Sellbyville, DE -- (SBWIRE) -- 02/25/2019 -- Aerospace Insulation Market is estimated to exhibit around 7.5% CAGR with USD 5 billion by 2024. Electric aerospace insulation market share is expected to witness the highest CAGR at over 11% from 2018 to 2024. This growth can be credited to the increasing number of electrical components in aircrafts. Thus, the requirement of efficient temperature management for preventing overheating and short circuiting will support the segment dominance over the next six years.

Low weight coupled with high performance are the major requirements of any material for aerospace insulation. In this regard, thermal as well as electric insulation are of high significance in airplanes as they provide enhanced thermal, acoustic, fire and vibration barrier. Thermal insulation systems help to create a comfortable environment within the aircraft during the flight by intensely reducing noise levels and exhibiting commendable anti-vibration abilities. Driven by the same, thermal insulation accounted for a massive 70% of aerospace insulation industry share.

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As demonstrated in the instance of the Swissair flight crash, reliable electrical insulation also holds immense consequence for the safety of airplanes. With the advancement of aircraft technology, more electrical systems have come to be included on aircrafts. Indeed, electrical aerospace insulation market has also come to gain commendable traction, with a CAGR estimation of 8.5% over 2017-2024.

North America is set to capture maximum industry volume share of around 40% over the projected time line. Increasing aircraft production and deliveries owing to rising air traffic and the presence of multiple industry players in the U.S. are expanding the regional aerospace insulation market share till 2024.

Aerospace Insulation Market by Product

- Thermal insulation
- Acoustic insulation
- Vibration insulation
- Electric insulation

Aerospace Insulation Market by Material

- Foamed plastics
- Ceramic material
- Fiber glass
- Mineral wool

Aerospace Insulation Market by Aircraft

- Commercial aircraft
- Military aircraft
- Helicopters
- Space
- Others

Speaking of the regional growth potential of aerospace insulation market size, Asia Pacific region is set to emerge as one of the most lucrative spaces owing to the rising demand for commercial aircrafts in countries like India, China, and Thailand. In addition, various governments of the region are strengthening R&D efforts by investing heavily in defense aviation sector. To cite an instance, the Indian government is estimated to invest approximately USD 35 billion in the upcoming few decades, as it attempts to fortify its military aviation might.

In the recent years, global aerospace insulation market has been witnessing an exponential growth owing to the surging demand for light weight aircrafts equipped with lower thermal conductivity and enhanced safety. As per the recently published estimates of the International Air Transport Association (IATA), the worldwide demand for air travel incremented by 7.2 percent in October 2017 and the airline capacity increased by 6.2 per cent. To add to it, the foremost trade organization, representing some 275 airlines of the world, has predicted that the global airlines industry is set to garner a record profit in the year 2018, courtesy the recent upswing in developed economies and the burgeoning tourism sector, which would eventually contribute immensely to aerospace insulation market.

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Ceramics are expected to account for more than 50% of the overall aerospace insulation market share by 2024. Elaborating further, this material has been witnessing remarkable research activities of late. With humongous resources being poured in the research and development of advanced ceramics, there's no denying the impact ceramics would have on the aviation, space exploration, commercial, and defense sectors, which would further accentuate the growth prospects of global aerospace insulation industry.

The airframe segment is predicted to generate over USD 3 billion by 2024. The increasing innovations to reduce weight of aircrafts by using advanced composites is driving the segment revenue. The need for enhanced fire resistant, acoustic, and thermal insulation for increasing passenger safety and comfort are supporting the aerospace insulation market share over the study time frame.

The fixed wing segment generated more than USD 2 billion in 2017 owing to increasing usage of materials for thermal & acoustic insulation purposes, ancillary ground support equipment, and cabin interior will augment the segment size. The proliferating deployment of aircraft weather protection covers will accelerate product dominance over the forecast time span.

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3M, Hutchinson, BASF SE, DuPont, and Zodiac Aerospace are among the prominent players in the aerospace insulation market place. Other notable players include Esterline Technologies Corporation, Johns Manville, Evonik Industries, and Polymer Technologies Inc. Industry participants are mainly focusing on mergers and acquisitions to enhance their industry share. For instance, in November 2017, Evonik company acquired 3M's high-concentrates additive compounding business. The acquisition enabled the company to expand its product portfolio in the solid additives business.

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