Portland, OR, May 10, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global aerospace foam market was estimated at $5.3 billion in 2020 and is expected to hit $9.5 billion by 2030, registering a CAGR of 6.11% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Surge in demand for lightweight & fuel-efficient aircraft and developments in the aviation industry fuel the growth of the global aerospace foam market. On the other hand, certain rules & regulations regarding the usage of different varieties of foams hinder the growth to some extent. However, increase in state investment to develop the air force in both the developed and developing countries is expected to create lucrative opportunities in the industry.
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Covid-19 scenario-
- Reducing flight activity impacted the airline's cash flow negatively, which resulted in a steep decline in the demand for new jets, which affected the global aerospace foam market significantly.
- The disrupted supply chain aggravated the market condition yet more.
- However, the market is projected to get back on track soon.
The global aerospace foam market is analyzed across type, application, and region. Based on type, the polyurethane foam segment accounted for the major share in 2020, holding more than two-fifths of the total market. The others segment, however, would exhibit the fastest CAGR of 7.54% throughout the forecast period.
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Based on application, the general aviation segment contributed to nearly 90% of the total market revenue in 2020, and is projected to lead the trail by 2030. The military segment, simultaneously, would exhibit the fastest CAGR of 6.94% during the forecast period.
Based on region, North America held the lion’s share in 2020, garnering nearly one-third of the total market. The market across Asia-Pacific, on the other hand, is expected to cite the fastest CAGR of 6.98% by the end of 2030.
The key market players analyzed in the global aerospace foam market report include Huntsman Corporation, Armacell, Boyd Corporation, Evonik Industries, BASF SE, SABIC, Zetofoams Plc., General Plastics Manufacturing Company, Rogers Corporation, and ERG Materials.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
