Post COVID-19 Impact on Aerospace Foam Market –
With the emergence of the COVID-19 crisis, the world is fighting a health pandemic as well as an economic emergency, almost impacting trillions of dollars of revenues.
Research Dive’ group of skilled analysts provide a solution to help the companies to survive and sustain in this economic crisis. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts.
Our study helps to acquire the following:
• Long-term and short-term impact of Covid-19 on the market
• Cascading impact of Covid-19 on Aerospace Foam Market, due to the impact on its extended ecosystem
• Understanding the market behavior Pre- and Post-COVID-19 pandemic
• Strategy suggestions to overcome the negative impact or turn the positive impact into an opportunity
• We’ll help you fight this crisis through our business intelligence solutions.
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Pre COVID-19 Analysis of Aerospace Foam Market –
According to a study, Global Aerospace foams market by Research Dive, the global aerospace foams market forecast size is expected to reach $ 7,342.7 million by the end of 2026, registering 8.0% CAGR over the forecast period.
Economic growth, specifically in the developing economies across the world, along with rapid development is a key factor that is projected to drive the aircraft industry. Due to this global aerospace foams market is projected to grow over the forecast period. Additionally, the rising investments by governments for military aircraft is another key growth factor that is expected to drive the global aerospace foams market growth over the forecast period.
However, the cost of raw materials is expected to be the key factor hindering market growth during the forecast period.
The Polyurethane foam segment held the largest market size in 2018, is projected to increase at a 7.6% CAGR over the projected period. Polyurethane (PU) Foam is available in a wide range of from high to low depending upon the rigidity. The PU foams are well suited with a multiple aerospace application such as airframes, seating, packaging and interiors in the aerospace industry. Moreover, the metal foam segment is expected to dominate the market over the projected period, at 9.2% CAGR. Metal foams segment is majorly driven due to the growing demand from aircraft manufacturers owing to the metal foams properties such as lightweight and high strength.
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The end-user segment in the aerospace foams market is categorized into commercial aircraft, military aircraft, helicopters, and spacecraft among others. Commercial aircrafts segment held a 48.0% market share in 2018, growing at a CAGR of 7.7% and is anticipated to continue its dominance over the forecast period accounting for $3,458.4 million in 2026. The growth is attributed to the increase in the number of air travelers worldwide.
North America aerospace market size valued for the highest share in 2018 and is anticipated to continue its dominance over the projected timeframe in terms of revenue. The growth is owing to the existence of key participants in this region. Additionally, aviation industry growth, increase the number of passengers traveling by air, and rise in
military expenditure are key factors driving the aerospace foams market in this region. Europe is further anticipated to grow at the highest CAGR of 8.7% over the forecast period.
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Aerospace foam market key players include UFP Technologies, SABIC, Erg Materials and Aerospace Corp, Evonik Industries AG, Rogers Corporation, Foampartner, Armacell International S.A., BASF SE, Boyd Corporation, Zotedfoams Plc, and others. Acquisitions and product development are of the major strategies that are being adopted by the key aerospace foam industry participants in order to hold their position in regional and global or markets.
In March 2018, Evonik Industries introduced a new foam in the product line of ROHACRYL. This foam is lightweight, thermally stable, eco-friendly and is easy to shape. This foam can be utilized in automotive, sports equipment, aerospace, and many others.
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