New York, United States, June 24, 2021 (GLOBE NEWSWIRE) –
Aerospace Foams Market Overview:
According to a comprehensive research report from Market Research Future (MRFR), “Aerospace Foams Market Information by Type, Application, End Use and Region – Forecast to 2027”The market was valued at USD 5.42 billion in 2018 and is expected to register a CAGR of 8.1% during the forecast period, 2019-2027.
Due to its proximity to rare or dreadful conditions, the aerospace industry needs materials with exceptional chemical and mechanical properties. Foam is one of those materials in great demand in the aerospace industry due to its lightweight cell shape, vibration damping properties, excellent rigidity, high tensile strength, resilience and of its 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 therefore the amount of CO2 emitted. The introduction of low cost airlines has led to an increase in passenger demand, resulting in a steady increase in the global aviation industry. As a result, the demand for aerospace foams is expected to increase during the forecast period.
One of the main drivers for the development of the aerospace foam industry around the world is the manufacture of innovative materials and the introduction of new products by many leading players in the aerospace industry. Supportive government policies in Brazil, along with the increased use of bio-based PU foams in North America and Europe, are expected to stimulate and diversify the aerospace foam industry, providing potential for market development. In addition, during the projected period, increasing investment by governments in manufacturing aircraft for the defense sector is expected to drive the growth of players in the global aerospace foam industry. The development of bio-based polyols, which are used as a raw material in the production of polyurethane foam, is expected to increase the demand for polyurethane foam in the aerospace industry, driving the market growth during the forecast period.
However, in recent years, fluctuations in commodity prices have hampered the development of the commodity market. In the age of forecasting, strict regulations regarding the use of polyurethane foams can stifle market development.
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To improve their market, these companies have used expansions, acquisitions, innovative product launches, investments, emerging technological advancements, alliances, mergers, transactions and agreements.
Some of the major players operating in the aerospace foams market are:
- Boyd Corporation (United States)
- General Plastics Manufacturing Company (United States)
- DuPont de Nemours, Inc (United States)
- Pyrotek (United States)
- Rogers Corporation (United States)
- ARMACELL LLC (United States)
- ERG Aerospace Corp (United States)
- SABIC (Saudi Arabia)
- Zotefoams Plc (United Kingdom)
- BASF SE (Germany)
- Evonik Industries AG (Germany)
- Solvay (Belgium)
- Greiner Aerospace GmbH (Germany)
Browse the in-depth market research report (150 pages) on Aerospace foams: https://www.marketresearchfuture.com/reports/aerospace-foams-market-8492
By type, the market has been segmented into Polyurethane Foam, Polyethylene Foam, Melamine Foam, Metal Foam, Polyimide Foam, and others. Due to its low cost, closed cell construction, high rigidity, water and fire resistance properties, and excellent durability, polyurethane foam has dominated the global aerospace foam market by type in 2019. Polyurethane foam is widely used in aircraft seats, floor coverings and flight deck cushions, among other applications.
By application, the market has been segmented into aircraft seats, interior panel structures, floor coverings, flight deck cushions, and electrical components. Upholstery, cushions and bedding are also part of the aircraft seating segment. In 2019, the global aerospace foams market was dominated by aircraft seats, and this trend is expected to continue throughout the forecast period. The growth of the segment is fueled by increased investment and R&D in the development of protected aircraft seats. The expansion of the global aerospace industry is increasing the demand for aerospace foams all over the world.
By end use, the market has been segmented into commercial, general and military aircraft. Domestic and international flights operated for commercial purposes and generating income are included in the commercial section. In 2019, this segment accounted for the largest share of the global aerospace foam industry, and it is expected to grow at the fastest rate during the forecast period. The boom in low-cost carriers is credited with increasing the number of air passengers, especially in emerging economies such as Asia-Pacific, Latin America, the Middle East and Africa. On the other hand, increased defense spending is expected to stimulate demand for aerospace foams for military aircraft production in the coming years, thus boosting the growth of the military segment.
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North America holds the highest market share of over 40% in 2019 and is expected to continue to grow rapidly over the next few years. The North American market is growing due to the boom in the aerospace industry and the involvement of a significant number of aerospace manufacturers in the United States. End users such as aircraft manufacturers, producers and retailers to service companies are part of the large-scale aerospace industry in the United States. The region’s high military spending is also driving demand for aerospace foams for the production of military aircraft.
Europe is another important market for aerospace foams, with significant growth expected over the projected period.
During the forecast period, the Asia-Pacific area is expected to have the highest CAGR. Market expansion is fueled by strong economic growth, increasing per capita income and population and changing demographic profiles. These factors are driving the demand for aerospace foams in the region by increasing air passenger traffic, which in turn stimulates the development of new aircraft. In the coming years, China is expected to overtake the United States as the largest domestic market for aerospace foams. During the forecast period, India is expected to be the third largest domestic market for aerospace foams, followed by the United States.
Latin America has a smaller market share, but the region’s rapidly growing aerospace industry is expected to fuel the market demand for aerospace foams. Due to an increase in the number of foreign players in the region, the Middle East and Africa region is expected to develop positively in the coming years.
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