Aerospace Foams Market Expected to Observe a CAGR of 8.2% by 2024- Exclusive Report by MarketsandMarkets™
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
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 rising demand for lightweight and fuel-efficient aircraft have led to the extensive use of advanced materials such as PU foams, PE foams, and others, in the aerospace industry. The manufacturing of advanced materials as well as new product launches by many prominent players in the aerospace industry is one of the key factors driving the growth of the aerospace foams market across the globe.
Based on end-use, 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 increase in the number of air passengers and high demand for low-cost operators in the 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 from Southeast Asia, India, and Australia is aiding in the growth of the overall commercial aircraft segment and thus propelling the demand for aerospace foams as well.
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Based on material, the PU foams segment 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. The 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 to extensive usage of the PU foams in aerospace seating and cushioning application due to their unique properties of durability, lightweight, and recyclability, among others.
The South America aerospace foams market is projected to grow at the highest CAGR in terms of both value and volume from 2019 to 2024. Brazil and Argentina are the key countries contributing to the increasing demand for aerospace foams in this region. Factors such as the end of the recession cycle in Brazil and Argentina coupled with the positive growth prospects for Colombia, Chile, and Peru, and the rise air traffic have increased the demand for aerospace foams in this region. Furthermore, the abolishment of previous restrictions on foreign ownership and control in national airlines of Brazil, by the Brazilian Congress is responsible for the growth of the aerospace foams market in South America.
BASF SE (Germany), Evonik Industries AG (Germany), Boyd Corporation (US), Rogers Corporation (US), FoamPartner (Switzerland), Armacell International S.A. (Luxembourg), SABIC (Saudi Arabia), ERG Materials and Aerospace Corp (US), UFP Technologies, Inc. (US), Zotefoams Plc (UK), General Plastics Manufacturing Company (US), Solvay SA (Belgium), Pyrotek Inc. (US), and Greiner AG (Austria) are some of the leading players operating in the aerospace foams market. These players have adopted the strategies of expansions, acquisitions, new product launches, investments, new technology developments, partnerships, mergers, collaborations, and agreements to enhance their position in the market.
In January 2019, BASF SE acquired the global polyamide business of Solvay S.A. The acquisition was valued at approximately USD 1.8 billion. The company integrated the polyamide business into the Performance Materials and Monomers divisions of its Materials segment (formed in 2019). The development created access to key growth markets in Asian and South American regions, which offered a competitive advantage to BASF SE over other players in the geography.
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In March 2015, Evonik Industries AG launched a new product, ROHACELL Triple F, which is a complex 3D structural core used for manufacturing CFRP sandwich components. This development diversified the aerospace foams product portfolio, offered by the company. Also, the new product launch led to the economic and efficient production of sandwich components with light foams cores for the aviation and automotive industries.
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