The aircraft insulation market is expected to witness a CAGR of more than 4% during the forecast period.
- To provide more safety and comfort to the passengers, aircraft OEMs and airlines are using different aircraft insulation materials aboard the aircraft, which is driving the market growth currently.
- Growth in aircraft sales and production, especially from the commercial segment, is generating demand for the insulation systems for the aircraft, thereby propelling the market revenues.
- Stringent regulations from the regulatory bodies like the FAA in terms of survivability and capability of the materials in various environments is challenging the growth of the players in the market.
Key Market Trends
Commercial Segment has the Highest Market Share in 2019
The market for the commercial segment is currently higher, which is mainly due to the high sales of the aircraft models under the commercial segment. Also, on average, the usage of insulation in commercial aircraft is generally higher compared to other aircraft types. With the growing emphasis on increasing the passenger experience, better thermal/vibration/acoustic insulating materials are being used on the newer generation aircraft compared to the older aircraft types. Also, the mandates imposed by EASA and FAA regarding the fire-resistant thermal-acoustic insulation has propelled the growth of the insulation market in the commercial aircraft. Though the newer aircraft models are the first to implement the updated mandates, older commercial aircraft have also seen some retrofitting activity in the last two years due to these regulations. With the increasing air transport demand, airlines are ordering and procuring new aircraft on a large scale. Simultaneously, with a huge order backlog with the aircraft OEMs, the production rates are increasing, which will increase the demand for the aircraft insulation materials. By virtue of all these factors, the market for the aircraft insulation in the commercial segment is expected to dominate the market in the years to come,
Asia-Pacific to be the Fastest Growing Market in The Years to Come
With increasing aviation activities in the region, Asia-Pacific is projected to be the fastest-growing market for the aircraft insulators in the world. As passenger traffic in the region is continuously growing, airlines are adopting various growth strategies. Some of the airlines are procuring new aircraft and are expanding their routes to places where there is a growth impetus. For instance, IndiGo, the Indian carrier, has expanded its destinations to the Middle-East, by scheduling a total of 237 flights to the region as of July 2019. With this and many other expansion plans, the airline is considering adding new aircraft including the AirbusŐs long-distance A321neo LR and the upcoming model, A321 XLR. The insulation needed for the air conditioning/heating system to economically produce cabin temperatures that appeal to the passengers varies with airplane type and location where the aircraft operates. With most of the region lying in the hot, tropical zone, even the operators of general aviation aircraft in the region use different materials for thermal insulation to make the travel comfortable for the passengers. Hence, the market is expected to grow faster in the Asia-Pacific compared to the other regions.
Dupont, BASF SE, Esterline Technologies Corporation, Triumph Group Inc., Polymer Technologies, Inc. are some of the major players in the market. Innovations, in terms of new insulation materials, will help the players gain new contracts. Also the increasing emphasis on lightweight components in the aviation industry, players are focusing on developing advanced insulation materials, mainly thermal/acoustic insulations. With the stringency of the regulations in terms of insulation safety increasing, it is becoming difficult for smaller players to penetrate into the market. The Federal Aviation Administration (FAA) developing new flammability test requirements for aircraft insulation that will result in increased fire safety on aircraft. On this note, the product offerings of the insulation suppliers must be upgraded to suit the regulatory requirements of the governing bodies. Frequent upgrades to the product offerings based on the trends and requirements will help the players to sustain in the market competition in the long run.
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1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Insulation Type
5.1.1 Electric Insulation
5.1.2 Thermal Insulation
5.1.3 Acoustic & Vibration Insulation
5.2.1 Foamed Plastics
5.2.3 Mineral Wool
5.2.4 Ceramic-based Materials
5.3.3 General Aviation
5.4.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.4.3 Asia Pacific
126.96.36.199 South Korea
188.8.131.52 Rest of Asia Pacific
5.4.4 Latin America
184.108.40.206 Rest of Latin America
5.4.5 Middle East and Africa
220.127.116.11 United Arab Emirates
18.104.22.168 Saudi Arabia
22.214.171.124 Rest of Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.2 BASF SE
6.2.3 Esterline Technologies Corporation
6.2.4 Triumph Group Inc.
6.2.5 Boyd Corporation
6.2.6 Duracote Corporation
6.2.7 Hi-Temp Insulation, Inc.
6.2.8 Polymer Technologies, Inc.
6.2.9 Evonik Industries
6.2.10 Zotefoams PLC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.