The market globally for Aerospace Foams is expected to register CAGR of greater than 6% during the forecast period. The major factor driving the market studied is the increasing demand for Light Weight and Fuel-Efficient Aircrafts.
- Business and General aviation is the largest segment in the Aerospace Foams Market.
- The production of Polyurethane (PU) Foams is still highly petroleum-dependent, so this industry must adapt to ever more strict regulations and rigorous consumers. This acts as a restraint to the market.
Key Market Trends
Growing business and general aviation sector
- According to Boeing, the expected growth in air traffic by 2030 would require approximately 40,000 aircrafts, amounting to a value of almost USD 6 trillion.
- Out of the total demand, it is expected that Asia Pacific region would require 40% of these aircrafts while Europe and North America would require another 40% combined. The remaining 20 percent of the aircrafts are expected to be delivered to the Middle East, Latin America, Russia & Central Asia, and Africa regions.
- The traffic growth averaged 6.7% during the past five years as measured in Revenue Passenger Kilometers (RPKs), which is a major growth factor globally pushing the Aerospace market, which in turn would drive the Aerospace Foams market.
- According to The World Tourism Organizations, there has been an increase of 6% in the number of tourists travelling in 2018. By the next decade, the number of tourists is estimated to be 700 million.
- Thus, the Business and general aviation segment demands is expected to drive the production of aircrafts thereby it is estimated that the demands for Aerospace Foams Market would increase in the forecast period.
North America to Dominate the Market
- Presently, North America is the largest market for Aerospace Industry across the globe.
- North America constitutes about 52% in the Aerospace Industry thus it is also expected to be the largest market for Aerospace Foams market. Asia Pacific has about 15% of market share in Aerospace Industry but is growing at the fastest rate.
- Asia Pacific is expected to be the fastest growing market during the forecast period, with increasing demand for segments like Business and General Aviation in China, India, and the ASEAN countries.
- Aerospace manufacturers in North America are expected to expand their operations on account of rising number of air passengers, and increasing military expenditure in the country in recent times. Some of the leading airline manufacturers such as Lockheed Martin, Airbus, Bombardier, and Boeing have been investing on new manufacturing and repair activities in the Untied States lately.
The Global Aerospace Foams market is partially consolidated with many healthy competitions in the market. The major companies include Aerofoam Industries, Armacell, BASF SE, Evonik Industries, SABIC, and Solvay, among others.
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