Aerospace Foam Market
The Global Aerospace Foam Market size valued to USD 5.67 billion in 2019, is predicted to reach USD 10.91 billion by 2030, witnessing a CAGR of 6.03% from 2020-2030.
Aerospace foam are cellular structured material with low density, obtained by trapping pockets of gas in a solid or liquid medium. They hold wide applications in the aviation industry, because of characteristics like insulation, cushioning, and dumping vibrations. These are light weight, rigid, heat resistant and high tensile strength materials that can tolerate adverse climatic conditions even at higher altitudes. Different types of foams like polyurethane, polyethylene, ceramic, metal foam, and others, have a varied number of applications in the aviation industry.
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Top Companies: Huntsman Corporation, BASF SE, Armacell, Evonik Industries, Boyd Corporation, Rogers Corporation, General Plastics Manufacturing Company, SABIC Innovative Plastics, ERG Materials and others.
The global aerospace foam market share analysis is based on type of foam, application, and geography. Based on type of foam, the market is segmented into Polyurethane, Polyethylene, Ceramic, Metal foam, and others. Based on application, the market is divided into General Aviation, Commercial Aircraft, and Military Aircraft. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
North America is expected to dominate the global aerospace foam market, holding the highest market share throughout the forecast period. Factors supplementing the market growth in this region include favorable government policies, increasing military expenditure, next-gen technologies, advanced infrastructures, and the presence of leading aircraft manufactures. Asia Pacific is expected to show rapid growth with substantial increase in market share owing to rapid industrialization, increased government initiatives in military aviation, easy access to raw materials and availability of low-cost operators. Furthermore, growing demand of low-cost airlines and rise in disposable incomes are expected to fuel-up the commercial aviation industry, hence propelling the growth of aerospace foam market.
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The past endeavors, present developments and futuristic advancements, sum-up to comprehend the overall market growth. For instance, in October 2019, the very well-known General Plastics Manufacturing Company launched its two grades of aerospace core materials namely LAST-A-FOAM FR-3800 FST and RF-2200. Where FR-3800 FST being fire resistant; RF-2200 being dielectric and low density in nature. Furthermore, in March 2020, one of the major players of the global aerospace foam market, Huntsman Corporation, announced its acquisition over CVC Thermoset Specialties; opting to build an advanced materials portfolio, henceforth making the products tougher, stronger, and more durable.
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