Aerospace foams market demand was valued at US$ 3,286.02 Million in 2021, and is projected to reach US$ 3,517.64 Million by the end of 2022. From 2022 to 2032, the market is expected to expand at a 7.7% CAGR, poised to be valued at US$ 7,385.63 Million.
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | US$ 3,286.02 Million |
| Anticipated Market Value (2032) | US$ 3,517.64 Million |
| Projected Forecast Value (2032) | US$ 7,385.63 Million |
| Growth Rate (2022 to 2032) | 7.7% CAGR |
Foams are an important class of materials that finds a variety of applications across a diverse set of industries. The low density, cellular structured materials namely foams are usually used for cushioning, as an insulating material, as vibration damping, or for packaging applications.
The aerospace industry necessitates materials that fulfill the intended function, are lighter in weight at the same time exhibit exceptional strength and resilience. The foams that cater to the demands of the aerospace industry are collectively termed aerospace foams.
The most commonly used foams for aerospace applications include polyurethane foam, polyethylene foam, metal foams, and ceramic foams.
Economic growth especially in the developing regions of the world, coupled with rapid urbanization is a major factor that is expected the propel the global aircraft market. This in turn is expected to drive the growth of the aerospace foams market.
Moreover, the increasing investments on the part of the government in aircraft for the defense sector is another factor expected to drive the global aerospace foams market. The emergence of low-cost airlines has led to an increase in passenger traffic, this has resulted to fuel the growth of global aerospace foams during the forecast period.
The variations in raw materials prices, availability of raw materials, and governmental regulations in polyurethane foams have hindered market growth. Moreover, polyurethane foams are flammable and utilize toxic isocyanates which restraints its applications over the globe.
Based on geography, Asia Pacific will witness the highest growth throughout the conjecture period. The region currently captures 37% of the global market share. Aspects such as swelling construction activities and the growing demand for electronic appliances will be critical in steering the growth of the polyurethane foams market in the region.
China is likely to lead the regional market, consuming over half of the demand for aerospace foams, followed by Japan where consumption is mounting gradually. Upsurge in the consumption of polyurethane foam, polyethylene foam, fluoropolymer foam, and metal foam has been detected in Asia-Pacific.
Owing to the continuous industrialization and growth in the manufacturing sector, the demand for Aerospace foams is likely to witness consistent significant growth. The incessant growth and novelty, along with industry consolidations, are expected to discover a bright future for the industry.
European Industry is a world leader in the production of civil aircraft, including helicopters, aircraft engines, parts, and components. It also plays a leading role in terms of export to other countries. Hence, the aerospace industry is witnessing significant growth in the region, backed by the presence of large aeronautical enterprises in the region.
As per the Destination 2050 roadmap, the European aeronautics industry along with the other European players of the aviation division has recently taken the strong commitment to ensure the air transport in Europe meets Europe 2050 climate’s objectives.
This includes the development of zero-emission aircraft based on novel propulsion technologies. These aspects intend to provide a stronghold of the aerospace foams market to the regional manufacturers and suppliers.
North America is likely to dominate the aerospace foams market owing to a subsequent increase in scheduled commercial flights. The rapidly flourishing commercial aircraft segment is anticipated to positively impact the foams consumption over the forecast period. On account of the rising increase in the number of passengers and rising military expenditure in the U.S, the demand for the polyurethane foams is estimated to increase in the coming future.
Moreover, the prominent airline manufacturers such as Lockheed Martin, Airbus, Bombardier, and Boeing have been investing on new manufacturing and repair activities in the United States lately which is one of the primary growth driver.
Some of the key participants present in the global demand of the Aerospace Foams 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., among others.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 7.7% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Customization | Available Upon Request |
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According to FMI, aerospace foams sales are expected to grow at a 7.7% CAGR until 2032
FMI expects the Asia Pacific aerospace foams to make maximum gains, accounting for 37% of the global market
Prominent aerospace foams manufacturers include BASF SE, Huntsman Corporation, ARMACELL, Boyd Corporation and Evonik Industries among others
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