AEROSPACE FOAMS MARKET ANALYSIS

The global aerospace foams market size was valued at USD 4,725.07 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 6.14 % from 2022 to 2030. The Aerospace Foams market is expected to witness robust growth over the coming years. Major driving factors include rising defense spending, rapid urbanization, and growing demand for comfort in civil aircrafts. Also, the emergence of low-cost aircraft manufacturers is expected to create new market opportunities for the industry.

Global Aerospace Foams Market: Regional Insights

Regionally, North America is expected to dominate the global aerospace foams market over the forecast period and this is attributed to increasing delivery of commercial aircrafts in the region. According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037, owing to the growth in air cargo. Also, the US mainliner carrier fleet is expected to grow at a rate of 54 aircraft per year, due to the existing fleet getting older.

Asia Pacific is expected to hold second leading position in the global aerospace foams market over the forecast period and this is attributed to the presence of strong economies like China and India. The Association of Southeast Asian Nations (ASEAN) includes Thailand, Indonesia, Vietnam, Philippines, Malaysia, Singapore, Myanmar, Cambodia, Laos, and Brunei. The GDP of the ASEAN region is estimated to reach 4.9% in 2021, according to the International Monetary Fund forecasts.

Moreover, increasing number of airports especially in India is again fostering regional market growth. For instance, the government is trying to cater air traffic by increasing the number of airports in the country. At present, there are 153 airports in the country, and it is anticipated to increase to 190-200 by FY 2040, and the rising number of fleet size is expected to escalate the number of airplanes to 1,100 by 2027.

Figure 1. Global Aerospace Foams Market, By Region

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Global Aerospace Foams Market Drivers:

Growing demand for lightweight and fuel-efficient aircraft is driving growth of the global aerospace foams market. Due to its high strength-to-weight ratios compared to metals, foam minimizes the overall weight, thus further reducing the aviation fuel consumption, allowing the aircraft to fly farther and carry more passengers. These foams are lightweight and are used to fabricate cabin walls, and ceilings, seats, floor carpets, overhead stow bins, flight deck pads, among other parts of aircrafts. According to the Airbus SAS, Airbus, in its commercial jetliner, A350 XWB, has comprised aircraft’s wing of the lightweight carbon fiber-based foam material, including its upper and lower covers.

Rapid growth of commercial aviation market is again augmenting market growth. According to the Coherent Market Insights analysis, the global commercial aerospace market was valued to be USD 865 million in 2019 and USD 690 million in 2020, even after being impacted by the COVID-19 crisis. Moreover, the global commercial fleet is forecasted to witness an annual growth rate of over 3%, with the total active fleet expected to reach around 48,500 by 2037.

Global Aerospace Foams Market Opportunities:

Advent of bio-based foams is projected to provide significant growth opportunities over the forecast period. Bio-based foams are derived from eco-friendly sources such as soybean oil, microalgae, palm oil, castor oil, and others. These foams are rapidly replacing conventional synthetic polyol-based PU foams due to growing environmental concerns.

Growing adoption of partnership and agreements among key players is expected to serve major growth opportunities for key players in the near future. For instance, in February 2021, GE Aviation and Etihad Airways have partnered to launch GE’s 360 Foam Wash, a groundbreaking jet engine cleaning system, to optimise performance of Etihad’s GE90 and GEnx-1B engines on its Boeing 777 and 787 fleets.

Global Aerospace Foams Market Trends:

Growing trend of private travel as the number of high-net worth persons and ultra-high net worth individual have increased worldwide. This has resultant in delivery of helicopters and business jets with improved cabin interiors.

Growing number of acquisition and merger among key players for geographical expansion is rising trend. For instance, in June 2021, Diab Group announced the acquisition of ULTEM foam production line from SABIC. It will incorporate the ULTEM resin-based foam into its current portfolio under the name Divinycell U, and will further the development of the resin- based foam with support from SABIC.

Global Aerospace Foams Market Restraints:

Strict regulations on the usage of PU foams is expected to restrict the market growth. For instance, The National Emission Standards for Hazardous Air Pollutants (NESHAP) environmental regulations formulated by the US Environmental Protection Agency (EPA) include some rules for new and existing plant sites that manufacture flexible polyurethane foam. These rules were implemented in 1998 to control methylene chloride emissions, 2, 4-toluene diisocyanate (TDI), methyl chloroform, methylene diphenyl diisocyanate (MDI), methanol, diethanolamine, propylene oxide, methyl ethyl ketone, and toluene.

Disposable and recycling issue associated with the PU foam is again expected to hinder the market growth of the market.

Figure 2. Global Aerospace Foams Market, By Application

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Global Aerospace Foams Market Segmentation:

The global aerospace foams market report is segmented into type, application, and geography

Based on type, the market is segmented into Polyurethane, Polyimide, Metal Foams, Melamine, Polyethylene, and Other Types. Out of which, Polyurethane is expected to dominate the global market over the forecast period as they are low-cost and long-lasting materials for airplanes. Moreover, PU can adjust to a variety of environments that most other materials cannot.

Polyimide segment is also expected to witness significant growth in the near future and this is owing to the fact that they are sound, heat, and cold insulating foam. They are perfect and effective for aerospace industry.

Based on application, the market is segmented into Commercial Aviation, Military Aviation, and Business and General Aviation. Out of which, Commercial Aviation is expected to dominate the global market over the forecast period and this is attributed to the increasing delivery of commercial aircrafts. According to the Boeing Commercial Market Outlook 2020-39, around 8,810 new commercial aircraft deliveries are expected to be made in Europe from 2020 to 2039, which will increase the number of commercial aircraft in the region to 9,050, which is expected to enhance the demand for aerospace foams during the manufacture of these aircraft in the coming years, thus boosting the market studied.

Business and General Aviation segment is also expected to witness significant growth in the near future owing to the rapid growth of travel and tourism industry.

Global Aerospace Foams Market: Key Developments

In June 2021, Diab Group announced the acquisition of ULTEM foam production line from SABIC. It will incorporate the ULTEM resin-based foam into its current portfolio under the name Divinycell U, and will further the development of the resin- based foam with support from SABIC.

In April 2020, Greiner AG acquired Eurofoam, a manufacturer of flexible polyurethane foams in Central and Eastern Europe. It now increases its share from 50% to 100% in the joint venture with Reciticel SA.

Global Aerospace Foams Market: Key Companies Insights

The global aerospace foams market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global aerospace foams market are Aerofoam Industries, LLC, Armacell, BASF SE, Boyd Corporation, Diab Group, DuPont, ERG Aerospace Corporation, Evonik Industries, General Plastics, Manufacturing Company, Grand Rapids Foam Technologies, Greiner AG, Rogers Corporation, Solvay, Technifab Inc, UFP Technologies, Zotefoams plc, and Recticel NV/SA

*Definition: Aerospace foams are cellular-structured materials that are used in the manufacturing of many different products. They are typically used for vibration dampening, cushioning, and insulating. They are lightweight, durable, and can be used in a variety of applications, including aircraft seats, cabin walls, and overhead bins.