demand, resulting in a steady increase in the global aircraft industry. As a result, demand for aerospace foams is expected to rise during the forecast period.
One of the main forces driving the development of the aerospace foams industry around the world is the manufacturing of innovative materials and the introduction of new products by many leading players in the aerospace industry. The favourable government policies in Brazil, as well as the increased use of bio-based PU foams in North America and Europe, are projected to boost and diversify the aerospace foams industry, providing a potential for market development. Furthermore, during the projected period, governments' growing investments in the manufacturing of aircraft for the defence sector are expected to provide growth impetus to players in the global aerospace foams industry. The development of bio-based polyols, which are used as a raw material in the production of polyurethane foam, is expected to increase demand for polyurethane foam in the aerospace industry, boosting the market's growth over the forecast period.
However, in recent years, raw material price fluctuations have hampered the development of the commodity market. During the forecast era, strict regulations regarding the use of polyurethane foams can stifle market development.
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Competitive Landscape
To improve their market-place, these companies have used extensions, acquisitions, innovative product releases, investments, emerging technology advancements, alliances, mergers, deals, and agreements.
Some of the Leading Players operating in the Aerospace Foams Market are:
- Boyd Corporation (US)
- General Plastics Manufacturing Company (US)
- DuPont de Nemours, Inc (US)
- Pyrotek (US)
- Rogers Corporation (US)
- ARMACELL LLC (US)
- ERG Aerospace Corp (US)
- SABIC (Saudi Arabia)
- Zotefoams Plc (UK)
- BASF SE (Germany)
- Evonik Industries AG (Germany)
- Solvay (Belgium)
- Greiner Aerospace GmbH (Germany)
Browse In-depth Market Research Report (150 Pages) on Aerospace Foams: https://www.marketresearchfuture.com/reports/aerospace-foams-market-8492
Segmental Analysis
By Type, the market has been segmented into Polyurethane Foam, Polyethylene Foam, Melamine Foam, Metal Foam, Polyimide Foam, and others. Because of its low expense, closed-cell construction, strong rigidity, water and fire resistance properties, and excellent longevity, polyurethane foam led the global aerospace foams market by type, in 2019. Polyurethane foam is widely used in aircraft seats, flooring, and flight deck pads, among other applications.
By application, the market has been segmented into aircraft seats, interior panel structures, floor covering, flight deck pads, and electrical components. Upholstery, cushions, and bedding are also part of the aircraft seat segment. In 2019, the global aerospace foams market was dominated by aircraft seats, and this pattern is projected to continue throughout the forecast period. The segment's growth is being fueled by increased investments and R&D in the development of protected aircraft seating. The global aerospace industry's expansion is driving up demand for aerospace foams all over the world.
By end-use, the market has been segmented into commercial, general and military aircrafts. Domestic and international flights operated for business purposes and producing revenue are included in the commercial section. In 2019, this segment accounted for the largest share of the global aerospace foam industry, and it is projected to grow at the fastest rate during the forecast period. The boom in low-cost carriers is credited with driving up the number of air passengers, especially in emerging economies such as Asia-Pacific, Latin America, and the Middle East and Africa. On the other hand, rising defence spending is expected to boost demand for aerospace foams for military aircraft production in the coming years, boosting the military segment's growth.
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Regional Overview
North America has the highest market share of over 40% in 2019 and is expected to continue to expand rapidly over the next few years. The North American market is growing due to the increasing aerospace industry and the involvement of a significant number of aerospace manufactures in the United States. End-users such as aircraft makers, producers, and retailers to service companies is part of the large-scale aerospace industry in the United States. The region's high military spending is also driving up demand for aerospace foams for military aircraft production.
Europe is another important market for aerospace foams, with significant growth predicted over the projected period.
During the forecast period, the Asia-Pacific area is predicted to have the highest CAGR. The market's expansion is fueled by strong economic growth, rising per-capita income and population, and changing demographic profiles. These factors are pushing demand for aerospace foams in the area by rising airline passenger traffic, which in turn is boosting the development of new aircraft. In the coming years, China is predicted to overtake the United States as the largest country-level market for aerospace foams. During the forecast period, India is projected to be the third-largest country-level market for aerospace foams, followed by the United States.
Latin America has a smaller share of the market, but the region's rapidly growing aerospace industry is projected to fuel market demand for aerospace foams. Due to a rise in the number of foreign players in the region, the Middle East and Africa region is projected to develop positively in the coming years.
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