USD 5.4 billion
Report ID: SQMIG15G2038 | Region: Global | Published Date: June, 2023 | Pages: 157 | Tables: 97 | Figures: 76
Aerospace Foam Market size was valued at USD 5.4 billion in 2021 and is poised to grow from USD 5.75 billion in 2022 to USD 9.52 billion by 2030, at a CAGR of 6.5% during the forecast period (2023-2030).
Fuel price increases have driven plane developers to reduce aircraft weight and carry more payload in a single flight. As a result, these businesses have used aerospace foam in a variety of aircraft applications, including flight deck pads, carbon walls and ceilings, aircraft seats, and aircraft flooring. Furthermore, rising need for aircraft in all end-uses, including air travel, business aviation, military planes, and rotary aircraft, has fueled demand in recent years.
In consequence, the use of aerospace foam in aircraft manufacturing has increased and is likely to increase further throughout the forecast period. The United States generated the most demand for aerospace foam in 2021, and this trend is expected to continue throughout the forecast period. The high product demand across the country is mostly driven by the aircraft industry's robust growth as a result of increasing interstate travel over the last decade as a result of greater disposable income. Because of the rising use of aerospace foam across the external fuel tanks, the United States military services have been a prominent industry for driving demand for aerospace foam throughout military aircraft.
For instance, in August 2022, aircraft producer Boeing effectively delivered four MH-139A test helicopters to the United States Air Force (USAF) to assist four key air force commands, as well as protection against intercontinental ballistic missiles and other operating agencies. Due to the global outbreak of the COVID-19 pandemic in 2020, the global airline industry experienced a major jolt as a result of multiple flight cancellations, airport shutdowns, and manufacturing units coming to a halt in order to contain the virus's spread, negatively impacting the industry's growth. However, due to a rising pace of recovery and accessibility of vaccines globally, airline operations were restarted, considerably reshaping product demand.
US Aerospace Foam Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 5.4 billion
Carbon Walls & Ceilings
Carbon Walls & Ceilings
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The global aerospace foam market is segmented based on type, application, and region. Based on type, the market is classified into polyurethane foam, melamine foam, metal foam, polyethylene foam, polyimide foam, polyvinyl chloride foam, polyethylene terephthalate foam, specialty high performance foam. In terms of application, the market is segmented into flight deck pads, carbon walls & ceilings, aircraft seats, aircraft floor. With respect to classification by end-use, the market is segmented into general aviation, commercial aviation, military aircrafts, rotary aircrafts. Based on region, the global aerospace foam market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Global Aerospace Foam Market Analysis by Type
In terms of revenue and volume, the Polyurethane (PU) foam type segment dominated the global industry in 2022, accounting for more than 34.35% of the total. The segment is expected to expand at the fastest CAGR between 2023 and 2030. The large share can be attributed to the product's broad range of applications. PU foams are used to insulate airplanes, baggage compartments, ceilings and walls, as well as dividers between class segments and restrooms.
EPE foam has unrivaled dimensional stability and recovery properties, making it a suitable alternative to standard foams used in the aerospace industry. These foams are utilized across an aircraft's ceilings to reduce repetitive impacts by providing adequate cushioning. Because of its great insulation and dampening capabilities, PE foam is used across an aircraft's aisle, walls, and ceiling. PE foam has recently gained traction in the aerospace industry and is expected to grow substantially during the forecast period due to its capacity to maintain cabin temperature in the face of colder atmosphere temperatures during the flight duration, thereby preventing temperature exchange.
Global Aerospace Foam Market Analysis by Application
In 2022, the carbon walls and ceilings application category led the global industry, accounting for more than 26.45% of total revenue. The segment is expected to increase at the quickest rate, keeping its major market share during the projected period. This is due to the widespread use of aerospace foam, particularly PU foam, throughout the aircraft's chassis. As the aircraft's size encloses people and cargo, it must be sufficiently insulated to prevent any wind exchange between the aircraft and the outside atmosphere.
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North America dominated the global sector in 2022, accounting for more than 37.85% of total revenue. The United States is a big contributor to the North America regional market because of an increase in demand for planes across the country over the last decade. Furthermore, the existence of major aircraft manufacturers in the US exacerbates the region's already strong competitive position. The region's highly competitive aircraft manufacturing business includes Lockheed Martin, Boeing, GE, Raytheon Technologies Corp., and Safran.
Europe has seen a rise in demand for aircraft as visitor footfall has increased across the continent in recent years. According to the General Aviation Manufacturers Association's (GAMA) General Aviation Shipment Report 2021, Europe recorded a total airplane shipment of 13.6%, equating to an expected cargo of 702 planes, compared to 618 planes sent in 2020. This has increased product demand throughout the region, and it is projected to keep growing during the forecast period.
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Global Aerospace Foam Market Drivers
Increased Air Traffic
Global Aerospace Foam Market Restraints
Cost of Production
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The presence of multiple players characterizes the global industry. Key parties are actively involved in implementing strategies aimed at achieving sustainable transition, sales operation, and efficient pricing. Such businesses provide diverse capabilities and capacities, allowing them to meet a wide range of needs across numerous end-use industries.
Top Player’s Company Profiles in Global Aerospace Foam Market
Global Aerospace Foam Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Aerospace Foam market is the Fuel price increases have driven plane developers to reduce aircraft weight and carry more payload in a single flight. As a result, these businesses have used aerospace foam in a variety of aircraft applications, including flight deck pads, carbon walls and ceilings, aircraft seats, and aircraft flooring. Furthermore, rising need for aircraft in all end-uses, including air travel, business aviation, military planes, and rotary aircraft, has fueled demand in recent years. The demand for comfortable and luxurious aircraft interiors is increasing, which is driving the demand for foam materials that can provide better insulation, noise reduction, and comfort to passengers.
|Market size value in 2021||USD 5.4 billion|
|Market size value in 2030||USD 9.52 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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KEY COMPANY PROFILES
For the Global Aerospace Foam Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Aerospace Foam Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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