20-Apr-2021 | Market Research Store
Findings from Market Research Store report “Aerospace Plastics Market By Polymer Type (Poly Methyl Methacrylate (PMMA), Polycarbonates (PC), Acrylonitrile Butadiene Styrene (ABS), Polyether Ether Ketone (PEEK), Polyphenylene Sulfide (PPS), and Others), By Aircraft Type (Commercial Aircrafts, General & Business Aircrafts, Military Aircrafts, Rotary Aircrafts, and Others), By Fit (Line Fit and Retrofit), and By Application (Aerostructure, Equipment, Systems & Support, Cabin Interiors, Propulsion Systems, Satellites, and Construction & Insulation Components): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global demand for aerospace plastics market in 2019 was approximately USD 780 Million. The market is expected to grow at a CAGR of 5.4% and is anticipated to reach around USD 1,130 Million by 2026.
Aerospace plastics are high-performance plastics with properties such as chemical, thermal, and acoustics resistance used in aircraft. Aerospace plastics have high tensile and flexural strength, as well as high rigidity, over a wide temperature range. These plastics are used in the interiors of aircraft cabins, such as seat backs, armrests, and tray tables. Aerospace plastics are also used in aircraft backlit panels, locking splines and fasteners, and valve parts. These plastics are gaining popularity in the aerospace industry, owing to their high impact resistance, tensile strength, and chemical resistance.
The aerospace plastics market is propelled by the properties of plastics such as lightweight, durable, and corrosion resistance. Aircraft manufactures are working to minimize gross weight in order to improve performance and reduce emissions. The market for lightweight and fuel-efficient aircraft is being influenced by stringent pollution reduction policies introduced by policymakers all over the world. Based on the data published by International Air Transport Association (IATA) the aerospace industry is collaborating to improve fuel efficiency by 1.5 percent each year on average and reduce carbon emissions by 50 percent by 2050 relative to 2005.
The market for aerospace plastics will rise as more metal parts are replaced by plastics and composite materials. Polymers are about ten times lightweight than metal equivalents without reducing toughness. Plastics are being used in interior applications by manufacturers to increase aesthetics and optimize space inside aircraft interiors. Furthermore, its use as insulators in galleys would boost the product demand. Plastics are ideal for vacuum forming because they can be quickly transformed into a variety of shapes. Specific shapes and geometries can be conveniently molded out of materials. Plastic makers are working to improve the products' chemical composition as well as their mechanical properties. The aerospace plastics industry would also benefit from the production of materials to replace aircraft doors and fuselages that can survive hydrolysis and radiation.
Covid-19 is putting a lot of strain on the aviation industry. Governments all over the world had halted air traffic to prevent the transmission of the novel coronavirus. When combined with the high operating expenses that airlines face on a daily basis, this ensures there is no money flowing in. Covid-19 has wreaked havoc on the aviation industry. Repatriation policies are another aspect that puts pressure on aviation industry players. Airlines had been commissioned by their governments to accommodate stranded residents in order to return them to their homes. Another part of aviation that would be harmed by COVID-19 is airport maintenance and routine activities. Airport officials are running out of cash reserves due to a loss of sales from concessions, parking, and duty-free. The United States recently passed a bill to provide financial assistance to keep airports operational. Pharmaceuticals, safety gear such as face masks, and medical supplies are transported via commercial routes. The majority of businesses are nearing the end of their cash balances, which would have a significant effect on recovery rates after COVID-19.
The global aerospace plastics market is bifurcated into its polymer type, aircraft type, fir, application, and regions. Based on the polymer type, the global market is divided into acrylonitrile butadiene styrene (ABS), polyphenylene sulfide (PPS), polycarbonates (PC), poly methyl methacrylate (PMMA), polyether ether ketone (PEEK), and others. Based on aircraft type, the market is bifurcated into general & business aircrafts, rotary aircrafts, commercial aircrafts, military aircrafts, and others. Based on the fit category, the global market is divided into retrofit, and line fit. Based on the application, the global market is divided into equipment, systems & support, propulsion systems, construction & insulation components, aerostructure, cabin interiors, and satellites. Geographically, the global aerospace plastics market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
North America region dominated the global aerospace plastics market in 2019 and is anticipated to continue its dominance in the upcoming years. This is due to the growing corporate and commercial aviation industry in the country, which has the largest demand for aerospace and defense aircraft in the world. Furthermore, due to small profit margins and increasing fuel costs, the area is anticipated to see growing demands for fuel-efficient aircraft over the forecast period. The mature North American industry is being driven by a high replacement rate, mostly for regional aircraft. The need to upgrade or substitute obsolete planes with fuel-efficient planes is expected to boost market growth in this region.
In the forecast period, the Asia Pacific aerospace plastics market is expected to expand at a significant rate. The increased focus on the development of aircraft manufacturing facilities in the Asia Pacific region has contributed to the region's development. Government policies that encourage investment and a rising defense budget are fueling the market's development. The market's growth is projected to be fueled by the region's expanded commercial and military aircraft demand and acquisition programmes. The Boeing Company and the Commercial Aircraft Corporation of China, for example, formed a joint venture in December 2018 to develop the first 737 aircraft in China.
Browse the full “Aerospace Plastics Market By Polymer Type (Poly Methyl Methacrylate (PMMA), Polycarbonates (PC), Acrylonitrile Butadiene Styrene (ABS), Polyether Ether Ketone (PEEK), Polyphenylene Sulfide (PPS), and Others), By Aircraft Type (Commercial Aircrafts, General & Business Aircrafts, Military Aircrafts, Rotary Aircrafts, and Others), By Fit (Line Fit, and Retrofit), By Application (Aerostructure, Equipment, Systems & Support, Cabin Interiors, Propulsion Systems, Satellites, Construction, and Insulation Components): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.marketresearchstore.com/market-insights/aerospace-plastics-market-828573
In 2019, the Europe Aerospace Plastics industry trailed that of North America, and it is predicted to expand at a healthy rate in the coming years. A professional workforce with experience in the design and construction of complex aerospace structures is needed by the industry. Engineering experience in European countries is projected to fuel regional demand growth over the forecast period. Furthermore, due to the high concentration of aerospace OEMs and related product manufacturers in the area, demand for aerospace plastics has increased. Latest aircraft manufacturing developments, such as the addition of more appealing cabin designs, improved consumer safety, and fuel efficiency, all contribute to the region's expansion.
Some of the key players in the aerospace plastics market are BASF SE, Saudi Basic Industries Corporation (SABIC), Loar Group, Premium AEROTECH, Big Bear Plastics, SGL Carbon, Holding Company “Composite”, Zeus, Ensinger GmbH, Kaman Corporation, Vantage Plane Plastics, PACO Plastics & Engineering Inc., Solvay, 3P - Performance Plastics Products, Victrex Plc, Mitsubishi Heavy Industries Limited (MHI), Polyflour Plastics, Grafix Plastics, Toray Industries, Inc., Drake Plastics Ltd, Curbell Plastics, Hyosung Corporation, Evonik Industries AG, and Quadrant Engineering Plastics, Teijin Limited, and Hexcel Corporation among others.
This report segments the aerospace plastics market as follows:
Global Aerospace Plastics Market: By Polymer Type Segmentation Analysis
Global Aerospace Plastics Market: By Aircraft Type Segmentation Analysis
Global Aerospace Plastics Market: By Fit Segmentation Analysis
Global Aerospace Plastics Market: By Application Segmentation Analysis
Global Aerospace Plastics Market: Regional Segmentation Analysis
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