Aerospace Foam Market is on Progression towards USD7.6 Billion by 2023
Aerospace
Foam Market Outlook 2015-2023:
Global Aerospace Foam Market is
expected to register $7.5 Billion by 2023, registering a CAGR of 7.2% during
the forecast period 2017 - 2023. On the basis of type segment, polyurethane
foam occupied more than two-fifths share in 2016.
Aerospace foams are
materials used for cushioning and insulation in aircrafts owing to their
excellent properties, such as durability, tensile strength, and rigidness.
Aerospace foams, such as polyurethane, polyethylene, ceramic, and metal foam,
provide superior insulation in varied temperature ranges and reduce air leakage.
Enhanced insulation,
lightweight, and durability have projected the demand for polyurethane foams
with applications in headrest, carpet pads, cockpit panels, door, and others.
Moreover, excellent thermal & mechanical stability and lightweight features
have increased the demand for polyethylene in aerospace applications. Metal
foams have excellent insulation and lightweight properties, owing to the
increase in demand is expected to enhance commercial & military aircraft.
The general aviation segment is the major market driver for aerospace foam,
owing to increase in demand for aircraft deliverability and increase in growth
of passenger carriers. Furthermore, increase in governmental investments is expected
to fuel the demand for aerospace foam in military applications. Volatility in
raw materials prices are expected to hinder the market growth but, developments
in biodegradable aerospace foams, such as green polyurethane foam are expected
to create growth opportunities in the market.
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Key
Findings of Aerospace Foam Market
- The polyurethane
foam segment is expected to grow at a CAGR of 7.1% during the forecast
period.
- The metal foam
segment is expected to grow at a CAGR of 7.4% from 2017 to 2023.
- The North
American aerospace foam market is expected to grow at a CAGR of 7.1% from
2017 to 2023.
- The commercial
aircraft segment is expected to grow at a CAGR of 8.5%.
- In 2016, The
polyethylene foam segment occupied approximately one-third share in the
Asia-Pacific region, and is anticipated to grow at a CAGR of 6.3%.
LAMEA is projected to grow at a CAGR of 7.3% during the analysis
period, owing to increase in urbanization. North America and Europe were the
major market drivers for aerospace foam. The increase in demand for low cost
airlines is expected to boost the market in Asia-Pacific regions.
Key players operating in
the market include BASF SE, Huntsman Corporation, ARMACELL, Boyd Corporation,
Evonik Industries, Rogers Corporation, SABIC Innovative Plastics, General
Plastics Manufacturing Company, Zetofoams Plc, and ERG Materials.
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