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Global Aerospace Foam Market Size was valued at USD 5.8 Billion in 2022. The Aerospace Foam market industry is projected to grow from USD 6.3 Billion in 2023 to USD 10.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.70% during the forecast period (2023 - 2032). Recent increases in air travel-related discontent and a growing demand for lightweight, fuel-efficient aircraft, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
As a result of growing fuel prices, airplane manufacturers were pushed to lower aircraft weight and carry more cargo at once. These manufacturers have consequently started utilizing aerospace foam in a range of aircraft applications, such as flight deck pads, carbon walls and ceilings, aircraft seats, and aircraft flooring. The recent increase in air travel commotion is another factor boosting demand for aircraft across all end users, including general aviation, commercial aviation, military aircraft, and rotary aircraft. This has had a favorable effect on the usage of aerospace foam in the production of aircraft, and it is certain that this will continue throughout the projection period. The majority of the demand for aerospace foam in 2021 came from the United States, and it is anticipated that this trend would continue throughout the projection period. The primary element driving the high product demand across the country is the considerable growth of the aircraft industry as a result of rising interstate travel over the past ten years as a result of more disposable income.
The U.S. military services have been a significant market for boosting demand for aerospace foam throughout military aircraft due to the growing use of the material across exterior fuel tanks. For instance, in August 2022, the U.S. Air Force (USAF) successfully acquired four MH-139A test helicopters from the aircraft producer Boeing. These helicopters were delivered to assist four important air force commands, intercontinental ballistic missile defense, and other operating agencies. The airline sector suffered a significant setback as a result of the COVID-19 pandemic's global expansion in 2020 due to the frequent aircraft cancellations, airport closures, and the suspension of production facilities to block the virus' transmission. This ultimately had a negative impact on the development of the sector. However, because to the accelerating rate of recovery and the broad accessibility of vaccines, the aircraft industry's operations resumed, significantly altering the product demand.
Declining fuel price volatility and increasing operational efficiencies have made it possible for commercial aircraft operations to expand over the past few years. Rising air travel rates, notably in developing countries in Asia-Pacific and South America, as well as rising disposable incomes elsewhere, have contributed to the growth of the world's aircraft fleet. As passenger numbers increase and more people retire over the next 20 years, there will certainly be a demand for 44,040 additional jets, valued at USD 6.8 trillion. If all newly produced aircraft and jets remain in service through 2038, the commercial fleet will consist of 50,660 aircraft. Thus, driving the Aerospace Foam market revenue.
The global Aerospace Foam market segmentation, based on Material, includes PU foams, PE foams, melamine foams, PMI/polyimide foams, and others. The PU foams industry dominated the global market in 2022. The significant share is due to the wide range of applications for the product. PU foams are used as insulation for ceilings, walls, partitions between classrooms, baggage compartments, and bathrooms in airplanes. Following that are particular high-performance foams, such as extended polyethylene (EPE) and special polyethylene (PE) foams. EPE foam has unsurpassed dimensional stability and recovery capabilities in compared to traditional foams used in the aerospace industry. To provide the best possible cushioning and lessen repeated impacts, these foams are used in airplane ceilings.
The global Aerospace Foam market segmentation, based on End Use, includes commercial aircraft, military aircraft, and general aviation. The commercial aircraft End Use sector dominated the global market in 2022. The growth of air travel globally is increasing market expansion. The need for commercial aircraft has also increased as a result of the growth of low-cost carriers in regions like South America, the Middle East, and Asia-Pacific. The global market for aerospace foams is expanding as a result of these factors.
The global Aerospace Foam market segmentation, based on Application, includes aircraft seats, aircraft floor carpets, flight deck pads, cabin walls and ceilings, overhead stow bins, and others (aircraft prototypes, galleys and lavatories). The industry for cabin walls and ceilings held the global market share for aerospace foam in 2022. The segment is anticipated to increase at the fastest rate and with the highest revenue share during the anticipated period. This is because aerospace foam, particularly PU foam, is used extensively in the aircraft's chassis. Given that the size of the aircraft encloses both passengers and cargo, it must be extremely highly insulated to stop any wind exchange between the inside of the aircraft and the outside atmosphere.
