The aerospace foams market size 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. Increasing demand for low weight and fuel-efficiency, which requires the extensive usage of foams in a broader number of areas in the aircraft, is driving the global aerospace foams industry. Moreover, the steadily growing global aviation industry is one of the key factors driving 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, 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 increase in the 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 from Southeast Asia, India, and Australia is aiding in the growth of the overall commercial aircraft segment and thus propelling the demand for aerospace foams 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, the PU foams segment 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. The PU foams are compatible with a multitude of aerospace applications such as seating, airframes, interiors, and packaging in the aerospace industry. The growth in this market is attributed to extensive usage of the PU foams in aerospace seating and cushioning application due to their unique properties of durability, lightweight, and recyclability, among others.
The aerospace foams market in South America is projected to grow at the highest CAGR in terms of both, value and volume during the forecast period.
The South America aerospace foams market is projected to grow at the highest CAGR in terms of both value and volume from 2019 to 2024. Brazil and Argentina are the key countries contributing to the increasing demand for aerospace foams in this region. Factors such as the end of the recession cycle in Brazil and Argentina coupled with the positive growth prospects for Colombia, Chile, and Peru, and the rise air traffic have increased the demand for aerospace foams in this region. Furthermore, the abolishment of previous restrictions on foreign ownership and control in national airlines of Brazil, by the Brazilian Congress is responsible for the growth of the aerospace foams market in South America.
BASF SE (Germany), Evonik Industries AG (Germany), Boyd Corporation (US), Rogers Corporation (US), FoamPartner (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) are some of the leading players operating in the aerospace foams industry. These players have adopted the strategies of expansions, acquisitions, new product launches, investments, new technology developments, partnerships, mergers, collaborations, and agreements to enhance their position in the market.
Source: ASDReports - Market Research
Date: Oct 11, 2019