Aerospace foams market projected to reach US$7970 mln by 2019, at CAGR of 7.73%

24-Feb-15

Aerospace foams market by type comprises polyurethane foam, polyethylene foam, fluoropolymer foam and metal foam used in general aviation, commercial aircraft, military aircraft. Aerospace foams market value is projected to reach US$7970.18 mln by 2019, signifying firm annualized growth of 7.73% between 2014 and 2019, as per Markets and Markets. The aerospace foams market in Asia-Pacific is one of the fastest-growing consumers across the globe and the trend is expected to continue in the near future. Asia-Pacific is also the biggest market for aerospace foams, and accounted for a share of more than 39% of the total market size in terms of volume in 2013, which was majorly contributed by China. It is also estimated that China is the fastest-growing market of aerospace foams in the region. The high growth in this region is mainly driven by growing population, vast economies-developed as well as developing, favourable investment policies, and government initiatives to promote industrial growth. The polyurethane foams market is one of the largest types globally and the trend is expected to continue in the near future. Asia-Pacific is the biggest market for polyurethane foams market, and accounted for a share of more than 34% of the total market size in 2013. It is also estimated that China is the fastest-growing market of polyurethane foam in the region. USA and China are at forefront of aerospace foams consumption, while Germany, France, Japan, U.K. and Russia are other key markets for aerospace foams consumption. China is the key market in Asia-Pacific, consuming more than half of the demand for the aerospace foams, followed by Japan, and South Korea where consumption is growing at a steady rate. Increase in the consumption of fluoropolymer foam, metal foam and polyethylene foam has been observed in Asia-Pacific due to continued industrialization and rise in the manufacturing sector of the region. Military aircraft is projected to be the fastest-growing application segment followed between 2014 and 2019.