Aerospace Insulation Market Update, Analysis, Forecast, 2017 – 2024
Aerospace Insulation Market to
surpass USD 5 billion by 2024; according to a new research report by Global
Market Insights, Inc.
Global
aerospace insulation is expected to cross 275 kilo tons till 2024. Rising need
of developing lightweight aircrafts along with high demand from commercial and
military industries will drive the industry growth over the coming years.
Significant increase in air passenger traffic, especially in the developing
countries will further boost the product demand. However, uncertainty in raw
material availability coupled with recycling challenges may pose a threat to
the industry manufactursers.
Manufacturers
are continuously focusing on implementing fire resistant materials and advanced
acoustics for enhancement of operational safety. Further, producers are trying
to improve their distribution channel to strengthen their position in the
industry. Looking forward, manufacturers have increased their production
capacity coupled with investment in R&D to cater the rising demand for aerospace
insulation globally.
Usage
of aerogels including carbon, polymer, or metal oxide is witnessing an emerging
trend among the industry players. Benefits such as lightweight, low thermal
conductivity, and enhanced safety will contribute significantly towards high
deployment, ensuring strong growth to the aerospace insulation market over the
forecast timeframe.
Thermal
insulation is anticipated to capture almost 70% market share in the next eight
years. High revenue generation is attributed to shifting consumer preference
towards the product over its counterparts owing to reduced noise level and
vibrations during flight hours. Low thermal conductivity that results in
enhanced safety is another factor propelling the segment growth.
Electric
insulation will exhibit over 8% CAGR over the coming years owing to its
advantages such as efficient management of composites that are temperature
sensitive and avoidance of overheating.
Ceramic
materials will dominate the aerospace insulation market share surpassing USD
2.5 billion over the forecast timeframe. High acceptance of material from
military and commercial aircrafts will primarily drive the industry growth. Its
usage as heat shields for fire protection and aircraft thermal insulation will
support the business growth. High tensile strength, chemical inertness, and
high melting temperature are the factors strengthening product penetration till
2024.
Fiber
glass is poised to grow at over 6.5% till 2024. Rising need to maintain
aircraft’s core strength comprising of internal fuselage structure will drive
aerospace insulation market. Its usage in electric insulation for the aircraft
structure and mechanical support will further escalate the revenue generation.
Aerospace
insulation market from commercial aircrafts will exhibit maximum share of over
USD 3 billion over the next eight years. Air passenger traffic in Germany is
expected to increase from 105 million in 2014 to over 175 million by 2030.
Consistently rising local and international air traffic globally will instigate
the demand from these aircrafts.
Helicopters
is set to grow at over 9% owing to high demand of insulation for noise
reduction. Military aircrafts will grow substantially owing to increasing
defense budget in various countries. For instance, allocated defense budget in
U.S. will cross USD 820 billion by 2018.
Aerospace
insulation market from airframe is expected to cross 180 kilo tons by 2024. The
segment registered the revenue share of over 70% in 2016 and is expected to
maintain its dominance in the forecast timeframe. Frequent advancements in
usage of lightweight materials have drastically changed component’s structure
composition, escalating the revenue generation. High deployment of composites
in commercial aircrafts have induced immense potential to the industry size
owing to development of various aero-structures.
Fixed
wing is anticipated to account for over 80% revenue share over the next eight
years. increasing usage for thermal and acoustic insulation will fuel the
demand. Further, usage for cabin interiors, weather protection covers, and
ancillary ground support equipment will support the revenue generation.
North
America will account for over USD 2 billion till 2024. Increasing air passenger
traffic in developed countries has led to a substantial rise in aircraft
deliveries, propelling the aerospace insulation market in the region. The
region accounted for over 9000 aircraft deliveries in 2016.
BASF
SE, Triumph Group, Rogers Corporation, and DuPont are among the prominent
players in aerospace insulation market. Other considerable manufacturers
include Zodiac Aerospace, Esterline Technologies, Zotefoams, and Evonik
Industries. Mergers & acquisitions are certain strategies adopted by the
producers to gain a competitive edge. For instance, in October 2013, Triumph
Group acquired Chase Corporation due to its vast insulation product line. The
acquisition helped the company to expand its product portfolio and customer
base.
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About Global Market Insights:
Global
Market Insights, Inc., headquartered in Delaware, U.S., is a global market
research and consulting service provider; offering syndicated and custom
research reports along with growth consulting services. Our business
intelligence and industry research reports offer clients with penetrative
insights and actionable market data specially designed and presented to aid
strategic decision making. These exhaustive reports are designed via a
proprietary research methodology and are available for key industries such as
chemicals, advanced materials, technology, renewable energy and biotechnology.
Aerospace Insulation Market Update, Analysis, Forecast, 2017 – 2024
Reviewed by Pradip Varpe
on
December 28, 2017
Rating:
Reviewed by Pradip Varpe
on
December 28, 2017
Rating:
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