Aerospace Foam Market Segmentation Secrets Unveiling the Importance of Targeting Your Audience
Aerospace Foam Market Growth
The growth of the global aerospace foam market is driven by the increasing demand for lightweight and fuel-efficient aircraft.
WILMINGTON, DELAWARE, UNITED STATES, April 17, 2024 /EINPresswire.com/ -- The global aerospace foam market was valued at $5.3 billion in 2020 and is projected to reach $9.5 billion by 2030, with a compound annual growth rate (CAGR) of 6.11% from 2021 to 2030. The report provides a comprehensive analysis of the market, including investment opportunities, winning strategies, drivers and opportunities, market size and estimations, competitive scenario, and emerging trends.
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The growth of the global aerospace foam market is driven by the increasing demand for lightweight and fuel-efficient aircraft, as well as advancements in the aviation industry. However, certain regulations pertaining to the use of different types of foams pose a challenge to market growth. Nevertheless, the rise in government investments to enhance the air force capabilities in both developed and developing countries is expected to create lucrative opportunities in the industry.
The COVID-19 pandemic had a significant impact on the aerospace foam market, as reduced flight activity negatively affected airline cash flows and resulted in a decline in demand for new aircraft. The disrupted supply chain further exacerbated the market conditions. However, it is projected that the market will recover in the near future.
The report analyzes the global aerospace foam market based on type, application, and region. Polyurethane foam accounted for the largest market share in 2020, representing over two-fifths of the total market. The "others" segment is expected to witness the highest CAGR of 7.54% during the forecast period.
In terms of application, the general aviation segment contributed to nearly 90% of the total market revenue in 2020 and is expected to maintain its leadership position by 2030. The military segment is projected to grow at the fastest CAGR of 6.94% during the forecast period.
Regionally, North America held the largest market share in 2020, accounting for approximately one-third of the total market. The Asia-Pacific region is expected to witness the highest CAGR of 6.98% by the end of 2030.
Key market players in the global aerospace foam market, as identified in the report, include Huntsman Corporation, Armacell, Boyd Corporation, Evonik Industries, BASF SE, SABIC, Zetofoams Plc., General Plastics Manufacturing Company, Rogers Corporation, and ERG Materials.
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Allied Market Research
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