Dublin, 07 December 2021-(BUSINESS WIRE)–The “Aerospace Foam Market – Growth, Trends, Impact of COVID-19, Forecast (2021 – 2026)” report has been added to ResearchAndMarkets.com an offer.
The global aerospace foam market is valued at $4,348 Million in 2020 and is expected to register a compound annual growth rate of over 6% during the forecast period.
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Major market trends
Increasing demand from commercial aviation
Reduced fuel price volatility and increased operational efficiencies have supported the growth of commercial aircraft operations in the past few years.
The global commercial aviation market was valued at $865 million in 2019 and $690 million in 2020, even after being affected by the COVID-19 crisis. Furthermore, the global merchant fleet is expected to experience an annual growth rate of over 3%, and the total active fleet is expected to reach approximately 48,500 by 2037. Along with increasing disposable income worldwide, has been driving the growth in the fleet aircraft worldwide. Increased passenger numbers and increasing retirements are expected to increase the need for 44,040 new aircraft, worth $6.8 trillion, over the next two decades. The global commercial fleet is expected to reach 50,660 aircraft by 2038, considering all new aircraft and jetliners in service.
In addition, according to the Boeing 2020-39 commercial market forecast, about 8,810 new commercial aircraft are expected to be delivered in Europe from 2020 to 2039, which will increase the number of commercial aircraft in the region to 9,050, which is expected to boost. The demand for aviation foams during the manufacture of these aircraft in the coming years, which enhances the studied market.
However, according to the International Civil Aviation Organization (ICAO), the industry recorded a loss of $370 billion in sales due to the spread of COVID-19. Airlines across Europe and Asia are expected to struggle due to worldwide travel bans. This may delay future orders from airlines, which may recover after the pandemic is contained.
North America dominates the market
At present, North America is the largest market for the aviation industry worldwide. North American aerospace manufacturers are expected to expand their operations due to the increase in the number of air passengers, and the recent increase in military spending in the country. Some of the leading airlines such as Lockheed Martin, Airbus, Bombardier, and Boeing have invested in new manufacturing and repair activities in the United States recently.
The United States is the largest aviation market in North America and has one of the largest number of fleet size in the world and is therefore one of the largest aviation foam markets. United Airlines and American Airlines have the largest fleet size of all, at 800.
According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037, due to growth in air freight. Also, the major carrier’s fleet in the United States is expected to grow at a rate of 54 aircraft per year, given the advancement of the current fleet.
Strong exports of aerospace components to countries such as France, China, and Germany, along with strong consumer spending in the United States, have driven manufacturing activities in the aerospace industry, which can stimulate positive momentum for the aviation foam market.
Globally, Canada ranks first in civil aviation simulation, third in civil engine production, and fourth in civil aircraft production. It is the only nationally ranked in the top five among all major categories. The Canadian aviation industry exports more than 70% of its products to more than 190 countries across six continents. Major airlines such as Air Canada, Air Canada Express and Air Canada Rouge serve as customers of Boeing, Airbus, Embraer, Mitsubishi and De Havilland as the original aircraft manufacturers.
Main topics covered:
2 Research Methodology
3 Executive Summary
4 Market dynamics
4.1.1 Growing demand for lightweight and fuel-efficient aircraft
4.1.2 Other Drivers
4.2.1 Strict regulations on the use of polyurethane foam
4.2.2 Negative impact of COVID-19
4.3 Industry value chain analysis
4.4 Porter’s Five Forces Analysis
5 Market segmentation
6 competitive landscapes
6.1 Mergers, acquisitions, joint ventures, cooperation and agreements
6.2 Market share analysis/ranking analysis
6.3 Strategies adopted by prominent players
6.4 Company Profiles
7 Market Opportunities and Future Trends
7.1 Increasing trends towards bio-polyurethane foam manufacturing
For more information on this report, visit https://www.researchandmarkets.com/r/wpw9cr
View the source version on businesswire.com: https://www.businesswire.com/news/home/20211207005566/ar/
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