Aerospace Insulation Market Size

Aerospace Insulation Market Size

Aerospace Insulation Market size valued at over USD 3.12 billion in 2019 and is estimated to exhibit around 6% CAGR from 2020 to 2026. Rising air traffic coupled with increasing demand for commercial aircrafts will positively influence the industry growth.

Aerospace insulation includes materials installed in the aircraft to enhance safety and comfort level. Insulation plays an important part in protecting crew and passengers from engine noise and frigid temperature at higher altitudes. The layer provides resistance against fire penetration and augments flame retardancy in accidental situations. Rising per capita income and discretionary spending are continuously augmenting air passenger traffic. As per IATA, the air passengers are expected to reach 7.8 billion till 2036 with 3.6% annual growth. Growth in air passengers is leading to surge in flight iterations and will boost the aerospace insulation market size.

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OEMs are focusing on the use of lightweight materials to improve fuel efficiency and support weight reduction. The growth of air passengers in major countries is attributed to rise in low cost carriers. Improvement in airline efficiency and rising competition among airliners has lowered cost per journey. The fight operators are reducing air fares to enhance their consumer base. Decrease in cost of travel is resulting an increase in traffic.
 

Low recyclability of insulation materials coupled with changing regulatory scenario will limit the aerospace insulation market growth. Further, the ongoing COVID-19 pandemic will negatively influence the market revenue. According to IATA, global aviation industry has witnessed a total revenue loss of more than USD 400 billion owing to the restriction on air travels in major countries. Moreover, temporary shutdown of major aircraft manufacturing facilities will further hinder the market demand.