Aerospace Foams Market is Expected to Reach USD 6.19 billion by 2030
As per the report published by Kings Research, the global Aerospace Foams Market was valued at USD 3.42 billion in 2022 and is projected to reach USD 6.19 billion by 2030, growing at a CAGR of 7.85% from 2023 to 2030.
The aviation foam market is expected to grow significantly during the forecast period driven by the growing demand for flight comfort and the emergence of low-cost airlines. Several players in the market are focusing on developing technology and launching new products, which, in turn, is promote market growth. The increase in the number of passengers and the growth of low-cost airlines are expected to continue to aid the growth of the market. The proliferating demand for lightweight materials used in aircraft manufacturing and increasing investment in passenger comfort and safety during flights. In addition, growth in the aerospace industry, air travel, and increasing military spending are all factors fueling the growth of the aerospace foam market.
- Based on type, the PU foams segment is growing at a CAGR of 9.58% over the forecast period
- Based on application, the aircraft seats segment is expected to dominate with a CAGR of 9.23%
- Based on end-use, the commercial aircraft is expected to dominate with a market share of 45.68% by the end of 2030
- On the basis of region, North America accounted largest market share of 41.57% in 2022
Evonik Launched High-tech Fiber Composite Foams to Expand the Production Facility
March 2022: Evonik invested in a modern production facility for high-tech fiber composite foams in Darmstadt. Evonik would continue to be able to meet the growing demand for its structural foams in the aviation industry.
Growing Use of Bio-Based Polyurethane Foams Provides Lucrative Opportunities in the Market
Bio-based polyurethane foams are used in a variety of applications, including thermal and sound insulation, padding, and packaging. These foams have several advantages over traditional petrochemical foams, including being renewable, biodegradable, and non-toxic. They can be made from a variety of renewable sources, including biomass, crop waste, and other organic materials. Bio based polyurethane foams are also being researched for their biocompatibility and biodegradability for medical and health applications such as wound dressings and surgical implants. In addition, these foams can offer improved mechanical properties and thermal stability compared to conventional foams, making them suitable for use in high-performance applications. The use of bio-based polyurethane foams is rising in line with the growing market trend towards durable and environmentally friendly materials.
Surge in the Demand for Lightweight and Fuel Efficient Aircraft Fosters Market Growth
The growth in aviation foam exports is due to the increasing demand for lighter and more fuel efficient materials in the aviation industry, as well as the increasing demand for passenger comfort and safety. The aerospace foam industry has explored various ways to expand the use of foam products in various applications, including the use of innovative materials and manufacturing processes. Therefore, the demand for high-quality aerospace foam products has steadily increased in recent years. Furthermore, the aerospace industry has implemented strict standards and increased the demand for flame retardant, flexible, and customizable foams.
Asia Pacific is the Fastest Growing Region with a Market Value of USD 0.66 Million in 2022
In the Asia-Pacific region, the market growth is attributed to the increasing demand for commercial and defense aircraft and the continuous development of the aerospace industry. In addition, Asia Pacific offers significant opportunities for the growth of the aerospace foam market due to the strong growth of the aerospace industry in the region, especially in countries such as China and India. Additionally, increasing R&D operations in the aerospace industry to develop advanced and innovative products would create opportunities for the aerospace foam market. The growing use of lightweight materials in developing countries across the region is expected to further accelerate the growth of the aerospace foam industry. Rising demand for flame retardant and customizable foams is a growing trend, which is projected to remain strong and witness considerable expansion of the market growth over the next few years.
Europe is the Second Leading Region with a Market Share of 28.32% in 2022
The growing number of air passengers and increasing military expenditure in the region propels the market growth. The expansion of the aviation sector and rising demand for lightweight, fuel-efficient aircraft contribute to the market's growth. The production of cutting-edge materials and the introduction of new products by a number of significant aerospace industry players fuel market expansion. The aerospace foam industry is growing and becoming more diverse as a result of favorable government regulations as well as a growth in the usage of bio-based polyurethane foams. The significant factor influencing the industry growth is the rise in demand for polyurethane aircraft foam in seating and carpeting applications in the aviation industry.
Key Players are Concentrating on Launching New Products to Accelerate their Market Growth Potential
The global aerospace foams market study report will provide valuable insight with the presence of key players such as BASF SE, Boyd Corporation, DuPont, ERG Aerospace Corporation, Evonik Industries AG, Huntsman Corporation, NEFAB GROUP, SABIC, Solvay, Technifab, Inc., UFP Technologies, Inc., and others. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions.