Report : Middle East & Africa Aerospace Insulation Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Thermal Insulation, Acoustic Insulation, Vibration Insulation, and Electric Insulation), Aircraft (Commercial Aircraft, Military Aircraft, and Helicopters), Application (Engine and Airframe), and Insulation Material (Mineral Wool, Ceramic-based Materials, Foamed Plastics, and Fiberglass)
At 5.3% CAGR, the Middle East & Africa Aerospace Insulation Market is speculated to be worth US$ 1,876.47 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa aerospace insulation market was valued at US$ 266.57 million in 2022 and is expected to reach US$ 341.11 million by 2028, registering an annual growth rate of 4.2% from 2022 to 2028. Extension of aircraft industry in emerging economies and upsurging globalization and increased international trade.
Increase in globalization and international trade is driving global connectivity, and with the increase in global connectivity there has been increase in aerospace production. The growth is driven by continued expansion of the civil aviation sector. Import and export activities has improved the economic condition and has also Air transport carries more than 90% of cross border B2C e-commerce and accounts approximately 35% of the global trade. Air transport is key to global economic development. This broader economic benefit is helps in connecting two cities allowing the movement of goods, people, capital, technology. COVID-19 has caused a significant loss of air connectivity. As due to travel restrictions, in 2020, the number of unique city pairs reduced by 30%. In 2021, the unique connectivity of city pairs started recovering partially and airlines are expanded their networks with travel facilitation with the restriction sin few regions. However, it will be 15% lower 2019 levels. Air transport is vital for international trade in manufactured goods, particularly for the components industry that accounts for a major part of cross border trade, which supports the growth of airline industry and with the growth of airline industry the demand for aerospace insulation is expected to grow. Government across the region are supporting the airlines in the form of capital investment, deferring payments of taxes and reducing tax liabilities.
On the contrary, limited recyclability of insulation materials.
- Based on product, the Middle East & Africa aerospace insulation market is segmented into thermal insulation, acoustic insulation, electric insulation, and vibration insulation. The thermal insulation segment held 63.2% market share in 2022, amassing US$ 168.54 million. It is projected to garner US$ 216.35million by 2028 to expand at 4.2% CAGR during 2022–2028.
- Based on insulation material, the Middle East & Africa aerospace insulation market is categorized into mineral wool, ceramic-based materials, foamed plastics, and fiberglass and others. The ceramic-based materials segment held 47.2% market share in 2022, amassing US$ 125.83 million. It is projected to garner US$ 164.87 million by 2028 to expand at 4.6% CAGR during 2022–2028.
- Based on aircraft, the Middle East & Africa aerospace insulation market is segmented into commercial aircraft, military aircraft, and helicopters. The commercial aircraft segment held 72.0% market share in 2022, amassing US$ 191.89 million. It is projected to garner US$ 248.49 million by 2028 to expand at 4.4% CAGR during 2022–2028.
- Based on application, the Middle East & Africa aerospace insulation market is bifurcated into engine and airframe. The airframe segment held 69.9% market share in 2022, amassing US$ 186.45 million. It is projected to garner US$ 238.06 million by 2028 to expand at 4.2% CAGR during 2022–2028.
- Based on country, the Middle East & Africa aerospace insulation market has been segmented into South Africa, Saudi Arabia, the UAE, and Rest of MEA. Our regional analysis states that the UAE captured 31.1% market share in 2022. It was assessed at US$ 82.96 million in 2022 and is likely to hit US$ 108.73 million by 2028, exhibiting a CAGR of 4.6% during the forecast period.
Key players dominating the Middle East & Africa aerospace insulation market are Duracote Corporation; Rogers Corporation; DuPont; BASF SE; 3M; Morgan Advanced Materials Plc; and Polymer Technologies Inc. among others.
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