Outlook: Economic Impact of COVID-19 on the Aerospace Foam Market

Aerospace foams are cellular designed and low-density materials that are used for vibration dampeners, cushioning, and insulation in the aerospace industry. Aerospace foams have many features such as exceptional rigidness, tensile strength, hard-wearing, lightweight, and heat resistant. These properties have made aerospace foam necessary for various aircraft applications. These foams are used the flight rooftops, rotor blades, gaskets to seal, and headrests.

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The demand for commercial aircraft has been increased with the popularity of budget-friendly carriers. This is because of the insulating and lightweight properties of these aircrafts. Rapid technological development has surged the need for aerospace foam in aircraft engineering. In addition, the demand for PU foam products for flight decks and aircraft interior cabins has grown because of the absorption formulations and excellent cushioning.

Apart from these, the huge government investments on military aircrafts are expected to boost the market by creating better growth potential. Although, with the havoc caused by the recent pandemic, the aerospace foam industry has experienced a major decline along with many other industries. Research has predicted that the industry will recover from the loss in next one year or two.

Recent Developments of the Market

According to a recent report published by Research Dive, the leading players of the global aerospace foam market include Rogers Corporation, Erg Materials and Aerospace Corp, Evonik Industries AG, SABIC, Foampartner, Armacell International S.A., Boyd Corporation, UFP Technologies, Zotedfoams Plc, BASF SE, and many more.
These industry players are concentrating on developing unique and outstanding strategies including product launches, mergers and acquisitions, partnerships, collaborations, and existing technology upgradation to withstand the market competition.

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Some of the recent advancements of the market are as follows:

• Evonik Industries launched a new foam in the product line of ROHACRYL™. Released in March 2018, the new product is thermally steady, lightweight, environment- friendly and effortless to size or shape. The product is used in automotive, sports equipment, and many others apart from the aerospace industry.

• Rogers Corporation is a world leader in engineered material solutions. In a recent press release, it has announced the attainment of Griswold LLC which is a foremost producer of high-performance polyurethane and custom-engineered cellular elastomer. Griswold’s products and solutions offer a variation of applications in the general electronics, industrial, consumer, and automotive markets.

Griswold’s custom-engineered cellular elastomer multiplies the product portfolio of Rogers’ Elastomeric Material Solutions (“EMS”) segment. In addition, the high-performance polyurethane products of the company has increased the existing EMS capabilities of the Rogers Corporation.

• The Woodbridge Group, an international leader in the development and production of innovative urethane and particle foam technologies. In August 2017, it has completed its acquisition and 100% ownership of Woodbridge FoamPartner Company. Woodbridge Technical Products Company (WTP) is the new name of the venture.

• Boyd Corporation has recently been acquired by the affiliates of Goldman Sachs. Boyd is a significant provider of highly-engineered thermal management and environmental sealing solutions. The announcement comes after over three years of partnership of Boyd with a San Francisco based private equity firm, Genstar Capital.

• German-based, Evonik has successfully closed the acquisition of the US-based PeroxyChem for US$640 million after the responsible court in Washington D.C. dismissed the lawsuit filed by the Federal Trade Commission (FTC) to block the acquisition, as per a latest news.

Conclusion

Aerospace foam market has undergone a drastic and predictable decline during the coronavirus outbreak. Because of the trade restriction and supply chain disruption imposed by the governments throughout nations, the production, supply, and demand of aerospace foam has been decreased. However, with the strategic approaches of the key players, the industry will regain its growth in near future.

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This release was published on openPR.