Figure 1: Global Aerospace Foam Market, by Application, 2022 & 2032 (USD Billion)
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Aerospace Foam Market dominated this market in 2022 (45.80%). The U.S. is a large contributor to the North America regional market as a result of an increase in aircraft demand across the country over the previous 10 years. The presence of significant aircraft manufacturers in the country also intensifies the already fierce competition on the domestic market. Companies like Raytheon Technologies Corp., Safran, General Electric, Lockheed Martin, and Boeing are examples of the fierce competition for the region's aircraft manufacturing market. Further, the U.S. Aerospace Foam market held the largest market share, and the Canada Aerospace Foam market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLOBAL OLED MATERIALS MARKET SHARE BY REGION 2022 (USD Billion)
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Europe Aerospace Foam market accounted for the healthy market share in 2022. The demand for aircraft has increased as a result of the growth in tourists visiting the continent in recent years. The General Aviation Manufacturers Association (GAMA) published the General Aviation Shipment Report 2021, which shows that Europe shipped an average of 702 aircraft in 2021, up from 618 in 2020, a 13.6% rise. As a result, there has been a rise in product demand throughout the region, and it is anticipated that this trend will continue during the projected time. Further, the German Aerospace Foam market held the largest market share, and the U.K Aerospace Foam market was the fastest growing market in the European region.
The Asia Pacific Aerospace Foam market is expected to register significant growth from 2023 to 2032. The Asia Pacific aerospace foam market is anticipated to grow during the forecast period due to factors such an increase in air travellers and a rise in the demand for stronger, lighter materials to increase aircraft fuel economy in developing nations. Moreover, China’s Aerospace Foam market held the largest market share, and the Indian Aerospace Foam market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Aerospace Foam market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Aerospace Foam industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Aerospace Foam industry to benefit clients and increase the market sector. In recent years, the Aerospace Foam industry has offered some of the most significant advantages to medicine. Major players in the Aerospace Foam market, including BASF SE, Huntsman Corporation, Armacell, BOYD Corporation, Evonik Industries, Sabic, Rogers Corporation, Zetofoams PLC, General Plastics Manufacturing Company, and ERG Materials, are attempting to increase market demand by investing in research and development operations.
BASF SE (BASF) is a company that produces chemicals. It manufactures, markets, and sells chemicals, polymers, crop protection products, and performance items. The company's product line includes solvents, adhesives, surfactants, fuel additives, electronic chemicals, pigments, paints, food additives, fungicides, and herbicides. The company works with a wide range of industries, including those related to building, woodworking, agriculture, electronics and electrical, paints and coatings, transportation, home care, nutrition, and chemicals. In September 2019, BASF SE developed the first particle foam based on polyethersulfone (PESU). The foam has been approved for use in airplanes because it possesses the superior properties required in aerospace applications.
Recticel Flexible Foams manufactures polyurethane foam goods in Wetteren, Belgium. The company's primary business activities include research, manufacture, transformation, and commercialization of predominantly semi-finished flexible polyurethane foam products and components for B2B markets. Recticel Flexible Foams and FoamPartner merged in March 2021 to form the Recticel Engineered Foams business line. Resource and talent synergies will be heavily utilized by the new organization to enhance excellence, broaden its worldwide reach, and accelerate the commercialization of ground-breaking products for global markets.
· BASF SE
· Huntsman Corporation
· Armacell
· BOYD Corporation
· Evonik Industries
· Sabic
· Rogers Corporation
· Zetofoams PLC
· General Plastics Manufacturing Company
· ERG Materials
June 2021: Diab Group announced the acquisition of the ULTEM foam production line from SABIC. It will collaborate with SABIC to promote the study and development of resin-based foams and will include the resin-based foam made from ULTEM in its current portfolio under the name Divinycell U.
· PU Foams
· PE Foams
· Melamine Foams
· PMI/Polyimide Foams
· Others
· Commercial Aircraft
· Military Aircraft
· General Aviation
· Aircraft Seats
· Aircraft Floor Carpets
· Flight Deck Pads
· Cabin Walls and Ceilings
· Overhead Stow Bins
· Others (Aircraft Prototypes, Galleys and Lavatories)
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
Report Scope
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 5.8 Billion |
|
Market Size 2023 |
USD 6.3 Billion |
|
Market Size 2032 |
USD 10.1 Billion |
|
Compound Annual Growth Rate (CAGR) |
6.70% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Material, End Use, Application, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
BASF SE, Huntsman Corporation, Armacell, BOYD Corporation, Evonik Industries, Sabic, Rogers Corporation, Zetofoams PLC, General Plastics Manufacturing Company, and ERG Materials |
|
Key Market Opportunities |
Increasing trends toward bio-based polyurethane foam manufacturing |
|
Key Market Dynamics |
Increasing commotion across air travel in recent years and the increasing demand for lightweight and fuel-efficient aircraft |
The global Aerospace Foam market was valued at USD 2.4 billion in 2022, and it is estimated to reach USD 10.1 billion by 2032.
The global market is projected to grow at a CAGR of 6.70% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are BASF SE, Huntsman Corporation, Armacell, BOYD Corporation, Evonik Industries, Sabic, Rogers Corporation, Zetofoams PLC, General Plastics Manufacturing Company, and ERG Materials
The PU Foams Material dominated the market in 2022
The Commercial Aircraft End Use had the largest share in the global market.
Report Code :
RL6537
Published on :
Aug 2023
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