According to the new market research report “Aerospace Foams Market by Material (PU Foams, PE Foams, Melamine Foams, Metal Foams, PMI/Polyimide Foams), End-Use (Commercial Aircraft, Military Aircraft, And General Aviation), Application and Region – Global Forecast to 2024″, The aerospace foams market size is projected to grow from USD 4.4 billion in 2019 to USD 6.5 billion by 2024, at a CAGR of 8.2% from 2019 to 2024.
Increasing demand for low weight and fuel-efficiency, which requires the extensive usage of foams in a broader number of areas in the aircraft, is driving the global aerospace foams industry. Moreover, the steadily growing global aviation industry is one of the key factors driving the growth of the aerospace foams market.
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The aerospace tapes market is projected to grow from an estimated value of USD 2.0 billion in 2019 to USD 2.4 billion by 2024, at a CAGR of 4.0% between 2019 and 2024. Aerospace tapes are a combination of a material and an adhesive film, used to bond or join objects together instead of using fasteners, screws, or welding. These tapes are designed for cohesion in extreme temperatures and are used instead of mechanical fasteners. The use of aerospace tapes has simplified the manufacturing processes of aircraft. These tapes do not leave any adhesive residue and protect the surface area without any damage, unlike fasteners or screws. These tapes consist of a backing material or carrier (paper, plastic film, cloth, foam, foil, and others), which is coated with an adhesive and a release liner if needed.
Based on resin type, acrylic is estimated to account for the largest share and register the highest CAGR during the forecast period. The segment accounts for a major share in the overall aerospace tapes market because of its ease of use, low cost, and wide acceptability in the end-use industries, such as commercial, military, and general aviation.
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The aerospace foams market is projected to grow from USD 4.4 billion in 2019 to USD 6.5 billion by 2024, at a CAGR of 8.2% from 2019 to 2024. The rising demand for lightweight and fuel-efficient aircraft have led to the extensive use of advanced materials such as PU foams, PE foams, and others, in the aerospace industry. The manufacturing of advanced materials as well as new product launches by many prominent players in the aerospace industry is one of the key factors driving the growth of the aerospace foams market across the globe.
BASF SE (Germany), Evonik Industries AG (Germany), Boyd Corporation (US), Rogers Corporation (US), FoamPartner (Switzerland), Armacell International S.A. (Luxembourg), SABIC (Saudi Arabia), ERG Materials and Aerospace Corp (US), UFP Technologies, Inc. (US), Zotefoams Plc (UK), General Plastics Manufacturing Company (US), Solvay SA (Belgium), Pyrotek Inc. (US), and Greiner AG (Austria) are some of the leading players operating in the aerospace foams market. These players have adopted the strategies of expansions, acquisitions, new product launches, investments, new technology developments, partnerships, mergers, collaborations, and agreements to enhance their position in the market.
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In January 2019, BASF SE acquired the global polyamide business of Solvay S.A. The acquisition was valued at approximately USD 1.8 billion. The company integrated the polyamide business into the Performance Materials and Monomers divisions of its Materials segment (formed in 2019). The development created access to key growth markets in Asian and South American regions, which offered a competitive advantage to BASF SE over other players in the geography.
In March 2015, Evonik Industries AG launched a new product, ROHACELL Triple F, which is a complex 3D structural core used for manufacturing CFRP sandwich components. This development diversified the aerospace foams product portfolio, offered by the company. Also, the new product launch led to the economic and efficient production of sandwich components with light foams cores for the aviation and automotive industries.
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