PORTLAND, Oregon and PUNE, India, April 19, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Aerospace Foam Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2014-2022," the global aerospace foam market was valued at $4,584 million in 2016, and is projected to reach $7,482 million by 2023, growing at a CAGR of 7.2% from 2017 to 2023. On the basis of type segment, polyurethane foam occupied more than two-fifths share in 2016.
Aerospace foams are materials used for cushioning and insulation in aircrafts owing to their excellent properties, such as durability, tensile strength, and rigidness. Aerospace foams, such as polyurethane, polyethylene, ceramic, and metal foam, provide superior insulation in varied temperature ranges and reduce air leakage.
According to Eswara Prasad, Team Lead, Chemicals and Materials at Allied Market Research "The increase in demand for low-cost carriers (LCC) boosts market players to increase their operational activities in this segment, and is expected to create potential growth opportunities for aerospace foam market."
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Enhanced insulation, lightweight, and durability have projected the demand for polyurethane foams with applications in headrest, carpet pads, cockpit panels, door, and others. Moreover, excellent thermal & mechanical stability and lightweight features have increased the demand for polyethylene in aerospace applications. Metal foams have excellent insulation and lightweight properties, owing to the increase in demand is expected to enhance commercial & military aircraft. The general aviation segment is the major market driver for aerospace foam, owing to increase in demand for aircraft deliverability and increase in growth of passenger carriers. Furthermore, increase in governmental investments is expected to fuel the demand for aerospace foam in military applications. Volatility in raw materials prices are expected to hinder the market growth but, developments in biodegradable aerospace foams, such as green polyurethane foam are expected to create growth opportunities in the market.
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KEY FINDINGS OF THE AEROSPACE FOAM MARKET STUDY:
- The polyurethane foam segment is expected to grow at a CAGR of 7.1% during the forecast period.
- The metal foam segment is expected to grow at a CAGR of 7.4% from 2017 to 2023.
- The North American aerospace foam market is expected to grow at a CAGR of 7.1% from 2017 to 2023.
- The commercial aircraft segment is expected to grow at a CAGR of 8.5%.
- In 2016, The polyethylene foam segment occupied approximately one-third share in the Asia-Pacific region, and is anticipated to grow at a CAGR of 6.3%.
LAMEA is projected to grow at a CAGR of 7.3% during the analysis period, owing to increase in urbanization. North America and Europe were the major market drivers for aerospace foam. The increase in demand for low cost airlines is expected to boost the market in Asia-Pacific regions.
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Key players operating in the market include BASF SE, Huntsman Corporation, ARMACELL, Boyd Corporation, Evonik Industries, Rogers Corporation, SABIC Innovative Plastics, General Plastics Manufacturing Company, Zetofoams Plc, and ERG Materials.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research