New York, USA, July 28, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global aerospace foam market is expected to garner a revenue of $7,342.7 million by 2026, growing exponentially at a CAGR of 8.0% during the forecast period (2019-2026). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Immense investments done by the governments of various countries all around the globe in military aircrafts is expected to boost the growth of the market during the forecast period. In addition, rising demand for cost-efficient carriers is further expected to drive the growth of the market during the forecast period.
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Restraints: Strict restrictions imposed by the government on the application of PU (polyurethane) forms are expected to impede the growth of the global aerospace foam market during the forecast period.
Opportunities: Persistent technological advancements in the quality of the aerospace foam, so as to make it lighter, more durable, and rigid for efficient applications are expected to create extensive opportunities in the growth of the market by 2026.
Segments of the Market
The market is divided into different segments based on material, end-use, and region.
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Material: Metal Foam Sub-segment to Have the Highest Growth Rate
The metal foam sub-segment is expected to grow exponentially with a CAGR of 9.2% during the forecast period. Due to its light weight armor, metal foams are extensively used in military aircrafts and space exploration vehicles. This factor is expected to bolster the growth of the sub-segment during the forecast period.
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End-use: Commercial Aircraft Sub-segment to Have the Largest Market Share
The commercial aircraft sub-segment garnered a revenue of $1,904.2 million in 2018 and is expected to grow exponentially over the forecast period. Subsequent increase in the demand for cost-efficient carriers is expected to boost the growth of the sub-segment during the forecast period.
Region: North America Anticipated to Dominate the Market
Availability of dominant aviation and aircraft manufacturers in this region, is expected to surge the demand for the growth of the market during the forecast period.
Key Players of the Market
• Evonik Industries AG
• Rogers Corporation
• Foampartner
• BASF SE
• Boyd Corporation
• Armacell International S.A.
• SABIC
• UFP Technologies
• Erg Materials and Aerospace Corp
• Zotedfoams Plc
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in June 2021, Diab Group AB, a Swedish composite core material manufacturing company acquired ULTEM foam production line from SABIC, which is a multinational chemical manufacturing company, in order to establish their presence in the foam market and offer more efficient core materials.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here To Get Absolute Top Companies Development Strategies Summary Report
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