New York, USA, July 19, 2022 (GLOBE NEWSWIRE) -- A new report has been added by Research Dive on the global aerospace foam market to its offerings. As per the report, the global market is projected to surpass $7,342.7 million and rise with a CAGR of 8.0% in the 2019-2026 timeframe. This all-inclusive report delivers a comprehensive overview of the current and future situation of the market by stating its key characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Factors Impacting the Aerospace Foam Market Growth:
The global aerospace foam market growth is mainly driven owing to a remarkable upsurge in the demand for aerospace foam owing to speedy developments in aircraft manufacturing and rising investments by numerous governments worldwide in military aircrafts. Furthermore, increasing demand for PU foams in the development of aircraft interior cabins and flight decks, owing to their excellent cushioning as well as absorption formulations, is anticipated to pave way for promising opportunities for the growth of the global market in the forecast period. However, implementation of strict government rules regarding the use of PU foams is expected to deter the growth of the market in the upcoming years.
The report segments the global aerospace foam market based on material, end use, and region.
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PU Foam Sub-Segment to Dominate the Market
The PU foam sub-segment of the material segment is projected to grab foremost position in the market by rising with a CAGR of 7.6% in the estimated timeframe. This growth is majorly accredited to the growing usage of PU foam in the production of aircrafts across the globe, owing to their excellent cushioning and absorption properties.
Commercial Aircraft Sub-Segment to Grab Leading Market Share
The commercial aircraft sub-segment of the end use segment obtained maximum share of the market in 2018 by garnering $1,904.2 million and is anticipated to dominate the market in the estimated timeframe. This growth is majorly accredited to the increasing demand for affordable carriers or low-cost operators in areas like the Asia Pacific, Middle East, and Latin America, which is fueling the demand for aerospace foam in commercial aircrafts.
North America Aerospace Foam Market to Perceive Outstanding Growth
The report examines the global aerospace foam market across numerous regions including North America, Asia Pacific, Europe, and LAMEA. Among these, the North American market is anticipated to witness substantial growth with a CAGR of 7.7% in the forecast period. The growth of this region market is mostly because of the presence of a huge number of aerospace foam producing companies in this region.
Key Players in the Aerospace Foam Market:
The report states some of the foremost players operating in the global aerospace foam market including
- Boyd Corporation
- Erg Materials and Aerospace Corp
- SABIC
- Rogers Corporation
- Armacell International S.A.
- Evonik Industries AG
- Foampartner
- UFP Technologies
- BASF SE
- Zotedfoams Plc
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading-edge in the global market.
For instance, in October 2021, S7 Technics, Russia's foremost supplier of aircraft maintenance, repair and overhaul (MRO) services, launched the production of polyurethane foam cushions for aircraft seats. With this launch, S7 Technics aims to grab a leading position in the overall aerospace foam market.
The report also provides several industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Aerospace Foam Market:
- Different Applications of Aerospace Foam
- Aerospace Foam Market: Innovative Strategies to Restore the Market Growth
