The Global Market for Aerospace Foams is Projected to Reach US$5.1 Billion by 2022

Strong Order Backlogs & a Busy Aircraft Assembly Line to Benefit Demand for Aerospace Foams, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Aerospace Foams market. The global market for Aerospace Foams is projected to reach US$5.1 billion by 2022, driven by large order backlogs and the ensuing strong opportunities in the aircraft manufacturing supply chain. 

The world aerospace and defence (A&D) sector has been walking the tight rope experiencing a mixed bag of opportunities and challenges. While stable growth in commercial aviation and large order backlogs represent positive factors in the A&D industry, shrinking defence budgets, weak global economic growth, falling jet fuel prices and slowdown in new aircraft deals and orders represent downside risks to growth. Also, the weak “YoY gains” in global GDP growth is creating a low growth environment in the A&D industry. The global economy continues its tentative recovery amid checks, balances and trimming of global growth expectations. Despite the many challenges to growth, manufacturing in the aerospace sector will continue to remain strong through 2016, largely because of the large backlog orders. Twin engine wide body and narrow body aircraft have the highest backlogs. Production rates are therefore forecast to remain favorable into the immediate future. However, new investments into raising future production rates remain challenged as new aircraft orders in 2016 and 2017 are forecast to decline discouraged by weak economic growth, and rising interest rates. The growing preference for leased aircraft as an alternative to new aircraft purchases will aggravate the decline in new aircraft orders in the coming years. Also, falling fuel prices, rising interest rates and the ensuing increase in the cost of new aircraft tend to neutralize the operating benefit offered by fuel efficient aircraft. Notwithstanding, these medium to long-term challenges, large backlogs will continue to keep the aircraft assembly lines humming, thus benefiting the supply chain players including aerospace foam suppliers.  

The continuing quest for quieter cabins also represents a key growth driver fueling interest in high performance aerospace foams. A regular aircraft cabin interior is noisy exposing passengers to over 70 decibels of noise. The focus therefore has always been on designing more quieter and comfortable cabins. Noise reduction features are especially vital for private jet planes where a quite environment and luxurious features fetch premium prices. Another major factor driving growth in the market is the growing focus on aircraft cabin retrofits as airline companies strive to differentiate their brand image. Growing competition in the commercial aviation market is resulting in increased emphasis on enhancing the quality of services offered. Consumer demand for transport quality is resulting in carriers rethinking the effectiveness of their cabin designs. Cabin upgrades have the potential to maximize passenger experience and appeal. Aircraft cabins have the potential to improve in-service experience. Soft padded flooring add to passenger comfort, luxurious seating reduces travel fatigue, while cabin interiors protect passengers from noise caused by flight turbulence and altitude variations. Aerospace foams play a key role in aircraft interior furnishing applications.

As stated by the new market research report on Aerospace Foams, Europe represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 8% over the analysis period, led by factors such as growing base of low cost carriers and the ensuing demand for small aircraft; spurt in air travel in stable and developing Asian economies as a result of the emerging middle class population, growing income and affluence, rapid urbanization; passenger aircraft fleet expansion decisions by Asian airliners to accommodate the expected growth in air passenger traffic; and expected recovery in global trade across major trade lines and the ensuing expansion of freighter fleets.        

Major players in the market include Armacell International S.A., BASF SE, Benien Aerospace GmbH, Boyd Corporation, ERG Materials and Aerospace Corp., Evonik Industries AG, General Plastics Manufacturing Company, Roger Corporation, SABIC Innovative Plastics Holding BV, UFP Technologies, Inc., and Zotefoams Plc, among others.

The research report titled “Aerospace Foams: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies.  The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, Rest of Europe), Asia-Pacific (China, and Rest of Asia-Pacific), and Rest of World.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.