Aerospace Foam Market Report: Future Prospects Remain Optimistic, Asia-Pacific Emerges as the Dominant Consumer

The global aerospace foam market reached an estimated value of $5.3 billion in 2020 and is anticipated to reach $9.5 billion by 2030

WILMINGTON, DELAWARE, UNITED STATES, January 30, 2024 /EINPresswire.com/ — As per a report published by Allied Market Research, the global aerospace foam market reached an estimated value of $5.3 billion in 2020 and is anticipated to reach $9.5 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 6.11% from 2021 to 2030. The report provides an extensive analysis covering top investment opportunities, winning strategies, drivers, opportunities, market size estimations, competitive landscape, and evolving market trends.

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The growth of the global aerospace foam market is driven by an increasing demand for lightweight and fuel-efficient aircraft, coupled with advancements in the aviation sector. However, certain regulations governing the usage of various foam types pose a hindrance to market growth. Despite this, the rise in government investments to enhance air force capabilities in both developed and developing countries is expected to create lucrative opportunities in the industry.

The Covid-19 pandemic had a substantial impact on the aerospace foam market, with reduced flight activity negatively affecting airline cash flow and leading to a decline in demand for new jets. Disruptions in the supply chain further exacerbated market conditions. Nevertheless, the market is anticipated to recover in the near future.

The global aerospace foam market is segmented based on type, application, and region. In 2020, the polyurethane foam segment dominated the market, holding over two-fifths of the total share. The “others” segment is projected to witness the fastest CAGR of 7.54% during the forecast period.

In terms of application, the general aviation segment contributed nearly 90% of the total market revenue in 2020 and is expected to maintain its leading position by 2030. The military segment is forecasted to exhibit the fastest CAGR of 6.94% during the forecast period.

Geographically, North America held the largest market share in 2020, representing almost one-third of the total market. However, the Asia-Pacific region is anticipated to experience the fastest CAGR of 6.98% by the end of 2030.

Key market players analyzed 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.

For those interested in obtaining the full report, more information can be found at: https://www.alliedmarketresearch.com/aerospace-foam-market/purchase-options

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