Aerospace Foam Market Overview
Aerospace Foam Market Size is forecast to reach $9059 Million by 2030, at a CAGR of 6.50% during forecast period 2024-2030. Aerospace foam is a cellular structured material utilized in the aerospace industry, due to its low-density characteristic. Aerospace foam such as polyurethane foam, polyethylene foam, ceramic foam, metal foam and others are extensively used for insulation, cushioning and vibration dampeners. The growing aviation sector is driving the aerospace foam market growth, to be utilized in the manufacture of aircraft seats, aircraft floor carpets, cabin walls and ceilings, flight deck pads, overhead stow bins and other applications. Moreover, the increasing requirement for the aerospace foam to meet the growing demand for lightweight and fuel-efficient aircraft is anticipated to upsurge the growth of the aerospace foam industry during the forecast period.
Aerospace Foam Market Report Coverage
The “Aerospace Foam Market Report – Forecast (2024 - 2030)” by IndustryARC, covers an in-depth analysis of the following segments in the aerospace foam industry.
Key Takeaways
- The North America region dominates the Aerospace Foam market owing to the rising growth in the aerospace industry. For instance, according to the government of Canada and its international independent subject matter experts, global aerospace defense revenues are projected to grow by over 45% from 2021-2025.
- Rapidly rising demand for lightweight and fuel-efficient aircraft has driven the growth of the aerospace foam market.
- The increasing demand for Aerospace Foam in the aerospace sector, due to its usage in the manufacture of aircraft seats, aircraft floor carpets, cabin walls and ceilings, flight deck pads, overhead stow bins and other applications, has been a critical factor driving the growth of the aerospace foam market in the upcoming years.
Aerospace Foam Market Segment Analysis – by End-use Industry
The commercial aircraft segment held the largest Aerospace Foam Market share in 2021 and is estimated to grow at a CAGR of 6.9% during the forecast period 2022-2027. The rising number of air passengers globally is boosting the growth of commercial aircraft. The surge in low-cost operators has resulted in an increase in demand for the commercial aircraft sector. The commercial aircraft sector is growing, for instance, according to the Indian Brand Equity Foundation (IBEF), domestic air travel demand continued an upward trend in October 2020, with a 33% increase to 52 lakh passengers. In June 2020, the Ministry of Civil Aviation approved a capacity increase of 45% from one-third and it further increased to 60% from September 2020. Moreover, according to the French government, the government invested in a €100 billion (US$102.3 billion) recovery program for the country’s economy. Among the planned investments, the authorities envision a hydrogen-powered “green plane” in the next fifteen years. Additionally, in April 2022, German air traffic was up 499.1 percent compared to April 2021 and domestic air traffic was up 372.7 percent from 2021. Thus, with an increase in air traffic, the commercial aircrafts segment will rise, which will boost the market growth of aerospace foam in the forecast period.
Aerospace Foam Market Segment Analysis – by Geography
The North-American region held the largest Aerospace Foam market share in 2021 up to 39%, due to the rising aerospace industry. The rising growth of the end-use industry of aerospace foam has uplifted the growth of the aerospace foam market since it is extensively being utilized in sectors such as general, military and defense aviation. The aerospace industry is growing, for instance, in 2021, the Government of Quebec and the Government of Canada, funded US$2 billion in the aerospace industry to drive the recovery of the sector. Moreover, according to the International Trade Administration (ITA), the total local production of aircraft and related products and services stood at US$1 billion in 2021 and the Mexican Aerospace Industry Federation (Federación Mexicana de la Industria Aerospacial or FEMIA), experienced 14 percent average annual export growth from 2004–2019. It was responsible for producing more than 63,000 jobs and accounted for up to US$6 billion in accumulated direct foreign investment. Thus, the increasing investments in the aerospace industry are proving to be a market booster for the aerospace foam market size in this region.
