Market Forecast, 2019-2028
Aircraft insulation is used to improve certain features in aircraft such as thermal, fire-resistant, anti-vibration, acoustic, and electrical insulation. Aircraft insulation plays an important as it serves a variety of purposes beyond just temperature/climate control. However, the thermal insulation is crucial as the outside temperature might reduce to -60 degrees. In addition to pressurization, aircraft insulation material aids keeping the cabin warm by filling the space between the interior wall and the aircraft’s fuselage. An ideal aircraft insulation material helps in maintaining a comfortable interior environment and reduce both noise level and vibration. According to a study published by Insure Insights, the global aircraft insulation market is anticipated to grow at a CAGR of 4.6% during the forecast period.
Top Driver: Constant innovations and Substantial Demand for Lightweight Component
The aircraft insulation market is anticipated to register significant growth in the near future due to constant innovations, increasing fleet sizes, the projected rise in air traffic, and the subsequent rise in demand for commercial aircraft. The aircraft industry relies heavily on lightweight material solutions regarding high-temperature insulation. As aircraft functions in extreme conditions, it should meet certain basic operations and safety standards concerning both weight and temperature specifications and overall performance. At the same time, safety is of high priority regarding commercial air travel and comfort, taking a significant portion of the industry focus, thereby driving the market.
Thermal Insulation Segment accounted for the Largest market
On the basis of product, the market is segmented into Acoustic insulation, Vibration insulation, Thermal insulation, Electric insulation. The thermal insulation segment is expected to anticipate the market and is found to be the fastest growing segment. The capability of thermal insulation systems to maintain a comfortable internal temperature on the flight and high level of safety assurance could be some major factors driving the segment. On the basis of material, the market is segmented into Foamed plastics, Ceramic material, Fiber glass, Mineral wools. On the basis of application, the market is segmented into engine and airframe.
Rising Investments to Benefit European Market
The European market is anticipated to gain maximum shares, in the aircraft insulation materials industry. The surge in the investments is anticipated to boost the growth of production of insulation materials. Additionally, rise in aerospace industry in Asia Pacific is anticipated to offer sales opportunities to providers of aircraft insulation materials. This would help the market to grow in the region over the forecast period.
Players to Focus on Aircraft Insulation Market
The global market is expected to stay fragmented with the increase in the number of new entrants in the coming years. Zotefoams, Triumph Group Inc., BASF SE, Zodiac Aerospace, Rogers Corporation, Dupont, Polymer Technologies Inc., Evonik Industries, Esterline Technologies Corporation, and Duracote Corporation among others could be at the forefront of the competition in the global market.
Bombardier: In January 2019, Bombardier announced a definitive agreement to acquire the Global 7500 wing program from Triumph Group Inc. The acquisition will strengthen Bombardier’s position as a leading aerostructures manufacturer and secure the production ramp-up and long-term success of Bombardier’s flagship business jet. This would help the company to gain maximum attention and hence growth in the revenue in the forecast period.
Evonik Industries: In May 2016, Germany’s Evonik Industries announced that it would buy the performance-materials unit of U.S.-based Air Products and Chemicals for $3.8 billion, adding high-margin chemicals used in sun lotion and paint to its portfolio.
The acquisition is the largest ever for Evonik and also furthers the restructuring of Air Products, which said last year it aimed to split into two public companies — materials technologies, which includes the performance business, and industrial gases.
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