Increased demand for low-cost aircraft from developing countries has encouraged the development of aircraft manufacturing, leading to increased demand for aerospace components and solutions, including insulation. For example, more than 90% of air transport involves B2C e-commerce across borders and amounts to 35% of total world trade value.
The growing commercial and regional air fleet is expected to boost aerospace insulation demand in coming years. Global Market Insights’ Aerospace Insulation Market report indicates the global aerospace insulation market is expected to exceed $3.5 billion by 2026, a compound annual growth rate (CAGR) of 6%.
Acoustic insulation, vital to reducing the outer noise level caused by engines and aerodynamics, is expected to surpass annual revenues of $375 million by 2026.
The need for fiber glass thermal and acoustic insulation in the interior fuselage structure will also spur aerospace insulation market growth.
Revenues for aerospace insulation market from rotary wing aircraft is expected to expand at a CAGR of 7.5% from 2020 to 2026, driven in developed and developing countries by helicopters for military and defense applications.
Rising demand and use in ancillary ground support equipment, cabin and interior application, noise control insulation material for thermal and acoustic application will propel insulation demand for fixed-wing aircraft.
Major providers of aircraft insulation worldwide include Elmelin Ltd., Johns Manville, Evonik Industries, 3M, AVS Industries, Boyd Corp., Hutchinson BASF SE, Duracote Corp., Esterline Technologies Corp., DuPont, and Tecno Group.
Economic development in Asia Pacific region, representing more than half of new air passengers in the coming two decades per the International Air Transport Association (IATA), is expected to drive aviation growth in the region at 7%. Europe, home to some of the leading aircraft and aerospace component manufacturers, indicates considerable prospects in the coming years, after the economic impacts of the coronavirus. North American growth is expected to exceed 5% from 2020 to 2026.