Published: Apr-2021 | Format: PDF | Market Research Store | Number of pages: 174 | Code: MRS - 828573
The aerospace plastics market is set for rapid growth over the forecast period. In terms of revenue, the global aerospace plastics market accounted for USD 780.0 Million in 2019 and is anticipated to reach around USD 1,130.0 Million by 2026, growing at a CAGR of 5.4%.
Global Aerospace Plastics Market: Overview
Since 1970, plastic has played a significant role in the aerospace industry. They reduce the aircraft's weight and increase its fuel efficiency. When it comes to tactical planes, they assist in extending flight range and avoiding radar detection. Aerospace Plastic is used for propulsion and navigational purposes, as well as structural elements and internal materials. Aerospace plastic has a number of qualities that make it an excellent material for the aerospace industry. Aerospace plastic is the technology of the future in the aerospace industry. Most evidently, plastic is being used more often in aircraft interior components. However, plastic is becoming increasingly useful in a variety of other uses. The aerospace plastics market is expected to rise due to increased demand from military and commercial airline industries.
Global Aerospace Plastics Market: Growth Factors
Increased demand for lightweight and more powerful aircraft, as well as an increase in passenger aircraft demand in developing regions and the number of airports, are projected to drive demand for aerospace plastics in the region. As a result, the aviation industry's growing market for aerospace plastics is a major growth driver. Furthermore, the global aerospace plastics market benefits from the replacement of old aircraft and the upgrade of current aircraft. In addition, the global aerospace plastics market may be hampered by a lack of standardisation of production technology and a shortage of qualified staff In the forecast period. Increasing demand for commercial aircraft and the influence of low-cost airlines are projected to open new opportunities for the global aerospace plastics industry in the future.
Global Aerospace Plastics Market: COVID-19 Impact
The global aviation sector has suffered as a result of the suspension of passenger air transport during the pandemic. To mitigate the effect of COVID-19 on the aviation industry, the United States, the United Kingdom, Italy, India, and China have implemented stimulus initiatives. Original Equipment Manufacturers (OEMs) of aerospace plastic face operating difficulties, resulting in lower demand for the material. COVID-19 is having a negative effect on the aerospace plastics market's development. Aircraft purchases and upgrades have been placed on hold indefinitely as airline firms struggle to remain afloat. Aerospace plastics suppliers would have to develop solutions based on the rate of recovery after containment. The COVID-19 has had a massive impact on global economic growth, requiring organizations, people, companies, and governments to respond to the crises' challenges. Air traffic sanctions in different countries have resulted in idle fleets around the world on both domestic and foreign routes. The COVID-19 pandemic has had a significant effect on the aerospace plastics industry, as it has on many other industries. COVID-19's Coronavirus epidemic in 2020 has influenced the global economy and market situation in major industries around the world. Demand volatility, trading policies, manufacturing operations, and other incidents of global lockdown have all been hampered by the pandemic scenario. The COVID-19 outbreak has put a halt to the majority of the aircraft industry. A supply-demand imbalance caused by available inventory supplies in the OEM and MRO sectors, as well as production units, has hampered the development of the aerospace plastics industry. Furthermore, aircraft deliveries in the first and second quarters of 2020 have been postponed due to lockdowns in different countries, further reducing producer revenues. During COVID-19 lockdowns, the aerospace plastics industry experienced a supply and demand deficit. Although COVID-19 pathogens spread across the workforce, plant capacity can be affected unless appropriate preventative measures are taken. The lockdown also hindered the supply chain and logistics, preventing the supply of finished goods and the procurement of raw materials. Since the majority of the production workforce works in on-site roles that cannot be handled remotely, the aerospace plastics industry may be particularly vulnerable. Furthermore, given the market's challenges, businesses can need to explore how to provide social distancing in crowded workplaces. Trade controls, market fluctuations, supply chain uncertainty, volatile demand, and labor shortages are all projected to have an effect on the aerospace plastics industry as a whole.
Global Aerospace Plastics Market: Segmentation
The global aerospace plastics market is segmented as polymer type, aircraft type, fit, application, and region. By polymer type, the global market is bifurcated into the polymethyl methacrylate (PMMA), polycarbonates (PC), acrylonitrile butadiene styrene (ABS), polyether ether ketone (PEEK), polyphenylene sulfide (PPS), and others. By aircraft type, the global market is bifurcated into commercial aircraft, general & business aircraft, military aircraft, rotary aircraft, and others. By fit, the global market is bifurcated into the line fit, and retrofit. By application, the global market is bifurcated into the aerostructure, equipment, systems & support, cabin interiors, propulsion systems, satellites, construction and insulation components, and others. Geographically, the global aerospace plastics market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
Global Aerospace Plastics Market: Regional Analysis
The aerospace plastics industry in North America is the largest, followed by Europe and the Asia Pacific. North America region dominated the global aerospace plastics market in 2019 and is anticipated to continue its dominance in the upcoming years. The Asia Pacific market is also anticipated to a significant growth rate in the forecast period. The world's second-largest commercial aircraft fleet is based in North America, suggesting strong demand for aerospace plastics in the area. Furthermore, the North American market is benefiting from an increase in domestic passengers, especially in the United States, Canada, and other North American countries. Europe has a lot of industry growth opportunities. This is attributed to a variety of factors, including the presence of important business leaders in the region and a rise in commercial flights as a result of increased tourism. Furthermore, demand for aerospace plastics has increased as a result of the high concentration of aerospace OEMs and related product manufacturers in the region. On the ground, France, the United Kingdom, and Italy have proven to be lucrative markets for aerospace plastics. The European aerospace plastics industry is expected to expand rapidly due to ample raw materials and rising passenger traffic. Demand from China, Japan, North Korea, and other Asian countries would support the rivalry in the Asia Pacific. The expansion of the aerospace plastics industry in the area would be aided by an increase in the number of space programs and other relevant steps.
Global Aerospace Plastics Market: Competitive Players
Some of the key players in the aerospace plastics market are Victrex Plc, Saudi Basic Industries Corporation (SABIC), Solvay, Drake Plastics Ltd, Evonik Industries AG, BASF SE, Quadrant Engineering Plastics, Vantage Plane Plastics, 3P - Performance Plastics Products, PACO Plastics & Engineering Inc., Big Bear Plastics, Polyflour Plastics, Loar Group, Grafix Plastics, Curbell Plastics, Zeus, Hyosung Corporation, Ensinger GmbH, Mitsubishi Heavy Industries Limited (MHI), Kaman Corporation, SGL Carbon, Premium AEROTECH, Holding Company Composite, Toray Industries, Inc., Hexcel Corporation, and Teijin Limited, among others.
Global Aerospace Plastics Market: Regional Segment Analysis