Published: Apr-2021 | Format: PDF | Market Research Store | Number of pages: 188 | Code: MRS - 828572
The aerospace foams market is set for rapid growth over the forecast period. In terms of revenue, the global aerospace foams market accounted for USD 4.4 Billion in 2019 and is anticipated to reach around USD 7.6 Billion by 2026, growing at a CAGR of 8.2%.
Global Aerospace Foams Market: Overview
Foams are a significant class of materials for a wide range of uses in several industries. Foams, which are cellular structured low-density fabrics, are used for packaging, vibration damping, insulating, and cushioning applications. Materials that fulfill the intended purpose, are lighter in weight, and have outstanding strength and durability are required by the aerospace industry. Aerospace foams are a group of foams designed to meet the needs of the aerospace industry.
Global Aerospace Foams Market: Growth Factors
The primary driver of growth in the global aerospace foam market is the rising demand and implementation of aerospace foam types for multiple purposes such as foam-cored tail rotor blades and roofs in commercial and general aviation aircraft. Another significant factor driving sales growth in the global market is the rising demand for aerospace foam from the defense industry. Aerospace foams are low-density cellular engineered materials that are used in aircraft for occupant and pilot cushioning, shock dampeners, and insulation. Economic development, especially in developing regions of the world, combined with rapid urbanization, is expected to drive the global aircraft market forward. As a result, the global aerospace foams market is expected to expand. Furthermore, governments' growing investments in aircraft for the defense sector is another driver projected to propel the global aerospace foams market forward during the forecast period.
The rise of low-cost carriers (LCC) has increased the demand for aerospace foams in the general aviation industry. Because of the increased demand for LCC aircraft, many aircraft manufacturers have enhanced their operating capacities, and this development is projected to generate lucrative growth opportunities for the aerospace foam industry. The market is increasing due to the rising demand for fuel-efficient and lightweight aircraft, as well as a growing aviation industry around the world. One of the main forces driving the development of the aerospace foams market around the world is the introduction of new products and the manufacture of innovative materials by many leading players in the aerospace industry.
Global Aerospace Foams Market: Segmentation
The global aerospace foams market is bifurcated into its type, material, end use, application, and regions. Based on the type, the global market is divided into rigid and flexible. Based on material, the market is bifurcated into PE foams, metal foams, PU foams, melamine foams, PMI/polyimide foams, and others. The PU foams category dominated the material segment in 2019 and is anticipated to continue its dominance in the upcoming years. The dominance of the PU foams category can be attributed to the low cost and increasing demand from the aviation industry for carpeting and seating applications. Based on the end use category, the global market is divided into general aviation, military aircraft, and commercial aircraft. The commercial aircraft category is anticipated to grow at a significant rate in the upcoming years. The growth of the commercial aircraft category can be attributed to the growing numbers of air passengers. Also, in regions such as Asia Pacific, Latin America, and Middle East the increase in low cost carriers or low cost operators is anticipated to boost the demand for aerospace foams from the commercial aircraft category. Based on the application, the global market is divided into aircraft floor carpets, aircraft seats, cabin walls and ceilings, flight deck pads, overhead stow bins, and others. Geographically, the global aerospace foams market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
Global Aerospace Foams Market: Regional Analysis
North America region dominated the global aerospace foams market in 2019 and is anticipated to continue its dominance in the upcoming years. This is due to the region's rising business and commercial aviation sector, which has the world's highest demand for aerospace and defense aircraft. In addition, industry growth is projected to be fueled by the rapid introduction of new manufacturing technology and substantial investment in research and development activities. The participation of many major industry players such as Rogers Corporation, Boyd Corporation, and ERG Materials and Aerospace Corp among others, will help the market expand even further. Furthermore, over the last few years, North America has seen an increase in aircraft deliveries in both commercial and defense applications, which is projected to fuel the region's aerospace foams industry.
The Asia Pacific aerospace foams market is anticipated to grow at a significant rate in the forecast period. The growth of the Asia Pacific region can be attributed to the region's increased emphasis on the construction of aircraft manufacturing facilities. The market's growth is being fueled by encouraging government policies and a growing defense budget. The region's increased commercial and military aircraft production and procurement programmes are expected to fuel the market's growth. For example, in December 2018, the Boeing Company and the Commercial Aircraft Corporation of China formed a joint venture to build the first 737 aircraft in China. The Boeing Company spent about USD 33 million in the joint venture and now owns a significant portion of it.
Europe aerospace foams market followed North America market in 2019 and is expected to grow at a healthy growth rate in the upcoming years. This is due to increased demand for aerospace foams from main Airbus SE and ATR aircraft manufacturing facilities in Germany, U.K., France, and Italy. Furthermore, leading manufacturers such as BASF SE, Evonik Industries AG, and Armacell International S.A. among others, are present in the field, fueling the market growth over the projected period. Furthermore, the UK authorities' assurances that the UK will remain a member of the European Aviation Safety Agency will not affect the BREXIT agreement also brought relief to UK-based manufacturers. The aerospace foam industry in Latin America is dominated by Brazil and Mexico, with Brazil being the largest consumer. Despite its limited scale, the Middle East and Africa aerospace market is projected to expand rapidly due to the optimistic outlook of airplane manufacturers to open new bases in the area and its strategic location.
Global Aerospace Foams Market: Competitive Players
Some of the key players in the aerospace foams market are FoamPartner, ERG Materials and Aerospace Corp, Greiner AG, Aerofoam Industries, LLC, Evonik Industries AG, Rogers Corporation, Sinfo, Spol. S R.O., UFP Technologies, Inc., Dupont De Nemours, Inc., Sekisui Voltek, LLC, Armacell International S.A., Saudi Basic Industries Corporation, Solvay SA, General Plastics Manufacturing Company, BASF SE, Boyd Corporation, Pyrotek Inc., 3A Composites Holding AG, Zotefoams Plc, NCFI Polyurethanes, and Polyformes Ltd among others.
Global Aerospace Foams Market: Regional Segment Analysis