The aerospace foams market is projected to grow from USD 4.4 billion in 2019 to USD 6.5 billion by 2024, at a CAGR of 8.2% from 2019 to 2024. The rising demand for lightweight and fuel-efficient aircraft has led to the extensive use of advanced materials such as PU foams, PE foams, and others, in the aerospace industry. The manufacturing of advanced materials as well as new product launches by many prominent players in the aerospace industry is one of the key factors driving the growth of the aerospace foams market across the globe.

Based on material type, the aerospace foams market has been segmented into PU foams, PE foams, melamine foams, metal foams, PMI/polyimide foams, and others which includes PVDF foams, PPSU foams, silicone foams, ceramic foams, PEI foams, PET foams, PVC foams, and polycarbonate foams. The PU foams segment has the highest market share in terms of both value and volume, among all the material type segments in 2018. It is projected to follow the same trend from 2019 to 2024 in terms of both value and volume. PU foams are used in a variety of applications ranging from seating, airframes, interiors, and packaging in the aerospace industry. The availability in different forms ranging from low to high density with varying rigidity as well as ease-of-use makes them compatible to be used in a multitude of aerospace applications. Some useful properties of PU foams include durability, lightweight, and recyclability. These factors support the rising global demands for lightweight and fuel-efficient aircraft, which is one of the primary drivers of the aerospace foams market.

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Based on end-use, the aerospace foams market has been segmented into commercial aircraft, military aircraft, and general aviation. Commercial aircraft involves operating airplanes to transport passengers or cargos. The commercial aviation industry is the largest segment in the aerospace foams market. Additionally, the commercial aircraft segment is projected to lead the market in terms of both value and volume during the forecast period. Some of the key factors such as growing air passenger travel demand and the rising number of low-cost operators in the regions such as Asia Pacific, Middle East, and South America along with the recovery in global gross domestic product (GDP) growth, are resulting in the hike in demand for commercial aircrafts segment.

The South America aerospace foams market is projected to grow at the highest CAGR in terms of both value and volume from 2019 to 2024. Brazil and Argentina are the key countries contributing to the increasing demand for aerospace foams in this region. Factors such as the end of the recession cycle in Brazil and Argentina coupled with the positive growth prospects for Colombia, Chile, and Peru, and the rise air traffic have increased the demand for aerospace foams in this region. Furthermore, the abolishment of previous restrictions on foreign ownership and control in national airlines of Brazil, by the Brazilian Congress is responsible for the growth of the aerospace foams market in South America.

BASF SE (Germany), Evonik Industries AG (Germany), Boyd Corporation (US), Rogers Corporation (US), FoamPartner (Switzerland), Armacell International S.A. (Luxembourg), SABIC (Saudi Arabia), ERG Materials and Aerospace Corp (US), UFP Technologies, Inc. (US), Zotefoams Plc (UK), General Plastics Manufacturing Company (US), Solvay SA (Belgium), Pyrotek Inc. (US), and Greiner AG (Austria) are some of the leading players operating in the aerospace foams market. These players have adopted the strategies of expansions, acquisitions, new product launches, investments, new technology developments, partnerships, mergers, collaborations, and agreements to enhance their position in the market.

In January 2019, BASF SE acquired the global polyamide business of Solvay S.A. The acquisition was valued at approximately USD 1.8 billion. The company integrated the polyamide business into the Performance Materials and Monomers divisions of its Materials segment (formed in 2019). The development created access to key growth markets in Asian and South American regions, which offered a competitive advantage to BASF SE over other players in the geography.

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In March 2015, Evonik Industries AG launched a new product, ROHACELL Triple F, which is a complex 3D structural core used for manufacturing CFRP sandwich components. This development diversified the aerospace foams product portfolio, offered by the company. Also, the new product launch led to the economic and efficient production of sandwich components with light foams cores for the aviation and automotive industries.

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