Aerospace Insulation Market Research: Consumer Preferences and Market Dynamics
The global aerospace insulation market size is expected to reach USD 12.28 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.2% from 2020 to 2027. Surge in aircraft deliveries and growth in MRO activities owing to surging passenger and freight movement across the globe are expected to drive the market over the forecast period.
Majority of the manufacturers choose to independently distribute their products in order to better serve their customers in case of customized products, which helps them to increase their profit margin. Manufacturers also establish strategic relationship with tier 1 suppliers and provide solutions to the end users through direct or third-party distribution.
The market is characterized by the presence of established players with a strong financial base, thereby presenting high entry barriers in the market. Moreover, the aircraft manufactures usually opt for reliable suppliers with high goodwill on account of past product procurement, thus making it difficult for the new entrants to establish their business. Hence, the threat of new entrants is anticipated to be low as high initial capital investment is required.
Gather more insights about the market drivers, restrains and growth of the Global Aerospace Insulation Market
Key players in the market are focused on increasing their market share through new product developments, rather than mergers & acquisitions. Companies in the market are focusing on expanding their product portfolio by developing cost-effective insulation products with enhanced properties.
Aerospace Insulation Market Report Highlights
- Ceramic materials are expected to witness the fastest growth from 2020 to 2027 on account of high product penetration in engine application
- By product, thermal insulation dominated the market with a share of 66.3% in 2019 owing to the extensive use of thermal insulation in aircraft manufacturing as well as aftermarket
- Based on end use, the military segment is expected to reach USD 3.02 billion by 2027 on account of rise in military spending by NATO countries to deal with growing threat of terrorism
- North America held the largest share of 40.74% in 2019 owing to increasing demand from the established aircraft industry in the region
- Key industry participants are focused on building long-term contracts with the end users in order to gain a competitive edge over their competitors.
Regional Insights
North America held the largest share of 40.74% in 2019. The region is expected to witness a growing demand for fuel-efficient aircraft in the next few years on account of rising fuel prices. The high replacement rate mainly for regional aircraft is fueling the growth of the matured aerospace industry, which, in turn, is expected to increase the demand for aircraft insulation over the forecast period.
Europe is a significant regional market owing to the presence of major manufacturers involved in commercial, military, and business jets. The growing use of aerospace insulation in Germany, France, the U.K., and other European countries in airplane manufacturing is expected to enhance the growth of the regional market over the forecast period.
Asia Pacific is expected to expand at the fastest CAGR of 6.4% from 2020 to 2027. Emerging economies in the Asia Pacific, including China, India, and Japan, are largely fueling the growth of the aerospace industry due to the emergence of the aircraft manufacturing industry in the region, which, in turn, is expected to propel the demand for aerospace insulation over the forecast period.
Brazil is one of the strongest competitors in aircraft manufacturing in the global market. Embraer is one of the leading aircraft manufacturers located in Brazil and is expected to fuel the demand in Central and South America. The rising number of air passengers in the region, coupled with new orders to support the same, is expected to fuel the demand for aerospace insulation over the projected period.
List of Key Players of Aerospace Insulation Market
- Duracote Corporation
- Rogers Corporation
- Dupont
- BASF SE
- 3M
- Esterline Technologies Corporation
- Triumph Group Inc.
- Zodiac Aerospace
- Evonik Industries
- Polymer Technologies Inc.
- Zotefoams
- UPF Corporation
- Boyd Corporation
- Johns Manville
- Orcon
- AVS Industries
Order a free sample PDF of the Aerospace Insulation Market Intelligence Study, published by Grand View Research.
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