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“The aerospace foams market is projected to grow at a CAGR of 8.2% from 2019 to 2024, in terms of value.”
The aerospace foams market is projected to grow from USD 4.4 billion in 2019 to USD 6.5 billion by 2024, at a CAGR of 8.2% from 2019 to 2024. The continuous expansion in the overall aviation industry worldwide, as well as the growing demand for the lightweight and fuel-efficient aircraft around the world, are driving the global aerospace foams market. Factors such as stringent regulations in the usage of PU foams as well as new norms for fire safety improvements in aircraft cabins including materials flammability upgrade are restraining the growth of the aerospace foams market.
“The commercial aircraft segment is projected to lead the aerospace foams market in terms of both value and volume during the forecast period.”
Based on end-use industry, the commercial aircraft segment led the aerospace foams market in 2018 in terms of both value and volume. The growth of this segment can be attributed to the increasing number of air passengers and high demand for low-cost operators in the regions such as Asia Pacific, Middle East, and South America is driving the growth of the commercial aircraft segment. Furthermore, the surge in the growing demand for LCC around the regions Southeast Asia, India, and Australia is aiding in the growth of the overall commercial aircraft segment and thus, propelling the demand for aerospace foam as well.
“The PU foams material segment is projected to lead the aerospace foams market in terms of both value and volume from 2019 to 2024.”
Based on material, PU foams accounted for the largest share of the aerospace foams market in 2018. The PU foams segment is projected to lead the market in terms of both value and volume during the forecast period. PU foams are available in a variety of forms ranging from low to high density with varying rigidity. PU foams are compatible with a multitude of aerospace applications such as seating, air frames, interiors, and packaging in the aerospace industry. The growth in this market is attributed mainly to the extensive usage of PU foams for aerospace seating and cushioning application due to their unique properties of durability, lightweight, and recyclability, among others.
“North America is projected to lead the aerospace foams market during the forecast period, in terms of both value and volume.”
The North America region is projected to lead the aerospace foams market from 2019 to 2024, in terms of both value and volume. The demand for aerospace foams is increasing in North America owing to the growing aviation industry in the region. Also, the growing military expenditure is expected to fuel the demand for military aircraft, and rising total numbers of air passengers will drive the market growth. The market in this region is also projected to continue its market dominance in terms of both value and volume, from 2019 to 2024, owing to the increased demand for aerospace foams from countries such as US, Canada, and Mexico.
Profile break-up of primary participants for the report:
- By Company Type: Tier 1 – 53%, Tier 2 – 21%, and Tier 3 – 26%
- By Designation: C-level Executives – 65%, and Managers – 35%
- By Region: North America – 5%, Europe – 30%, Asia Pacific – 40%, South America – 15%, and Middle East & Africa- 10%,
Furthermore, as a part of the qualitative analysis of the aerospace foams market, the research provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing the growth of the market across the globe. It also discusses competitive strategies adopted by the leading market players such as BASF SE (Germany), Evonik Industries AG (Germany), Boyd Corporation (US), Rogers Corporation (US), Foam Partner (Switzerland), Armacell International S.A. (Luxembourg), SABIC (Saudi Arabia), ERG Materials and Aerospace Corp (US), UFP Technologies, Inc. (US), Zotefoams Plc (UK), General Plastics Manufacturing Company (US), Solvay SA (Belgium), Pyrotek Inc. (US), and Greiner AG (Austria).
Research Coverage:
The report defines, segments, and projects the size of the aerospace foams market based on type, application, and region. It strategically profiles the key players and comprehensively analyzes their market share and core competencies. It also tracks and analyzes competitive developments such as expansions, acquisitions, new product launches, and investments undertaken by them in the market.
Reasons to Buy the Report:
The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the aerospace foams market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.