Global Aerospace Plastics Market is Foreseen to Value Over USD 22 Billion by 2026 End

  • 24 Jun 2019

Global aerospace plastics market is foreseen to value over USD 22 billion by 2026 end and grow at a CAGR of over 6.1% during the forecast period 2019 to 2026. 
 
Weight reduction is an essential factor in improving the efficiency of an aircraft and the usage of plastic for making aircraft components reduce the overall aircraft weight resulting in the enhancement of fuel efficiency. Plastic is lighter than the conventional materials used for manufacturing components and this helps in designing components efficiently as it provides a higher degree of freedom. Another major advantage of using plastic is its resistance from corrosion which is a major concern with metallic components. There has been a rise in using advanced polymers like polymethyl methacrylate (PMMA) instead of glass for making airplane windows in military aviation which is driving the aerospace plastic market in a positive direction. The PMMA provides a superior quality of the surface and it also prevents light from distorting which is helpful for getting a proper view of the target as it is used for defence purposes. Another major advantage of using PMMA is its moldability which enables it to mould into various shapes, both simple and complex ones. Factors like these along with being lightweight and durable are some of the driving forces for the global aerospace plastic market.  

Insights on Global Aerospace Plastics Market:
1. By Region

•    North America
•    Europe
•    Asia Pacific
•    Middle East
•    Rest of the World
North America dominates this market due to the high usage of commercial and military aircraft in this region. This also increases the overall fuel usage. Considering how using plastic for component making saves fuel and the constant rise in the fuel prices may boost the market even further in this region and thus it is expected to dominate the global market during the forecast period. Europe has a large number of skilled engineers available and also thy invest highly in aerospace research and development due to which the aerospace plastic market is expected to witness a rise during the forecast period. Also, there are a plethora of aircraft manufacturing companies present in France partnering with different European associations which will help bolster the aerospace plastic market in Europe. The growth of the airline industry has faced a significant impact in the last five years and one of the major reasons behind this is the constantly changing economic environment. But, emerging economies like India, China, Japan are fuelling the aerospace market in the Asia Pacific market due to emergence of the aircraft manufacturing sector in the region and thus it is expected to experience a positive growth rate during the forecast period. The Middle East government has been supportive with their policies for innovative aircraft manufacturing in recent years due to which there has been a rise in the demand for using polymer for aircraft component manufacturing due to which it is expected to witness a higher growth rate during the forecast period. 

2.  By Aircraft 
•    Commercial
o    Regional jets
o    Single Aisle Aircraft
o    Wide Body Aircraft
•    Military
•    Rotary
•    General and Business
Commercial aircraft dominates this market segment due to rising demand for more current and innovative technologies for aircraft component manufacturing that will make them more fuel efficient and long-lasting which will eventually be advantageous to the consumers by a reduction in fair prices. It is therefore expected that the commercial aircraft segment will show a rise in CAGR during the forecast period. Newer aerospace technologies are first tested on military aircraft and there is a huge demand for polymers to replace conventional materials like aluminium and steel for component manufacturing which has expanded the aerospace polymers market even more. It is therefore expected that this segment will show a positive market growth during the forecast period. 

3.    By Application
•    Aircraft Frame
o    Side Frame
o    Floor Frame
o    Ceiling Frame
•    Aircraft Canopy
•    Cabin Lighting
•    Overhead Storage Bins
o    Translating Bin
o    Pivot Bin
o    Shelf Bin
•    Cabin Windows and Windshields

The manufacturing of aircraft frame uses the maximum quantity of composites and reinforced carbon fiber plastic which reduces the aircraft weight by 20% and therefore this market segment is dominated by aircraft frame and is expected to do the same during the forecast period as more and more aircraft companies are adopting polymers for component manufacturing. Aircraft canopy is also made from advanced polymers these days due to their durability as compared to something like glass. Therefore, it is also expected to witness positive growth during the forecast period. 

4.  By Material
•    Polymethyl Methacrylate
•    Polycarbonate
•    Polyetheretherketone
•    Polyphenyl Sulphide
•    Acrylonitrile Butadiene Styrene 

Competitive Landscape:
•    SABIC
•    Victrex
•    Drake Plastics Ltd.
•    Solvay
•    BASF SE
•    Evonik
SABIC planned the expansion of the production of ultem resin in Singapore last year for its Asian consumer base. This will result in an increase in global production by 50% and the new production facility will begin to function in Singapore from the first half of 2021. Victrex, in partnership with the University of Exeter, UK in order to introduce the next-generation PAEK composites and polymers in the aerospace industry for additive manufacturing. This partnership helped both the parties for developing innovative additive manufacturing technologies and expand their market presence during the forecast period. 

FutureWise Key Takeaways:
•    Growth prospects
•    SWOT analysis 
•    Key trends 
•    Key data-points affecting market growth 

Objectives of the Study:
•    To provide with an exhaustive analysis on the global aerospace plastics market by region, by aircraft, by application, by material
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
•    To evaluate and forecast micro-markets and the overall market 
•    To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Middle East and rest of the world
•    To record evaluate and competitive landscape mapping- product launches

 

Get unlimited analyst support and customise this study further to your requirements, contact sales@futurewiseresearch.com