Aerospace Foam Market Drivers
Surge in the Demand for Lightweight and Fuel-Efficient Aircraft:
The carbon emissions per kilometer can be reduced by using less weighted aircraft for conventionally powered aircraft. With the imposition of stringent emission regulations by the government and its plan to regulate higher emissions standards in the years to come, lightweight construction is gaining importance each day. Typically, aircrafts utilizing aerospace foams for various applications are contributing to reduced weight. Therefore, the demand for lightweight aircraft is increasing rapidly, which in turn is increasing the demand for aerospace foams. Also, to obtain a 6 to 8 percent improvement in fuel economy, 10% of the vehicular weight must be reduced, according to the U.S. Department of Energy Vehicle Technology Office. Moreover, to reduce fuel burn, the aircraft design must be more efficient. It should move through the air easily, utilize electricity to power the propulsion system and ought to be lightweight as is safely practical. For instance, according to the National Renewable Energy Laboratory, electric and hybrid-electric aircraft are projected to operate at 85%–90% efficiency and to be 20%–40% more efficient than piston and turbine aircraft.
Growth in Aerospace Industry:
In the aerospace industry, aircraft foams such as polyurethane foam, polyethylene foam, ceramic foam, metal foam and others are applied in aircraft seats, aircraft floor carpets, cabin walls and ceilings, flight deck pads, overhead stow bins and other applications. The aerospace industry is growing, for instance, according to the Indian Brand Equity Foundation (IBEF), the Indian aerospace & defence (A&D) market is projected to reach US$70 billion by 2030, driven by the burgeoning demand for advanced infrastructure and government thrust. Moreover, in 2021, according to the International Trade Administration (ITA), the Dutch Government has increased its investments in the aerospace industry, investing €1.5 billion (US$1.57 billion) over the next five years, with a one-time increase of €1.2 billion (US$1.26 billion) in 2019 and an annual increase of €162 million (US$170 million) in the following years. Thus, increasing investments in the aerospace industry will require more aerospace foams for manufacturing aircraft parts, which will drive the demand for the aerospace foam market during the forecast period.
Aerospace Foam Market Challenges
Fluctuation in Raw Material Production and Costs:
Increment in the cost of basic raw materials, high global demand and reduced supply make aerospace foams more expensive. The aerospace foam industry, which provides an advantage in various aerospace applications, is concerned about the substantial increase in the cost of basic raw materials. Demand and supply factors varying from one raw material to another affect the cost of aerospace foams such as polyurethane foam, polyethylene foam, ceramic foam, metal foam and others. It becomes difficult for manufacturers to sustain themselves globally, due to the fluctuations in raw material prices, affecting their operating margins on aerospace foam. For instance, according to Delta Trade, polyurethane foam prices increased by 20% and have become more expensive from October 2020 and the next increases were already announced. Polyurethane foam is getting costlier due to the disruptions in the production of toluene diisocyanates (TDI) and polyols as raw materials, which are the main ingredients of the foam. Thus, the fluctuations in raw material production and costs of aerospace foams will create hurdles for the growth of the aerospace foam market.
Aerospace Foam Industry Outlook
The top 10 companies in the aerospace foam market are:
- BASF SE
- Huntsman Corporation
- Armacell
- Boyd Corporation
- Evonik Industries
- Sabic
- Rogers Corporation
- Zotefoams Plc
- General Plastics Manufacturing Company
- ERG Materials
Recent Developments
- In July 2022, SABIC launched a specialized portfolio of SABIC PP compounds for foam injection molding (FIM). New mineral-reinforced SABIC PPC F9005, PPC F9007 and PPC F9015 grades can help deliver excellent aesthetics for visible aircraft interior parts with complex geometries, such as door panels and trim, seat and trunk cladding, A/B/C/D pillar covers and center consoles.
- In November 2019, Evonik Corporation expanded its production of ROHACELL high-performance rigid, closed-cell foams at its Mobile, Ala., site, due to increasing demand for lightweight construction materials for specialty applications.
- In March 2019, Zotefoams Plc’s ZOTEK F was selected as the material of choice by Thompson Aero Seating, a leading supplier of premium aircraft seating, as the lightweight, fire-resistant solution for its new high-tech seating range, as it offered a 1.6kg reduction in weight per seat.
Key Market Players:
The Top 5 companies in the Aerospace Foam Market are:
- BASF SE
- Evonik Industries
- Armacell
- ERG Aerospace
- Boyd Corporation
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