The aerospace insulation market is expected to grow from US$ 5,731. 28 million in 2022 to US$ 7,633. 23 million by 2028; it is estimated to grow at a CAGR of 4. 9% from 2022 to 2028. Passengers’ and flight crew’s comfort and safety are ensured by adequate regulation of the atmosphere within an aircraft.
New York, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aerospace Insulation Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product, Insulation Material, Aircraft Type, and Application" - https://www.reportlinker.com/p06321008/?utm_source=GNW
Temperatures on the fuselage skin may fluctuate from –60°F in flight to 160°F while parked in bright sunlight, posing a hazard to the interior of the cabin temperature.
Furthermore, the aircraft’s engine and aerodynamics of flight produce a significant quantity of noise, which can be uncomfortable for crew and passengers if sufficient insulation is not provided.
Enhanced user safety owing to materials’ low thermal conductivity is expected to further fuel the market growth.Moreover, an increase in demand for lightweight insulation materials is a key factor expected to drive the aerospace insulation market during the forecast period.
Additionally, there is an increase in the use of composite materials to manufacture aircraft.These materials include fiber-reinforced polymer, ceramic composites, and metal composites.
These materials are combined to make a composite that has flexibility, high strength, and is lightweight compared to steel or aluminum. Furthermore, these composites are corrosion-resistant, which keeps the covers of an aerostructure tight under any weather condition.
Based on insulation material, the market is segmented into mineral wool, ceramic-based materials, foamed plastics, and fiberglass & others.The ceramic-based materials segment led the market in 2021.
However, mineral wool is expected to register the highest CAGR during the forecast period.Qualities of ceramic-based material such as lightweight, high-temperature resistance, electrical insulation, high energy of ablation, resistance to corrosion, wear resistance, chemical stability, and ability to withstand vibration led to the segment’s dominance in 2021.
Further, mineral wool insulation is fireproof and does not conduct heat. Due to this, it is very fit for environments with high demands on fire safety, such as aircraft insulation.
The aerospace insulation market, based on geography, is segmented into North America, Europe, Asia Pacific (APAC), South and Central America (SCAM), and the Middle East and Africa (MEA).In 2021, North America dominated the market.
The presence of various large aircraft manufacturers, such as Boeing, has increased the demand for aerospace insulation for aircraft manufacturing, leading to North America’s dominance in the aerospace insulation market.
The COVID-19 pandemic adversely affected the aerospace insulation market growth in 2020 due to the shutdown of manufacturing facilities and restrictions on transportation and logistics.Disruptions in supply chains also hampered the supply of aerospace insulation material to aircraft manufacturers.
Manufacturers introduce extensive modifications to their processes to comply with national and regional guidelines to protect employees from the COVID-19 infection.Many global manufacturers temporarily paused their operations or allowed production processes with limited employee strength.
The pandemic situation impacted the aerospace and aviation industry severely.Airlines were impacted hard as passenger traffic slumped due to global and regional travel restrictions.
Many financially hit airlines, such as Norwegian Air, cancelled the orders for new aircraft. US-based aircraft manufacturer Airbus saw a drop in aircraft delivery by 34% in 2020. Moreover, according to the International Air Transport Association (IATA), the global aviation industry witnessed a total revenue loss of more than US$ 400 billion due to air travel restrictions in major countries.
Further, various economies re-started their operations as the governments announced relaxation in the previously imposed restrictions, the aerospace insulation market is expected to witness positive growth as manufacturers are permitted to operate at full capacity, and the supply chains are getting better.Additionally, government funding to financially hit airlines and aircraft manufacturers is expected to propel the growth of the aerospace insulation market.
For instance, France’s aerospace industry received US$ 16.9 billion in government support in 2020. A program of investment and loans intended to preserve jobs during a severe downturn is expected to support Air France, Airbus, and smaller other aerospace-related companies.
3M; TransDigm Group Incorporated; Triumph Group, Inc.; Johns Manville; Morgan Advanced Materials Plc; Polymer Technologies Inc.; Duracote Corporation; Rogers Corporation; DuPont; and BASF SE are among the leading players in the aerospace insulation market. These companies are adopting strategies such as mergers and acquisitions and product launches to expand their geographic presence and clientele.
The overall aerospace insulation market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. Participants in this process are VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the aerospace insulation market.
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