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Aerospace Foam Market Size is Estimated to Reach Us$7.5 Billion by 2027, After Growing at a CAGR of 6.5% During Forecast Period 2022-2027
HYDERABAD, TELANGANA, INDIA , September 26, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that the Aerospace Foam Market size is estimated to reach US$7.5 billion by 2027, after growing at a CAGR of 6.5% during the forecast period 2022-2027. Aerospace foam is a cellular structured material utilized in the aerospace industry, due to its low-density characteristic. Aerospace foam such as polyurethane foam, polyethylene foam, ceramic foam, metal foam and others are extensively used for insulation, cushioning and vibration dampeners. The growing aviation sector is driving the aerospace foam market growth, to be utilized in the manufacture of aircraft seats, aircraft floor carpets, cabin walls and ceilings, flight deck pads, overhead stow bins and other applications. Moreover, the increasing requirement for the aerospace foam to meet the growing demand for lightweight and fuel-efficient aircraft is anticipated to upsurge the growth of the aerospace foam industry during the forecast period.
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This IndustryARC report on the Aerospace Foam Market highlights the following areas –
1. The North America region dominates the Aerospace Foam market owing to the rising growth in the aerospace industry. For instance, according to the government of Canada and its international independent subject matter experts, global aerospace defense revenues are projected to grow by over 45% from 2021-2025.
2. Rapidly rising demand for lightweight and fuel-efficient aircraft has driven the growth of the aerospace foam market.
3. The increasing demand for Aerospace Foam in the aerospace sector, due to its usage in the manufacture of aircraft seats, aircraft floor carpets, cabin walls and ceilings, flight deck pads, overhead stow bins and other applications, has been a critical factor driving the growth of the aerospace foam market in the upcoming years.
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1. The commercial aircraft segment held the largest Aerospace Foam Market share in 2021 and is estimated to grow at a CAGR of 6.9% during the forecast period 2022-2027.
2. The North-American region held the largest Aerospace Foam market share in 2021 up to 39%, due to the rising aerospace industry. The rising growth of the end-use industry of aerospace foam has uplifted the growth of the aerospace foam market since it is extensively being utilized in sectors such as general, military and defense aviation.
The top 5 players in the Aerospace Foam industry are –
1. BASF SE
2. Huntsman Corporation
4. Boyd Corporation
5. Evonik Industries
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