Aerospace Foams Market Expected to reach $ 7,342.7 Million by 2026Download Sample Reports Overview
According to a study, Global Aerospace foams market by Research Dive, the global aerospace foams market forecast size is expected to reach $ 7,342.7 million by the end of 2026, registering 8.0% CAGR over the forecast period.
Economic growth, specifically in the developing economies across the world, along with rapid development is a key factor that is projected to drive the aircraft industry. Due to this global aerospace foams market is projected to grow over the forecast period. Additionally, the rising investments by governments for military aircraft is another key growth factor that is expected to drive the global aerospace foams market growth over the forecast period.
However, the cost of raw materials is expected to be the key factor hindering market growth during the forecast period.
The Polyurethane foam segment held the largest market size in 2018, is projected to increase at a 7.6% CAGR over the projected period. Polyurethane (PU) Foam is available in a wide range of from high to low depending upon the rigidity. The PU foams are well suited with a multiple aerospace application such as airframes, seating, packaging and interiors in the aerospace industry. Moreover, the metal foam segment is expected to dominate the market over the projected period, at 9.2% CAGR. Metal foams segment is majorly driven due to the growing demand from aircraft manufacturers owing to the metal foams properties such as lightweight and high strength.
The end-user segment in the aerospace foams market is categorized into commercial aircraft, military aircraft, helicopters, and spacecraft among others. Commercial aircrafts segment held a 48.0% market share in 2018, growing at a CAGR of 7.7% and is anticipated to continue its dominance over the forecast period accounting for $3,458.4 million in 2026. The growth is attributed to the increase in the number of air travelers worldwide.
North America aerospace market size valued for the highest share in 2018 and is anticipated to continue its dominance over the projected timeframe in terms of revenue. The growth is owing to the existence of key participants in this region. Additionally, aviation industry growth, increase the number of passengers traveling by air, and rise in military expenditure are key factors driving the aerospace foams market in this region. Europe is further anticipated to grow at the highest CAGR of 8.7% over the forecast period.
Aerospace foam market key players include UFP Technologies, SABIC, Erg Materials and Aerospace Corp, Evonik Industries AG, Rogers Corporation, Foampartner, Armacell International S.A., BASF SE, Boyd Corporation, Zotedfoams Plc, and others. Acquisitions and product development are of the major strategies that are being adopted by the key aerospace foam industry participants in order to hold their position in regional and global or markets.
In March 2018, Evonik Industries introduced a new foam in the product line of ROHACRYL. This foam is lightweight, thermally stable, eco-friendly and is easy to shape. This foam can be utilized in automotive, sports equipment, aerospace, and many others