Aerospace Insulation Market Size By Product (Thermal Insulation, Acoustic Insulation, Vibration Insulation, Electric Insulation), By Material (Foamed Plastics, Ceramic Material, Fiber Glass, Mineral Wool), By Aircraft (Commercial Aircraft, Military Aircraft, Helicopters, Space) By Applications (Engine, Airframe) By Platform (Fixed Wing, Rotary Wing) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Poland, Russia, Netherlands, Sweden, China, India, Japan, South Korea, Singapore, Australia, Brazil, Mexico, Argentina, Saudi Arabia, Qatar, UAE, Bahrain, Oman, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: November 2017 | 450 Pages | Report ID: GMI2084 Report Format: PDF
Aerospace Insulation Market size was worth over USD 2.8 billion in 2016 and is projected to cross 270 kilo tons by 2024.
U.S. Aerospace Insulation Market, By Product, 2016 & 2024, (USD Million)
High demand for lightweight materials for overall aircraft weight reduction coupled with significant growth in military & commercial aerospace sector will support the aerospace insulation market size from 2017 to 2024. In 2016, global air passenger traffic crossed 3.5 billion with a growth of over 7% from the previous year. This continuous rise in air passenger traffic across the globe will further escalate the revenue generation. Manufacturers focus on usage of low cost composites, fire resistant materials, and enhanced acoustics for operational safety enhancement which results in cost-competitiveness.
Low shelf life along with recycling challenges are anticipated to pose a threat to the industry players. Limited raw material availability will also restrict the aerospace insulation market growth till 2024. U.S. Federal Aviation Administration (FAA) has enforced redesigning requirements for insulation materials. The stringent regulations regarding curbing the usage of these materials have forced the manufacturers to consider their redesigning. Order cancellations coupled with limited manufacturing units may also hamper the industry growth over the next eight years.
Shifting preference towards aerogels such as metal oxide, carbon, or polymer has gained prominence among the industry participants. Their high acceptance will provide numerous benefits such as enhanced safety, light weight, and lower thermal conductivity. Moreover, they are also used as a replacement for foam and fiber. Their deployment is anticipated to induce immense potential to the aerospace insulation market size till 2024.
Aerospace Insulation Market, By Product
Thermal insulation is anticipated to exhibit substantial share crossing USD 3 billion by 2024. This can be credited to its advantages including reduced vibrations & noise level during flight hours. Enhanced safety due to low thermal conductivity of these materials will further fuel the industry growth.
In terms of revenue, electric insulation will grow at over 8% from 2017 to 2024. Increasing electric systems in aircrafts and helicopters has led to high heat load. Electric insulation has gained prominence owing to its advantages such as avoidance of overheating and efficient management of temperature. Moreover, it provides preventive alternatives for premature dielectric breakdown, supporting the industry dominance over the coming years.
Aerospace Insulation Market, By Material
Foamed plastic is expected to witness significant gains at over 5% CAGR over the next eight years owing to its high usage considering its benefits. These features include high tensile strength, rigidity, and durability. Foams used in aerospace industry such as polyurethane, ceramic foam, and polyethylene help in reduction of air leakages and offer superior insulation capabilities in varied temperature range.
Fiber glass will exhibit highest growth rate of over 6.5% from 2017 to 2024. The segment’s growth can be attributed to the rising need of maintaining the aircraft’s core strength that consists of interior fuselage structure.
Aerospace Insulation Market, By Aircraft
The demand of aerospace insulation from the commercial aircrafts will cross 180 kilo tons till 2024. Commercial aircrafts registered revenue of approximately 2 billion in 2016 and is anticipated to dominate the industry over the forecast timeframe. Increasing domestic and international air traffic across the globe will stimulate the demand. In Germany, the air passenger traffic was 105 million in 2014 and is expected to cross 175 million by 2030. Business aircrafts will grow significantly owing to rising business trips in developed countries. As per General Aviation Manufacturers Associations (GAMA), two-third of total flight hours in U.S. are for business purposes.
