DUBLIN, December 07, 2021–(BUSINESS WIRE)–The “Aerospace Foams Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The market globally for Aerospace Foams is valued at USD 4348 million in 2020 and is expected to register CAGR of greater than 6% during the forecast period.
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Key Market Trends
Increasing Demand from Commercial Aviation
The decreasing fuel price fluctuations and the increasing operational efficiencies have supported the growth of commercial aircraft operations in the past few years.
The global commercial aerospace market was valued to be USD 865 million in 2019 and USD 690 million in 2020, even after being impacted by the COVID-19 crisis. Moreover, the global commercial fleet is forecasted to witness an annual growth rate of over 3%, with the total active fleet expected to reach around 48,500 by 2037.nThe increasing air travel rates, majorly in emerging economies in Asia-Pacific and South America, along with increasing disposable incomes around the world, have been driving the growth in the aircraft fleet globally. The increasing volumes of passengers and the increasing retirements are expected to drive the need for 44,040 new jets, valued at USD 6.8 trillion, over the next two decades. The global commercial fleet is expected to reach 50,660 airplanes by 2038, with all the new airplanes and jets would remain in service considered.
Additionally, according to the Boeing Commercial Market Outlook 2020-39, around 8,810 new commercial aircraft deliveries are expected to be made in Europe from 2020 to 2039, which will increase the number of commercial aircraft in the region to 9,050, which is expected to enhance the demand for aerospace foams during the manufacture of these aircraft in the coming years, thereby boosting the market studied.
However, as per the International Civil Aviation Organization (ICAO), the industry reported a loss of USD 370 billion in sales due to the spread of COVID-19. The airlines around Europe and Asia are expected to struggle due to the travel bans imposed worldwide. This may further delay future orders from the airline companies, which may recover after the containment of the pandemic.
North America to Dominate the Market
Presently, North America is the largest market for Aerospace Industry across the globe. Aerospace manufacturers in North America are expected to expand their operations on account of rising number of air passengers, and increasing military expenditure in the country in recent times. Some of the leading airline manufacturers such as Lockheed Martin, Airbus, Bombardier, and Boeing have been investing on new manufacturing and repair activities in the Untied States lately.
United States is the largest aviation market in North America and has one of the largest number of fleet size in the world, hence one of the largest market of aerospace foams. United Airlines and American Airlines have the largest fleet size among all with 800 fleet size.
According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037, owing to the growth in air cargo. Also, the US mainliner carrier fleet is expected to grow at a rate of 54 aircraft per year, due to the existing fleet getting older.
Strong exports of aerospace components to countries, such as France, China, and Germany, along with robust consumer spending in the United States, have been driving the manufacturing activities in the aerospace industry, which can induce a positive momentum for the market of aerospace foams.
Globally, Canada ranks first in civil flight simulation, third in civil engine production, and fourth in civil aircraft production. It is the only nationally ranked in the top five of all the key categories. The Canadian aerospace industry exports over 70% of its products to over 190 countries, across six continents. The major airline such as Air Canada, Air Canada Express and Air Canada Rouge has been clients of Boeing, Airbus, Embraer, Mitsubishi, and De Havilland as the major OEMs of aircrafts.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Demand for the Light Weight and Fuel Efficient Aircrafts
4.1.2 Other Drivers
4.2.1 Stringent Regulations Regarding the Use of PU Foams
4.2.2 Negative Impact of COVID-19
4.3 Industry Value Chain Analysis
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Trends toward Bio-based PU Foams Manufacturing
For more information about this report visit https://www.researchandmarkets.com/r/wpw9cr
View source version on businesswire.com: https://www.businesswire.com/news/home/20211207005566/en/
Laura Wood, Senior Press Manager
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