The growth of the Aerospace Foam Market
is primarily dependent on the growth of the commercial aircraft sector. Aerospace foam is a cellular structured material utilized in the aerospace industry, due to its low-density characteristic. Aerospace foam such as polyurethane foam, polyethylene foam, ceramic foam, metal foam and others are extensively used for insulation, cushioning and vibration dampeners. The surging developments associated with the commercial aircraft sector across the world have led to considerable growth in the aerospace foam market. The aerospace foam market size is projected to grow at a CAGR of 6.5% during the forecast period 2022-2027 and reach US$7.5 billion by 2027.
Aerospace Foam Market: Leading Segment is Commercial Aircrafts Sector
On the basis of the end-use industry, the Aerospace Foam Market can be segmented into commercial aircraft, military aircraft, helicopters and others. The commercial aircraft sector is evaluated to be the leading segment in the aerospace foam market in 2021. During the forecast period 2021-2027, the commercial aircraft sector is expected to grow with a CAGR of 6.9%. This can be attributed to various reasons such as the rising number of air passengers globally is boosting the growth of commercial aircraft. The surge in low-cost operators has resulted in an increase in demand for the commercial aircraft sector. The commercial aircraft sector is growing, for instance, in April 2022, German air traffic was up 499.1 percent compared to April 2021 and domestic air traffic was up 372.7 percent from 2021.
Aerospace Foam Market: Leading Region in North America
On the basis of geography, the Aerospace Foam Market can be segmented into North America, South America, Europe, APAC and EMEA. According to IndustryARC’s analysis, North America has emerged as the most dominant region in the market. In 2021, the North American region held around 42% share of the total revenue earned by the market globally. North American countries including USA, Canada and Mexico are comparatively ahead in terms of the growth of the commercial aircraft sector. The aerospace industry is growing, for instance, according to the International Trade Administration (ITA), the total local production of aircraft and related products and services stood at US$1 billion in 2021 and the Mexican Aerospace Industry Federation (Federación Mexicana de la Industria Aerospacial or FEMIA), experienced 14 percent average annual export growth from 2004–2019.
The aerospace foam market will also witness significant growth in the APAC region. China and India are emerging as competitive countries in the aerospace foam market.
Aerospace Foam Market: Competitive Landscape
Key companies holding major shares in the Aerospace Foam Market are BASF SE, Huntsman Corporation, Armacell, Boyd Corporation, Evonik Industries, Sabic, Rogers Corporation, Zotefoams Plc, General Plastics Manufacturing Company and ERG Materials. The key strategies adopted by the companies include product launches and product expansion among others.
In July 2022, SABIC launched a specialized portfolio of SABIC PP compounds for foam injection molding (FIM). New mineral-reinforced SABIC PPC F9005, PPC F9007 and PPC F9015 grades can help deliver excellent aesthetics for visible aircraft interior parts with complex geometries, such as door panels and trim, seat and trunk cladding, A/B/C/D pillar covers and center consoles. Moreover, in November 2019, Evonik Corporation expanded its production of ROHACELL high-performance rigid, closed-cell foams at its Mobile, Ala., site, due to increasing demand for lightweight construction materials for specialty applications.
To request for a quote, provide your details in the below link:
Mr. Venkat Reddy
Email: [email protected]
Contact Sales: +1-970-236-3677
About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.