Polyurethane to lead growth of aerospace foam market at over 7% till 2020

18-Jun-15

The global aerospace foam market is projected at US$5246.44 mln by 2020, signifying firm annualized growth of 7.74% between 2015 and 2020. Polyurethane foams are one of the largest markets by material type which is expected to continue in the near future. North America is the biggest market for polyurethane foams, which accounted for a share of more than 47.82% of the total market size in 2014. China is projected to be the fastest-growing market of polyurethane foam in the region. The market in North-America is one of the biggest consumers across the globe which is expected to continue in the near future. It accounted for a share of more than 38.18% of the total market size in terms of volume in 2014, which was majorly contributed by the U.S. Developed and developing economies, favorable investment policies, and government initiatives to promote industrial growth are the driving factors of the market. The U.S. and China are at forefront of the market size in terms of volume, among other key markets such as Germany, France, Japan, U.K., and Russia. China is the key market in Asia-Pacific, accounting for more than half of the demand for aerospace foams, followed by Japan and South Korea where consumption is growing at a steady rate. Increase in the consumption of 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 segment by application between 2015 and 2020