Aerospace plastics are specially engineered polymers that demonstrate unique properties such as high resistance to intense heat, excellent electrical insulating properties, withstand ability to high pressure, vibration, turbulence, and abrasion. These composites are specially designed to meet all astronautical requirements and are used in making of various parts and components of an aircraft, including aerostructure, fuselage, and different interior parts.
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The large uptake has made aerospace plastics to be one of the essential components in the making of aircraft, driving its market exponentially. Moreover, major end-users of aerospace plastics such as commercial aircraft, military aircraft, and rotary aircraft are escalating the market on the global platform.
Acknowledging the exponential growth, the market is witnessing at present, Market Research Future (MRFR) in its recently published study report asserts that the global aerospace plastics market is forecasted to garner colossal accruals by 2027, posting a phenomenal CAGR throughout the review period (2020-2027).
The military aircraft and rotary aircraft are two of the prominent end-users that are creating a massive demand for aerospace plastics. Additionally, additive manufacturing has replaced the time-consuming processes used in the production of large-volume plastic components. Moreover, constant technological advancements and efforts transpired in the field of plastic manufacturing for the improvement of temperature and pressure resistance are paving the way for the growth.
Besides, factors such as the increasing demand for both commercial and military aircraft across the globe alongside the global aerospace core material market are expected to boost the demand for these plastics. Due to the surging demand for the light-weight materials in modern aircraft and other aviation applications, the aircraft manufacturing sector has hugely absorbed the sturdy yet lightweight aerospace plastics which as a result is expected to propel the growth of the market.
On the other hand, higher cost associated with the raw material and product processing are some of the key factors obstructing the market growth, largely. Nevertheless, technological advancements and the rapidly improving economic conditions, worldwide, are expected to support the market growth by, bringing up new substitute raw materials and making the manufacturing easier.
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Global Aerospace Plastics Market – Segmentations
For ease of understanding, the report has been segmented into three key dynamics: -
By Application : Aerostructure, Fuselage Components, Interior Components, Support Equipment, Insulation, and Propulsion System among others.
By End-use : Commercial Aircrafts, Military Aircrafts, General Aviation, and Rotary Aircrafts among others.
By Regions : North America, Europe, Asia Pacific, and the Rest-of-the-World.
The Asia Pacific region, heading with the rapid industrialization backed by the favorable government policies accounts for the dominating market in the global aerospace plastics market. Factors such as the huge advancements in plastic technology especially in the rapidly developing countries such as China, Japan, South Korea, and India are fostering the growth of the regional market.
The governments in India and China are heavily investing in the infrastructural development of air travel to boost economic growth. Additionally, factors such as numerous technological advancements in 3D printing techniques, government initiatives, and rapid growth of the plastics industry are helping the APAC market to flourish, creating a pathway for the aerospace plastic to advance further.
The aerospace plastics market in North America has emerged as another lucrative market, globally. The presence of numerous key players and the constant technological advancements are some of the key factors propelling the growth of the regional market.
Additional factors such as the supportive government policies and regulations alongside the augmenting demand for aerospace plastics are providing impetus to the growth of the market in these regions, creating a wide scope of the market evolution.
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Fiercely competitive, the aerospace plastics market appears to be fragmented due to the presence of several large and small-scale companies. Focused on improving their market performance, these companies increasingly acquire small but promising companies in the developing regions to meet their expansion goals. Growing innovations in production technologies are further intensifying the competition in the market. At the same time, the substantial investment opportunities demonstrated by the market are attracting new entrants to the market.
Key players leading the global aerospace plastics market include Mitsubishi Heavy Industries, Ltd. (Japan), Hyosung Corporation (South Korea), Kaman Corporation (US), Toray Industries, Inc. (Japan), SABIC (Saudi Arabia), Evonik Industries AG (Germany), BASF SE (Germany), Solvay S.A. (Belgium), Premium AEROTEC (Germany), and Hexcel Corporation (US) among others
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