
Published On: Nov 2022
Published On: Nov 2022
At 5.3% CAGR, the Middle East & Africa Aerospace Insulation Market is projected 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.
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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