Technavio, a tech-focused market research firm, has published a new report on the global aerospace foam market, which is expected to experience a slow but steady growth rate with a CAGR of close to 8% during the forecast period.
This latest report by Technavio covers the market outlook and growth prospects of the global aerospace foam market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global aerospace foam market into the following key regions: APAC, Europe, North America, and ROW.
Geographical segmentation of the global aerospace foam market for 2015 (market share %)
|
North America |
37.9% |
|
APAC |
35.7% |
|
Europe |
23.5% |
|
ROW |
2.9% |
Source: Technavio
North America: Largest revenue generating region for aerospace foam
The global aerospace foam market in North America generated revenue of about $1,400 million in 2015 and will grow at a CAGR of more than 7% by 2020. The major aircraft manufacturers like Boeing, Airbus North America, and Bombardier are from this region and the demand for innovative products with superior quality will be the primary driver for the growth of the market in this region. The increased efforts by the vendors towards development and innovations will boost the production of all types of aircraft and in turn, will drive the demand for aerospace foams. Such initiatives taken by the manufacturers are primarily to meet the demand for new generation aircraft across the globe. The US is the key revenue generator in this region.
“During 2015, the US occupied around 32% of the total market share for aerospace foams in the North American region. The demand for aerospace foams is driven by the presence of major aircraft manufacturers in the region. Companies in the US market are forming strategic alliances to increase the production capacities which in turn, will lead to the development of the aerospace industry in the North American market,” says Swapnil T S, a lead analyst at Technavio, specializing in research on specialty chemicals.
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Aerospace foam market in APAC
The global aerospace foam market in APAC generated revenue of over $1,284 million in 2015 and will grow at a CAGR of around 8% by 2020. The rising industrialization and the development of the aviation sector in the APAC region will attribute to the growth of the aerospace foam market. Factors like economic growth, increasing air traffic, and rising number of low-cost carrier (LCCs) have augmented the demand for innovative aircraft designs in the region. The primary revenue generators in the region are China, Japan, and South Korea. The easy availability of raw material and low labor cost in China will boost investment opportunities in several aerospace end-use industries. The increasing developments and investments opportunities will help APAC maintain the market share over the next four years.
Aerospace foam market in Europe
The global aerospace foam market in Europe generated revenue of more than $845 million in 2015 and will grow at a CAGR of about 7% by 2020. The implementation of stringent safety regulations in several European countries have led to an increased demand for new aircrafts in the region. Global players like BASF and Evonik are developing new aircraft designs that meet the safety regulations. These changes in the safety norm and increased production will result in the growth of aerospace foam in the European market. Western European countries like Germany, the UK, and France will emerge as key revenue generators in the region.
Aerospace foam market in ROW
The global aerospace foam market in ROW generated revenue of around $104 million in 2015 and will grow at a CAGR of almost 8% by 2020. The easy availability of melamine foams used in manufacturing various aerospace applications like rotor blades, spars, and undercarriage parts will contribute to the evolution on the market in the region. Moreover, urbanization and increasing per capita income in emerging nations like Brazil will aid in the development of the market during the forecast period.
The top leading vendors operating in the global aerospace foam market are:
- Armacell
- BASF
- Evonik
- Rogers
- SABIC
Other prominent vendors in the aerospace foam market include Foam Partner, ERG Materials and Aerospace, and Boyd.
A more detailed analysis is available in the Technavio report titled, ‘Global Aerospace Foam Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Polyurethane Market 2016-2020
- Global Aluminum Composite Panels Market 2016-2020
- Global Aerospace Composite Market 2016-2020
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