Portland, OR -- (SBWire) -- 10/27/2017 --Global Aerospace Foam Market was valued at $4,584 million in 2016 and is expected to garner $7,482 million by 2023, registering a CAGR of 7.2% during the forecast period 2017 - 2023. Aerospace foams are low density and cellular structured materials used for cushioning, insulation, and vibration dampeners.
Aerospace foams are materials used for cushioning and insulation in aircrafts owing to their excellent properties, such as durability, tensile strength, and rigidness. Aerospace foams, such as polyurethane, polyethylene, ceramic, and metal foam, provide superior insulation in varied temperature ranges and reduce air leakage.
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Enhanced insulation, lightweight, and durability have projected the demand for polyurethane foams with applications in headrest, carpet pads, cockpit panels, door, and others. Moreover, excellent thermal & mechanical stability and lightweight features have increased the demand for polyethylene in aerospace applications. Metal foams have excellent insulation and lightweight properties, owing to the increase in demand is expected to enhance commercial & military aircraft. The general aviation segment is the major market driver for aerospace foam, owing to increase in demand for aircraft deliverability and increase in growth of passenger carriers. Furthermore, increase in governmental investments is expected to fuel the demand for aerospace foam in military applications. Volatility in raw materials prices are expected to hinder the market growth but, developments in biodegradable aerospace foams, such as green polyurethane foam are expected to create growth opportunities in the market.
Key Findings of Aerospace Foam Market
* The polyurethane foam segment is expected to grow at a CAGR of 7.1% during the forecast period.
* The metal foam segment is expected to grow at a CAGR of 7.4% from 2017 to 2023.
* The North American aerospace foam market is expected to grow at a CAGR of 7.1% from 2017 to 2023.
* The commercial aircraft segment is expected to grow at a CAGR of 8.5%.
* In 2016, The polyethylene foam segment occupied approximately one-third share in the Asia-Pacific region, and is anticipated to grow at a CAGR of 6.3%.
Key players operating in the market include BASF SE, Huntsman Corporation, ARMACELL, Boyd Corporation, Evonik Industries, Rogers Corporation, SABIC Innovative Plastics, General Plastics Manufacturing Company, Zetofoams Plc, and ERG Materials.
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Aerospace Foam Market Global Opportunity Analysis and Industry Forecast
The increase in demand for low-cost carriers (LCC) boosts market players to increase their operational activities in this segment, and is expected to create potential growth opportunities for aerospace foam market.