ID: MRFR/CnM/7020-HCR | February 2021 | Region: Global | 185 pages
Aerospace Foam Market is projected to be worth USD 10.17 billion by 2028, registering a CAGR of 11% during the forecast period (2021 - 2028)., The market was valued at USD 5.13 billion in 2021.
The aerospace industry on account of its exposure to unusual or challenging environments requires materials that showcase extraordinary chemical and mechanical properties. Foam is one such material, finding remarkable demand in the aerospace industry on account of its lightweight, cellular structure, vibration dampening property, excellent rigidness, high tensile strength, durability, and heat resistant property, among others. Foams are witnessing escalating demand in different aircraft applications, such as interior panel structures for sound & vibration dampening, shock resistance, and thermal insulation; aircraft seating for providing comfort and cushioning characteristics; flight deck pads for insulation; floor coverings; and electrical components; among others. The various types of aerospace foam available in the market are polyurethane foam, polyethylene foam, melamine foam, metal foam, polyimide foam, and others. They are sold under trade names: Basotect UL, ROHACELL, SOLIMIDE, BISCO silicone, Ensolite, ULTEM Foam, Duocel, ZOTEK, LAST-A-FOAM, TegraCore, Greiner aerospace, SIVEX, and Vespel SF, among others.
The key factor favoring the growth of the global aerospace foam market is the growing demand for lightweight materials in the manufacturing of aircraft to increase fuel efficiency. The weight of the aircraft increases the consumption of fuel by the engine and thus, in turn, increases the amount of CO2 emission. According to the Air Transport Action Group (ATAG), in 2018, aircraft produced 895 million tons of CO2 worldwide. The International Air Transport Association (IATA) recognizes the need to address the global challenge of climate change and adopted a set of ambitious targets to mitigate CO2 emissions from air transport. One among the adopted target is an effort to enhance the fuel efficiency of around 1.5% per year from 2009 to 2020. This is expected to boost the demand for aerospace foams in the coming years.
Additionally, the aviation industry has seen dramatic growth over the past 20 years. The emergence of low-cost airlines has led to an increase in passenger traffic, this has resulted in the growth of the global aviation industry. According to the International Civil Aviation Organization, the number of passengers traveling through aircraft has surged from 1.467 billion in 1998 to 3.979 billion in 2017. The International Air Transport Association (IATA) suggested that as per the present trends in air transport, the numbers could double to 8.2 billion by 2037.
Furthermore, the increasing investments by governments in the manufacturing of aircraft for the defense sector are expected to provide growth impetus to the players operating in the global aerospace foams market during the forecast period. The production of bio-based polyols, which is a raw material for manufacturing polyurethane foam is also expected to boost the demand for polyurethane foam in the aerospace industry and in turn fuel the growth of the aerospace foams market during the forecast period.
However, the fluctuations in raw materials prices are challenging the growth of the product market in recent years. The stringent regulations regarding the use of polyurethane foams may hinder the market growth during the forecast period.
Pricing and Regulatory Analysis
In 2018, the aerospace foams were priced between USD 2.5 and USD 5 per square meter across the globe.
The Federal Aviation Administration (FAA) has outlined safety requirements guidelines for flammability under FAR 25.856. Likewise, several aviation-based international governing authorities such as the International Traffic in Arms Regulations (ITAR), National Qualifications Authority (NQA), and Aircraft Information Management Systems (AIMS) have framed safety requirements for airlines and aircraft structures. The American Society for Testing and Materials (ASTM) F1333-91(2013) outlined standard specification for construction of fire and foam station cabinets and F1994-99(2011) outlined standard test method for shipboard fixed foam firefighting systems. The International Aerospace Quality Group (IAQG) updated AS9100 – Quality Management Systems – Requirements for Aviation, Space, and Defense Organizations.
|Market Size||2028: USD 10.17 Billion|
|CAGR||11% (2021 - 2028)|
|Forecast Period||2021 - 2028|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF SE (Germany), Evonik Industries AG (Germany), Boyd Corporation (US), Rogers Corporation (US), ARMACELL LLC (US), SABIC (Saudi Arabia), ERG Aerospace Corp (US), Zotefoams Plc (UK), General Plastics Manufacturing Company (US), Solvay (Belgium), Greiner aerospace GmbH (Germany), Pyrotek (US), DuPont de Nemours, Inc (US)|
|Key Market Opportunities||The increasing demand for lightweight materials in the aerospace industry|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global aerospace foams market was valued at USD 10.17 billion by 2028.
The market is expected to exhibit a strong 11% CAGR over the forecast period from 2021 to 2028.
The increasing demand for lightweight materials in the aerospace industry is the major driver for the aerospace foams market.
North America holds the largest share in the global aerospace foams market.
Leading players in the aerospace foams market include BASF, Evonik, and SABIC, among others.