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Aerospace Foams Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

·5-min read

The market globally for Aerospace Foams is valued at USD 4348 million in 2020 and is expected to register CAGR of greater than 6% during the forecast period. The market was negatively impacted by COVID-19 in 2020.

New York, Nov. 18, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Aerospace Foams Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" -
Many aerospace companies face overwhelming competitive challenges and unknown skies as they continue to respond to the impacts of the COVID-19 pandemic. The passenger demand is so low because of the pandemic that corresponding travel restrictions and economic recession have forced airlines to find ways to cut costs. Many cost-cutting measures come from the cancellation or postponement of aircraft orders. According to Accenture’s report, the total deliveries of Airbus and Boeing dropped by 58% in the first half of 2020.?

Key Highlights
Over the short term, the major factor driving the market studied is the increasing demand for Light Weight and Fuel-Efficient Aircrafts.
Commercial aviation is the largest segment in the Aerospace Foams Market and is expected to register the highest CAGR during the forecast period.
The production of Polyurethane (PU) Foams is still highly petroleum-dependent, so this industry must adapt to ever more strict regulations and rigorous consumers. This acts as a restraint to the market.

Key Market Trends

Increasing Demand from Commercial Aviation

The decreasing fuel price fluctuations and the increasing operational efficiencies have supported the growth of commercial aircraft operations in the past few years.
The global commercial aerospace market was valued to be USD 865 million in 2019 and USD 690 million in 2020, even after being impacted by the COVID-19 crisis. Moreover, the global commercial fleet is forecasted to witness an annual growth rate of over 3%, with the total active fleet expected to reach around 48,500 by 2037.nThe increasing air travel rates, majorly in emerging economies in Asia-Pacific and South America, along with increasing disposable incomes around the world, have been driving the growth in the aircraft fleet globally. The increasing volumes of passengers and the increasing retirements are expected to drive the need for 44,040 new jets, valued at USD 6.8 trillion, over the next two decades. The global commercial fleet is expected to reach 50,660 airplanes by 2038, with all the new airplanes and jets would remain in service considered.
Additionally, according to the Boeing Commercial Market Outlook 2020-39, around 8,810 new commercial aircraft deliveries are expected to be made in Europe from 2020 to 2039, which will increase the number of commercial aircraft in the region to 9,050, which is expected to enhance the demand for aerospace foams during the manufacture of these aircraft in the coming years, thereby boosting the market studied.
However, as per the International Civil Aviation Organization (ICAO), the industry reported a loss of USD 370 billion in sales due to the spread of COVID-19. The airlines around Europe and Asia are expected to struggle due to the travel bans imposed worldwide. This may further delay future orders from the airline companies, which may recover after the containment of the pandemic.
Polymer material solutions offer a wide range of uses in the aerospace and aviation industries, and top commercial aircraft manufacturers such as Boeing have utilized them. The open-cell foam insulation and vibration isolation mounts are lightweight and fire-resistant and improve passenger comfort, fuel efficiency, and installation costs. As the worldwide commercial aircraft industry grows due to rising airways travelers, so does the demand for safe, lightweight, and comfortable seating materials, which, as a result, are expected to increase the growth of the market studied.

North America to Dominate the Market

Presently, North America is the largest market for Aerospace Industry across the globe. Aerospace manufacturers in North America are expected to expand their operations on account of rising number of air passengers, and increasing military expenditure in the country in recent times. Some of the leading airline manufacturers such as Lockheed Martin, Airbus, Bombardier, and Boeing have been investing on new manufacturing and repair activities in the Untied States lately.
United States is the largest aviation market in North America and has one of the largest number of fleet size in the world, hence one of the largest market of aerospace foams. United Airlines and American Airlines have the largest fleet size among all with 800 fleet size.
According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037, owing to the growth in air cargo. Also, the US mainliner carrier fleet is expected to grow at a rate of 54 aircraft per year, due to the existing fleet getting older.
Strong exports of aerospace components to countries, such as France, China, and Germany, along with robust consumer spending in the United States, have been driving the manufacturing activities in the aerospace industry, which can induce a positive momentum for the market of aerospace foams.
Globally, Canada ranks first in civil flight simulation, third in civil engine production, and fourth in civil aircraft production. It is the only nationally ranked in the top five of all the key categories. The Canadian aerospace industry exports over 70% of its products to over 190 countries, across six continents. ? The major airline such as Air Canada, Air Canada Express and Air Canada Rouge has been clients of Boeing, Airbus, Embraer, Mitsubishi, and De Havilland as the major OEMs of aircrafts.
According to the Aerospace Industries Association of Canada (AIAC), the aerospace sector generates CAD 31 billion (USD 23 billion) in annual revenue. Approximately 80% of Canada’s aerospace sector is civil-oriented, and 20% is military-oriented. Montréal is the world’s third-largest aerospace hub after Seattle, Washington, and Toulouse, France.
Owing to all these factors, the demand for aerospace foams is projected to grow in the region during the forecast period.

Competitive Landscape

The global aerospace foams market is partially consolidated among top level players; however, boast a presence of various mid sized players in the global market. The major companies include Greiner AG, BASF SE, Evonik Industries, Rogers Corporation, and Solvay, among others.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report:

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