DUBLIN--(BUSINESS WIRE)--The "Aerospace Foams Market by Material (PU Foams, PE Foams, Melamine Foams, Metal Foams, PMI/Polyimide Foams), End-Use (Commercial Aircraft, Military Aircraft, And General Aviation), Application and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Aerospace Foams Market 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.
The continuous expansion in the overall aviation industry worldwide, as well as the growing demand for lightweight and fuel-efficient aircraft around the world, are driving the global aerospace foams market. Factors such as stringent regulations in the usage of PU foams as well as new norms for fire safety improvements in aircraft cabins including materials flammability upgrade are restraining 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 industry, 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 increasing number of air passengers and high demand for low-cost operators in 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 around the regions Southeast Asia, India, and Australia is aiding in the growth of the overall commercial aircraft segment and thus, propelling the demand for aerospace foam 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, PU foams 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. 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 mainly to the extensive usage of PU foams for aerospace seating and cushioning application due to their unique properties of durability, lightweight, and recyclability, among others.
North America is projected to lead the aerospace foams market during the forecast period, in terms of both value and volume.
The North America region is projected to lead the aerospace foams market from 2019 to 2024, in terms of both value and volume. The demand for aerospace foams is increasing in North America owing to the growing aviation industry in the region. Also, the growing military expenditure is expected to fuel the demand for military aircraft, and rising total numbers of air passengers will drive the market growth. The market in this region is also projected to continue its market dominance in terms of both value and volume, from 2019 to 2024, owing to the increased demand for aerospace foams from countries such as US, Canada, and Mexico.
- Growing Demand for the Light Weight and Fuel Efficient Aircrafts
- Steady Growth in the Aerospace Industry
- Stringent Regulations Regarding the Use of PU Foams
- Renewable Feedstock for Manufacturing Green PU Foams
- Proper Disposal & Recycling Technique
- Fluctuation in the Price of Raw Materials
- Aerofoam Industries
- Armacell International SA
- BASF SE
- Boyd Corporation
- ERG Materials and Aerospace Corp
- Everchem Specialty Chemicals
- Evonik Industries AG
- General Plastics Manufacturing Company
- Huntsman Corporation
- NCFI Polyurethanes
- Rogers Corporation
- Sabic Innovative Plastics
- Sekisui-Voltek, LLC.
- Solvay S.A.
- UFP Technologies
- Zotefoams Plc
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