Newark, NJ, Jan. 28, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global aerospace insulation market is expected to grow from USD 8.62 billion in 2019 to USD 12.07 billion by 2027, at a CAGR of 4.3% during the forecast period 2020-2027.
Aerospace insulation provides protection against fire, electrical surges or leaks and keeps the cabin temperature at a comfortable level. Durability, static resistance, noise reduction, fire resistance, and cleanability are a few of the criteria examined while selecting insulation materials. According to the IATA (International Air Transport Association), air passengers worldwide are anticipated to reach 7.8 billion in 2036 with an annual growth rate of 3.6%. Airlines are regularly trying to improve their fleet to accommodate the rising number of air travelers. Improvement in noise reduction capabilities, advanced avionics, operational efficiency, and interior cabin designs are driving the growth of the global aerospace insulation market. Some other key factors that are driving growth are the increasing rate of fleet replacement & upgradation, rising demand for corrosion resistant insulation in fuel-efficient engines, and the adoption of technologically advanced manufacturing solutions.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the aerospace insulation market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Due to the lockdowns worldwide, air travel had been closed in many countries, slowing down the market.
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Key players operating in the global aerospace insulation market include AVS Industries, Boyd Corporation, E. I. du Pont de Nemours, Esterline Technologies Corporation, Polymer Technologies Inc., 3M, BASF SE, Duracote Corporation, Elmelin Ltd., Evonik Industries, Orcon Aerospace, Rogers Corporation, Triumph Group, and Zodiac Aerospace among others. To gain a significant market share in the global aerospace insulation market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. E. I. du Pont de Nemours and Boyd Corporation are some of the biggest manufacturers and suppliers of aerospace insulation in the global market.
Thermal insulation segment dominated the market and held the largest market share of 40.2% in the year 2019
The product segment consists of acoustic insulation, thermal insulation, and electric insulation. Thermal insulation segment dominated the market and held the largest market share of 40.2% in the year 2019. Thermal insulation acts as a heat shield for thrust reversers, ducts, and engine components. It provides fire resistance and assists to keep the cabin at a comfortable temperature. Ceramic & fiberglass materials are mainly used for thermal insulation.
Ceramic materials dominated the market and was valued at USD 2.1 billion in the year 2019
Based on material, the global market has been segmented into fiberglass, ceramic materials, foamed plastics, mineral wool, and others. Ceramic materials dominated the market and was valued at USD 2.1 billion in the year 2019. The large share of this segment can be attributed to its excellent physical properties such as lightweight, corrosion resistance, and extreme heat resistance. Ceramic materials are widely used for various aerospace applications, such as wear resistant components, thermal protection shields, bearings, seals exhaust systems & engines, brakes, and other components.
Aerostructure segment dominated the market and held the largest market share of 58.3% in the year 2019
The application segment includes aerostructure and engine. Aerostructure dominated the market and held the largest market share of 58.3% in the year 2019. The aerostructure segment comprises of airframe, wings, fuselage, and door pairings, which need insulation in order to maintain a comfortable room temperature in the aircraft interior. Commercial aircraft are anticipated to witness high demand for acoustic & thermal insulation of aerostructure components during the projected period.
Commercial segment dominated the market and was valued at USD 2.58 billion in the year 2019
On the basis of end-use, the aerospace insulation market has been divided into military, business & general aviation, commercial, and others. The commercial segment dominated the market and was valued at USD 2.58 billion in the year 2019.
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Regional Segment Analysis of the Aerospace Insulation Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global aerospace insulation market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 38.7% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment was attributed to key factors such as increasing demand for fuel-efficient planes, the high replacement rate of regional aircraft, and the presence of significant aviation industry players in the region. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2020-2027. This growth is due to factors like the expanding aircraft manufacturing industry and increasing penetration of commercial aircraft in the APAC region. Emerging economies like India, Japan, Brazil, and China are especially lucrative, considering their growth potential.
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About the report:
The global aerospace insulation market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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