Aerospace Insulation Market Size Worth $7.63 Billion by 2028 at 4.9% CAGR, COVID-19 Impact and Global Analysis by The Insight Partners

NEW YORK, Aug. 26, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Aerospace Insulation Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product (Thermal Insulation, Acoustic Insulation, Electric Insulation, and Vibration Insulation), Insulation Material (Mineral Wool, Ceramic-based Materials, Foamed Plastics, and Fiberglass & Others), Aircraft Type (Commercial Aircraft, Military Aircraft, and Helicopters), and Application (Engine and Airframe)," includes the factors governing the market growth, revenue estimation and forecast, and market share analysis. It also entails the identification of significant market players and their key developments. The aerospace insulation market is expected to grow from US$ 5.73 Billion in 2022 to US$ 7.63 Billion by 2028; it is estimated to grow at a CAGR of 4.9% from 2022 to 2028.

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Aerospace Insulation Market - Strategic Insights

Aerospace Insulation Market: Competition Landscape and Key Developments

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. 

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Aerospace insulation improves aircraft thermal, anti-vibration, fire-resistant, acoustic, and electrical insulation. Aerospace insulation is important because it serves a range of functions other than temperature or climate management. However, thermal insulation is essential because the outside temperature can drop to -60 degrees during flight. Apart from pressurization, aerospace insulation helps keep the cabin warm by filling the area between the inner wall and the fuselage. Ideal aerospace insulation contributes to a comfortable interior atmosphere by reducing noise and vibration. Moreover, the constantly expanding aviation industry and the increasing demand for air travel are expected to propel the growth of the aerospace insulation market. For instance, according to the International Air Transport Association (IATA), the total demand for air travel in April 2022 increased by 78.7% compared to April 2021.

The industrial starch market is segmented into five main regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SCAM). North America dominated the global market in 2021. The presence of prominent manufacturers, such as Boeing and Airbus, is boosting the demand for aircraft components in the region. Moreover, the increasing air transport sector is also contributing to the demand for aircraft, which is boosting the aerospace insulation market. 

Aerospace insulation refers to aircraft materials that improve passenger safety and comfort. Aircraft regularly face severe climatic conditions but must maintain their mechanical stability while ensuring the safety of passengers and flight staff. The deceleration process of aircraft is potentially dangerous and, in the past, has resulted in fatal accidents. When jet aircraft use reverse thrust, this causes the jet blast to flow forward. In these circumstances, aerospace insulation is essential. Aerospace insulation material provides high-temperature capabilities, resistance to moisture and vibration, and low thermal conductivity in lightweight, thin forms for maximum insulation in small spaces. These benefits of aerospace insulation and stringent government regulations are expected to propel the aerospace insulation market during the forecast period.

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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.

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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Based on product, the aerospace insulation market is segmented into thermal insulation, acoustic insulation, electric insulation, and vibration insulation. In 2021, the thermal insulation segment dominated the market and is expected to grow at a faster CAGR during the forecast period. Increased research and development activities to produce advanced lightweight and sustainable thermal insulation materials are boosting the growth of the thermal insulation segment during the forecast period.

In 2021, the thermal insulation segment accounted for the largest market share. Lightweight fiberglass, insulation, and thin film bagging material make up aircraft thermal insulation. It is an insulation which is utilized all through an airplane’s fuselage: reduces noise, and protects from heat or cold.

In 2021, North America accounted for the largest share of the global aerospace insulation market. North America has a surge in demand for fuel-efficient engines. The largest aircraft delivers are also located in North America, along with the largest defense spending in the world. These factors are a reason that the region holds the largest share. The product manufacturers are also focusing on increased mergers to gain competitive edge.

The key factors that drive the aerospace insulation market include growing passenger & freight traffic in the world, a rise in MRO activities, and an increase in fleet replacement rates. The rising demand for lightweight fleet, new generation, and fuel-efficient aircraft with the increasing emphasis on reducing emissions is expected to drive aircraft production. The growth in the development of the travel industry in emerging markets, coupled with the increasing number of passengers for outbound and domestic travel, are some of the major factors driving the growth of aerospace insulation.

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Impact of COVID-19 Pandemic on 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. Due to the travel ban, aircraft production was halted abruptly, resulting in a significant loss in the total aerospace sector. As per the Global Air Transport Affiliation (IATA), overall homegrown flights have dropped by 70%, with a US$ 314 billion misfortune in traveler income.

Furthermore, the number of flights is reduced due to COVID-19, aircraft delivery, and backlogs. Hence, the demand for aircraft insulation in the civil aviation industry, used in various aircraft applications, such as cabin interior and flooring, landing gear doors, engine nacelles, aircraft tires, and others, also came down. These major factors restrained the aerospace insulation market during the pandemic.

Despite these consequences, businesses started recovering as governments in various countries relaxed social restrictions and travel bans, which resulted in increased air traffic movement. Additionally, the successful implementation of mass vaccination drives in 2021 resulted in increased business activities. With economies reviving their operations, the demand for aerospace insulation started rising globally in the coming years as key aerospace insulation manufacturers resumed their operations and restored their normal production capacities.

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