The Aerospace Foams Market is expected to grow at CAGR of 8.0% during 2021-2026, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Aerospace Foams Market
Aerospace Foams Market is likely to witness an impressive CAGR of 8.0% during the forecast period. Increasing demand for lightweight and fuel-efficient aircraft, along with the growing aviation industry across the globe, is driving the growth of the market. The manufacturing of advanced materials and new product launches by various prominent players in the aerospace industry is one of the major drivers underpinning the growth of the aerospace foams industry, globally. In addition, the favorable government policies in Brazil, along with the increase in the use of bio-based PU foams in North America and Europe, is likely to spur and diversify the aerospace foams market during the forecast period.
In terms of regions, North America is estimated to be the largest market for aerospace foams during the forecast period, with The USA, Canada, and Mexico being the major countries offering lucrative growth opportunities. The North American market for aerospace foams is driven by the increasing number of passengers leading to growth of the aviation industry, coupled with the increasing military expenditure. Europe and Asia-Pacific are also expected to offer considerable growth opportunities during the forecast period.
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Market Scope & Segmentation
Aerospace Foams Market Share: By Material Type
Based on the material type, the market is segmented as PU foams, PE foams, melamine foams, metal foams, PMI/polyimide foams, and others. The PE foams segment dominated the market in 2019, and is expected to remain dominant during the forecast period. Wide usage of PE-based aerospace foams in various applications of aircraft, such as seats and carpets is driving the growth of the segment.
Aerospace Foams Market Share: By Aircraft Type
Based on the aircraft type, the market is segmented as commercial aircraft, military aircraft, general aviation, regional aircraft, and helicopters. The commercial aircraft segment is expected to remain dominant during the forecast period owing to increase in the number of air passengers worldwide and the growing aircraft industry.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period of 2021-2026. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.