The aerospace plastics market is estimated to register a robust CAGR during the forecast period, between 2021 and 2028. Acoustic, thermal, and chemical resistant high-performance plastics are known as aerospace-grade plastics. Advanced passenger aircraft such as A350 XWB utilize the advantages of lightweight and good strength of aerospace-grade plastics. A proliferating tourism industry and an increase in business travel have further fueled demand for aerospace-grade plastics.
The COVID-19 pandemic disrupted the aerospace industry, resulting in grounding of aircrafts across the globe, hampering the market growth. However, the relaxation in restrictions on air travel is positively stimulating the market growth.
Market Trends, Drivers, Restraints, and Opportunities:
- The development of materials to replace aircraft doors and fuselages to withstand hydrolysis and radiation is estimated to boost the market growth.
- The aerospace sector is perceiving considerable growth in developing economies, which can create a lucrative opportunity for the market during the forecast period.
- Growing air passenger traffic coupled with commencement of several new air travel routes across the globe is anticipated to drive the demand for new aircrafts, thus augmenting plastic consumption.
- High cost of advanced materials can restraint the growth of the market.
- Creation of competitive fare structure offering economical air travel opportunities is escalating the market size expansion.
Scope of the Aerospace Plastics Market Report
The report on aerospace plastics market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Aerospace Plastics Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast
|
|
Base Year
|
2020
|
|
Historic Data
|
2018 & 2019
|
|
Forecast Period
|
2021–2028
|
|
Segmentation
|
Aircrafts (Commercial Aircraft [Narrow Body and Wide Body], Regional Jet, Business Jet, Helicopter, and Military Jet), Applications (Cabin Interiors, Window & Windshields, Airframe, and Propulsion Systems), Fit (Line Fit and Retrofit)
|
|
Regional Scope
|
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
|
|
Report Coverage
|
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
|
|
Key Players Covered in the Report
|
SABIC, Victrex, Drake Plastics Ltd., Solvay, BASF SE, and Evonik.
|
Aerospace Plastics Market Segment Insights:
Commercial aircraft segment is projected to hold significant market share
In the terms of aircrafts, the market can be divided into commercial aircraft, regional jet, business jet, helicopter, and military jet. The commercial aircraft can be further divided into narrow body and wide body. The commercial aircraft segment is projected to hold a significant market share in the coming years. The expanding global economy and increasing air passenger traffic are expected to boost the demand for commercial aircraft, thereby increasing the demand for aerospace plastics.
Cabin Interiors segment is anticipated to account for a substantial share
Based on applications, the aerospace plastics market can be segmented into cabin interiors, window & windshields, airframe, and propulsion system. The cabin interiors segment is anticipated to account for a substantial share. In this segment, plastics are used in several cabin interior applications such as door slides, latches, drawers, stowage bins parts, stowage bin doors, seating, and other interior elements. Aircraft manufacturers are developing high impact, fire-rated thermoplastic materials with improved durability and chemical resistance. Moreover, the development of components complying with fungus test can escalate the industry growth.
Retrofit segment is anticipated to growing at a significant pace in near future
On the basis of fits, the market can be bifurcated into line fit and retrofit. The retrofit segment is estimated to grow at a significant pace in near future. Increase in aircraft orders as well as deliveries, economic growth across regions, surge in low-cost carriers and domestic civil aviation, efficient alternatives to current installed lights, and increase in passenger traffic are the factors driving the growth of this segment. The requirement for advanced technologies, such as light emitting diode as well as organic light emitting diode by the airliners worldwide is fueling the growth of aircraft cabin lights.
North America is expected to dominate the market
In terms of regions, the aerospace plastics market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is expected to dominate the market due to demand for fuel-efficient aircrafts on account of narrow profit margins and increasing fuel prices. High replacement rate, mainly for regional aircraft, is driving the market in North America. The urge to modify or replace the existing inefficient airplanes with fuel-efficient aircraft is expected to augment the market growth in this region.
Segments
By Aircrafts
- Commercial Aircraft
- Regional Jet
- Business Jet
- Helicopters
- Military Jet
By Applications
- Cabin Interiors
- Windows & windshields
- Airframe
- Propulsion System
By Fits
By Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
By Key Players
Competitive Landscape
Key players in the aerospace plastics market are SABIC, Victrex, Drake Plastics Ltd., Solvay, BASF SE, and Evonik. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
Request For Customization
Enquiry Before Buying
Speak With Analyst
