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Aerospace Insulation Market in Airframe Segment is Expected to Generate Around USD 3 Billion Over the Projected Timeframe | Key Players are 3M, Hutchinson, BASF SE, DuPont, Zodiac Aerospace, Esterline Technologies, Johns Manville, Evonik Industries
Aerospace Insulation Market
Increasing air traffic globally coupled with tightening government regulations regarding the materials used will drive the aerospace insulation market over the forecast timeframe. Evolution of enhanced materials such as spider silk and aerogels with improved hybrid properties will further augment the business share.
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Shifting trend towards the development of lightweight airplanes accompanied with increasing demand from the military and commercial sector will positively influence the industry size over the study timeframe. Industry players are actively investing in R&D to introduce new products with modular functionalities and high recyclable content, providing a positive outlook for the aerospace insulation market share.
Several government bodies globally including EASA and FAA are standardizing norms for increasing passenger safety. For instance, the EASA has authorized the retrofitting of improved acoustic, thermal, and fire-resistant insulation panels for flights in-service expanding the revenue share over the forecast timeframe. However, high labor cost and technology constraints for recycling may negatively impact the aerospace insulation market during the forecast period.
An instance of the tragedy caused by failure of insulation can be drawn from the crash of the Swissair flight 111 into the Atlantic Ocean in 1998 when the flight caught fire. The mishap was traced to faulty wiring in the in-flight entertainment system and one of the major contributors to the failure was the type of insulation used on the plane’s wiring. Post the incident, it had been observed that global aerospace industry players had begun to work rather hard to improve insulation, adding stimulus to aerospace insulation market. As on today, powered by innovation and technological developments leading to more consistent and dependable insulating solutions, aerospace insulation market outlook has indeed taken on a drastically positive turn.
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As demonstrated in the instance of the Swissair flight crash, reliable electrical insulation also holds immense consequence for the safety of airplanes. With the advancement of aircraft technology, more electrical systems have come to be included on aircrafts. Indeed, electrical aerospace insulation market has also come to gain commendable traction, with a CAGR estimation of 8.5% over 2017-2024.
As the rate of air travel increases across the globe and most geographies expand their air military operations, aerospace insulation industry trends are likely to undergo a transformation. For instance, North America covered 40% of the overall aerospace insulation market share in 2017. Driven by increased preference for air travel and the extensive presence of prominent contenders, this regional industry is forecast to garner lucrative proceeds over 2018-2024.
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The fixed wing segment in the aerospace insulation market share accounted for around USD 2 billion in 2017 due to the rising usage of various materials for ancillary ground equipment, acoustic & thermal insulation, and cabin interiors in such aircrafts. The increasing usage of weather protection covers will spur the segment dominance till 2024.
The major aerospace insulation market players include Hutchinson, 3M, BASF SE, Zodiac Aerospace, and DuPont. Other notable players include Johns Manville, Polymer Technologies Inc., Esterline Technologies Corporation, and Evonik Industries. Mergers and acquisitions are among the prominent strategies adopted by industry participants to enhance their industry foothold. For instance, in 2017, Evonik Industries acquired the additive compounding business from 3M for expanding its solid additive business portfolio.
Browse Related Report:
Commercial Aircraft MRO Market Size for Asia Pacific Region is Expected to Significantly Growth By 2024: https://www.marketwatch.com/press-release/commercial-aircraft-mro-market-size-for-asia-pacific-region-is-expected-to-significantly-growth-by-2024-2019-05-22
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