Aerospace foams are used in many different applications in the aviation industry. They provide vibration dampening, insulation, and cushioning for aircraft. They are lightweight, durable, and offer excellent heat resistance. They are also widely used in automotive seats and bedding. In addition to this, aerospace foams are used in construction and oil and gas industries. Polyurethane Aerospace Foams provide a strong barrier against noise and vibration, preventing noise from inside the cabin, and helping the aircraft maintain cabin pressure. These foams are available in a variety of different strengths, enabling them to be customized to different applications. They are also cost-effective to manufacture. These foams also exhibit excellent UV resistance, making them a good option for exposed parts. They are lightweight and highly durable, making them a great choice for aircraft applications.
The Global Aerospace Foams Market is estimated to account for US$ 4,725.07 Mn in terms of value by the end of 2021.
Global Aerospace Foams Market: Drivers
The aerospace foams market is expected to grow at a significant rate during the forecast period. The market will be driven by the increasing demand for comfort in flight and emergence of low-cost carriers. There are a number of market players who are focused on technology advancements and new product launches which is again fostering market growth. The increasing number of passengers and the growth of low-cost carriers are further expected to drive this segment's growth.
Global Aerospace Foams Market: Opportunities
Increasing delivery of commercial aircraft is projected to bring lucrative growth opportunities over the forecast period. 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, thereby boosting the market studied.
Global Aerospace Foams Market: Restraints
Fluctuating price of raw materials is projected to hinder the aerospace foams market growth.
Global Aerospace Foams Market - Impact of Coronavirus (Covid-19) Pandemic:
As of November 1, 2021, global deaths from COVID-19 crossed 4.99 million, with a continuously increasing number of cases. The United States, India, and Brazil, along with European Countries, are the most affected countries as the number of COVID-19 cases increases. Considering the situation, COVID-19 was declared a pandemic, and the governments worldwide imposed complete lockdowns as per the condition in their respective countries. Many aerospace companies face overwhelming competitive challenges and unknown skies as they continue to respond to the impacts of the COVID-19 pandemic. According to Accenture's report, the total deliveries of Airbus and Boeing dropped by 58% in the first half of 2020.
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The global aerospace foams market was valued at US$ 4,725.07 Mn in 2021 and is forecast to reach a value of US$ 8080.14 Mn by 2030 at a CAGR of 6.14 % between 2022 and 2030.
Commercial Aviation Application segment held dominant position in the global aerospace foams market in 2021, accounting for 68.80 % share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Aerospace Foams Market Trends:
Rising demand for flame retardant and customizable foams is a growing trend. The aerospace foams market is projected to remain strong and witness considerable expansion over the next few years. Furthermore, the aerospace industry has implemented strict standards and increased the demand for flame retardant, flexible, and customizable foams. As a result, aeronautical foams will also find new applications in cabin applications.
Rapid urbanization is another growing trend for aerospace foams market. Strong growth of the airlines and passenger travel are major factors contributing to the demand for more aircrafts. Increasing exports of aerospace components is further anticipated to propel market growth.
Global Aerospace Foams Market: Competitive Landscape
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
Global Aerospace Foams Market: Recent Developments
In October 2020, Zotefoam Plc announced the launch of ZOTEK F XR, a disruptive foam technology that offers weight savings of up to 70% in aircraft interior applications.
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