Military aircrafts will witness an exponential growth till 2024 owing to growing defence expenditure in various countries. For instance, the defence budget allocated to China crossed USD 152 billion in 2017. Similarly, the defence budget for U.S. for 2018 will cross USD 824 billion. The segment is projected to register over 5% CAGR from 2017 to 2024.
Aerospace Insulation Market, By Applications
Airframe is anticipated to exhibit maximum revenue share, crossing USD 3.5 billion over the forecast timeframe. The high revenue generation can be attributed to regular innovations in usage of lightweight materials. They have led to a drastic change in component structure’s composition. Rising penetration of composites in commercial aircrafts have led to development of various aero structures, inducing immense potential to aerospace insulation market size over the next eight years.
Aerospace insulation market from engines is expected to exhibit highest growth owing to high usage of insulation materials in engines. Material with high acoustic efficiency is used for overall weight reduction of engines. The segment is expected to grow at over 8% over the coming years.
Aerospace Insulation Market, By Platform
Fixed wing is poised to capture highest revenue share than its counterpart surpassing USD 4 billion over the forecast timeframe. Rising usage of these materials for insulation for acoustic and thermal purposes, cabin interiors of fixed wing aircraft, and ancillary ground support equipment will support the industry dominance. High deployment for aircraft weather protection covers will further strengthen the product penetration till 2024.
Rotary wing is anticipated to exhibit over 9% CAGR from 2017 to 2024. The rotary-wing aircrafts fly at a lower altitude as compared to fixed wing. Increasing usage of insulation materials for noise control will support the industry growth over the next eight years.
Aerospace Insulation Market, By Region
North America aerospace insulation market size was valued at over USD 1 billion in 2016 and is estimated to exhibit over USD 2 billion by 2024. Rising aircraft deliveries due to increasing air passenger traffic across the region will primarily drive the region’s growth. North America accounted for over 9,300 aircrafts in 2016. Rising demand for lightweight materials coupled with high defence budget in U.S. will further support the region’s dominance till 2024.
Asia Pacific will witness significant growth over the next eight years owing to rising penetration of commercial aircrafts. Increased demand of these aircrafts, especially in the countries including China, Thailand, and India will strengthen the product penetration. According to Asia Pacific Aviation, India is anticipated to become third largest buyer of commercial aircrafts over the coming years. Several governments across the region are encouraging R&D investments in defence and aerospace sector for regular advancements. For instance, Indian military aviation sector is projected to invest around USD 35 billion over the next two decades. These investments will provide high growth prospects to the industry size till 2024.
Competitive Market Share
Triumph Group Inc., BASF SE, Dupont, Duracote Corporation, Rogers Corporation, and Polymer Technologies are among the prominent players in aerospace insulation market. Other notable players include Esterline Technologies, PPG Aerospace, Zodiac Aerospace, Evonik Industries, and Zotefoams.
Mergers, acquisitions, and collaborations are among the prominent strategies adopted by the industry participants to strengthen their foothold. For instance, in April 2016, PPG Aerospace completed the acquisition of aerospace & automotive adhesives and sealants business segment of Le Joint Francais (LJF). This acquisition strengthened the company’s presence in the industry and enhanced its portfolio.
In October 2013, Triumph Group announced acquisition of Chase Corporation that consisted of Insulfab product line. This acquisition helped the company to gain the customer base and portfolio expansion. The industry participants focus on improving their net worth and strengthening their geographical presence by increasing their exports. Additionally, they are trying to increase their production capacities to fulfil rising demand across the globe. Owing to these factors, the industry rivalry is anticipated to be high over the coming years.
The aerospace insulation is highly used in modernized aircrafts owing to rising demand of light weight in aircrafts. The advanced lightweight insulation materials help the aircrafts exteriors and interiors from dust and dirt, rainwater leakage, and reduction of noise and vibration. Moreover, decreasing prices of composites is pushing the aircraft manufacturers to use them for insulation. The insulation materials also protect the aircrafts from corrosion.
Difficulty in recycling composites, low shelf life, and raw material availability are the challenges that industry participants may face over the forecast timeframe. The manufacturers are expanding their distribution networks and production capacities to cater to the rising demand and strengthen their presence in the industry.
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