Increasing demand for aerospace foam owing to speedy developments in aircraft manufacturing is fueling the global aerospace foam market growth in the 2019-2026 timeframe. The North America region is likely to lead the market in the future.
NEW YORK, April 3, 2023 /PRNewswire/ — Research Dive has added a new report to its offerings titled, “Aerospace Foam Market, By Offerings (Hardware, Software, Services), By Aerospace foam markets Market, By Material (PU Foam, PE Foam, Metal Foam, Melamine Foam, PMI Foam, Others), By End-use (Spacecraft, Military Aircraft, Helicopter, Commercial Aircraft, Others): Global Opportunity Analysis and Industry Forecast, 2019–2026”.
The global aerospace foam market is expected to garner $7,342.7 million by 2026, growing at a CAGR of 8.0% from 2019 to 2026. The report delivers comprehensive insights into the current condition and future prospective of the industry by meticulously examining market drivers and restraints, opportunities, major segments, and regions.
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Key Segment Findings of the Aerospace foam Market
The global market is segmented into material, end use, and region.
- The PU foam sub-segment of the material segment is anticipated to hold foremost market share, by growing with a CAGR of 7.6% in the projected timeframe. This growth is chiefly attributed to the mounting usage of PU foams in the making of aircrafts across the globe, due to their outstanding cushioning & absorption properties.
- The commercial aircraft sub-segment of the end use segment grabbed the highest share of the market in 2018 by collecting a revenue of $1,904.2 million and is projected to lead the market in the projected timeframe. This growth is mainly attributed to the growing demand for reasonably priced carriers or low-cost operators in regions like the Latin America, Middle East, and Asia Pacific, which is driving the demand for aerospace foam in commercial airplanes.
- Regionally, the North America market is foreseen to observe extensive growth with a CAGR of 7.7% in the forecast period. The growth of this region market is chiefly because of the existence of a massive number of aerospace foam making companies in this region.
Aerospace Foam Market Dynamics
The key factors fueling the growth of the global aerospace foam market are a significant rise in investments in military aircrafts by numerous governments worldwide and growing demand for aerospace foam owing to speedy developments in aircraft manufacturing. In addition, increasing demand for PU foams in the making of aircraft interior cabins and flight decks, owing to their excellent cushioning as well as absorption properties, is projected to open doors to innovative opportunities for the market growth in the projected period. However, strict government rules regarding the use of PU foams is estimated to deter the market growth during the forecast period.
Top Players of the Market
The major players of the global aerospace foam market are
- Armacell International S.A
- SABIC
- Erg Materials and Aerospace Corp
- Rogers Corporation
- Evonik Industries AG
- Zotedfoams Plc
- Foampartner
- Boyd Corporation
- UFP Technologies
- BASF SE
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a robust position in the global market.
For instance, in February 2020, Zotefoams Plc., a manufacturer of a wide range of closed cell cross-linked foams from polyolefins and engineering polymers, launched new product – polyvinylidene fluoride (PVDF) foam, ZOTEK F X.R. to expand its High-Performance Product (HPP) line. With this launch, Zotefoams is aiming to make a strong foothold in the global aerospace foam market.
Moreover, the report offers other key details such as business tactics, financial performance, and product/service range of the leading players along with Porter’s five forces analysis and SWOT analysis.
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