What’s driving the Aerospace Foam Market Growth? | Key Players are BASF, Armacell, Rogers, Evonik, and SABIC, RG Materials and Aerospace, Foam Partner, Boyd
Aerospace foam market size is segmented based on end-users into commercial, military, and general aviation. General aviation is anticipated to dominate the industry over the forecast timeframe owing to extensive usage of these aircrafts by high net worth customers or for chartered flights for business trips. Rising number of these high net worth customers across the globe coupled with growing demand for business jets in MEA and Asia Pacific will contribute significantly to the revenue generation. Commercial aircrafts will grow rapidly owing to continuously rising air passenger traffic across the globe. This rising passenger traffic has resulted in increased aircraft deliveries, supporting the growth of aerospace foam market from commercial aircrafts.
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Regular technological advancements and R&D activities for development of cost-effective solutions and processing has positively impacted the aerospace foam market size share over the past years. Moreover, rising demand for low-cost carrier (LCC) airlines in developing countries across the globe has resulted in increased production of aircrafts. These airlines have proved beneficial and economical for all-purpose transportation mode, especially in developing countries of Asia Pacific and Latin America, owing to the rising per capita income across these regions.
Fluctuation in raw material prices and limited availability of these materials are expected to hamper the industry growth over the next eight years. Stringent government regulations regarding curbing the harmful emissions from polyurethane foam production. For instance, U.S. National Emission Standards for Hazardous Air Pollutants (NESHAP) targets the air emissions from hazardous pollutants. These stringent regulations may further pose a challenge before aerospace foam market participants over the forecast timeframe.
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Aerospace Foam Market size is anticipated to grow at a significant rate from 2017 to 2024. Rising focus towards retrofitting of aircraft interiors coupled with superior properties will primarily drive the industry growth. These foams offer enhanced performance in extreme temperatures, and considerable reduction in air leakage. Moreover, they provide superior temperature insulation performance and sound barrier. These benefits are likely to majorly influence various end-user industries such as commercial, military, and general aircrafts.
Rising demand for single-aisle aircrafts in these emerging regions will lead to increased production of aircrafts suited for LCC airline operators. The manufacturing process of new aircrafts require metal foams, polyurethane, and other foams. They are required for the manufacturing of aircraft interior and exteriors owing to their lightweight and superior properties including tensile strength, rigidity, and enhanced durability as compared to the normal metals. Growing military sector across the globe will further induce immense potential to the aerospace foam market size till 2024.
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Continuous R&D activities and regular innovations has gained traction among the aerospace foam market participants. Development of flame and heat retardant foam is a technology that is quite prominent in the industry. These foams cater to the regulatory specifications and are lightweight than other counterparts, making them suitable for commercial aircrafts.
North America aerospace foam market size is likely to showcase dominance over the coming years. Presence of established aerospace industry leaders including Airbus North America, Boeing, and Bombardier will primarily drive the regional growth. These manufacturers majorly use polyurethane foams to make aircraft interiors and exteriors owing to their easy availability, low price, and superior properties.
BASF, Armacell, Rogers, Evonik, and SABIC are among the prominent participants in the aerospace foam market. Other noticeable players include ERG Materials and Aerospace, Foam Partner, Boyd. The competitors are focusing on partnerships with raw material manufacturers to gain competitive edge. For instance, in March 2018, Armacell partnered with a German polyethylene foam and rubber manufacturer, W. KOPP GmbH. According to this partnership, Kopp will transfer its foam technology to Armacell, expanding its customer base and strengthen its position in the industry.
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