New York, USA, Dec. 23, 2020 (GLOBE NEWSWIRE) -- As per a Research Dive published report, the global aerospace foam market valued for $3.967.0 million in 2018 and is expected to surpass $7,342.7 million by 2026, exhibiting a CAGR of 8.0% in the forecast period from 2019 to 2026. As per our analysts, the increasing demand for low-cost carriers has accelerated the demand for commercial aircraft, which is expected to fuel the growth of the global aerospace foam market during the forecast period. In addition, the huge investments by various governments across the globe for military aircrafts and the rising demand for PU foam products for flight decks & interior cabins are other factors projected to drive the global market growth by 2026. However, the stringent government regulations related to the usage of PU foams is anticipated to hinder the market growth in the coming future.
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Metal Foam Segment to be Most Profitable
By material, the metal foam segment is expected to account for majority of share and grow at a CAGR of 9.2% during the forecast period. The growth of the segment is majorly owing to its lightweight properties coupled with an increase in demand in aircraft applications.
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Commercial Aircraft Segment to Grow Exponentially
By end-use, the commercial aircraft segment valued for $1,904.2 million in 2018 and is estimated to witness a lucrative growth by the end of 2026. An upsurge in the number of people traveling by air around the world is predicted to enhance the segmental market growth over the forecast period.
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Europe to Create Massive Growth Opportunities
By region, the North America market for aerospace foam accounted for $1,626.5 million in 2018 and is predicted to exhibit a CAGR of 7.7% in the projected timeframe. On the other hand, the European market is expected to observe a swift growth over the forecast period, majorly owing to the high presence of major key players in the region.
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Major Market Players
• Evonik Industries AG
• Rogers Corporation
• Foampartner
• BASF SE
• Boyd Corporation
• Armacell International S.A.
• SABIC
• UFP Technologies
• Erg Materials and Aerospace Corp
• Zotedfoams Plc
Further, the report presents and outlines several aspects of these key players such as recent strategic moves, developments, business performance, product portfolio, and SWOT analysis.
In September 2019, BASF SE developed the world’s first particle foam that is based on polyethersulfone (PESU). This new foam has been approved for use in aircraft, due to its ideal properties desired in aerospace applications. The foam is reported to have low smoke density and release low heat release even without the addition of flame retardants.
The report summarizes various aspects of all the prominent players functioning in the market such as financial performance, recent strategic moves & developments, product portfolio, and SWOT analysis. Click Here To Get Absolute Top Companies Development Strategies Summary Report
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