The aerospace plastics market was valued at $744 million in 2018 and is expected to reach $1,133 million by 2026, registering a CAGR of 5.4% from 2019 to 2026. Aerospace plastics market are polymers that provide enhanced properties such as high tensile strength, high temperature tolerance, great transparency, chemical properties, hard surface, and others. The aerospace manufacturers have been shifting toward plastics and replacing conventional metals. Polymers such as polyether ether ketone (PEEK), poly methyl methacrylate (PMMA), polycarbonates (PC), polyphenylene sulfide (PPS), and acrylonitrile butadiene styrene (ABS) are used in aircraft parts such as airframes, interiors, engine components, propulsion systems, mirrors, ceilings, and others. Plastics weigh less than metal; they do not rust; are easy to fabricate; there are many plastic materials that are fully flame, smoke, toxicity, and heat release compliant; and also offer a broad range of design flexibility in terms of color, texture, and pattern. Plastic parts can last longer and require less maintenance than other materials. One of the primary reasons for using plastic is the drive to eliminate weight from the plane, which improves cost by reducing fuel consumption.
Aircraft manufacturers are using plastic for manufacturing aircrafts components, owing to its benefits such as lightweight and corrosion resistance. The reduction in the weight of the aircraft improves fuel efficiency. In addition, plastic can be fabricated more economically as compared to metals/alloys. Moreover, the most important factor predicted to lead to this growth is rising fuel costs and the accompanying incentives to make aircraft more efficient. However, the price of the plastic is extremely fluctuating due to changes in the price of crude oil. Furthermore, the aerospace sector is witnessing considerable growth in developing economies, which creates a lucrative opportunity for the market during the forecast period.
The aerospace plastics market is segmented into material type, type of aircraft, and end-user industry. Based on type, the market is divided into polyether ether ketone (PEEK), poly methyl methacrylate (PMMA), acrylonitrile butadiene styrene (ABS), polycarbonate (PC), polyphenylene sulfide (PPS), and others. On the basis of type of aircraft, the market is divided into commercial, military, rotorcraft, and space. Depending on application it is fragmented into cabin interior, windows & windshield, airframe, and propulsion system. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). The aerospace plastics market share has been analyzed across all the segments and regions.
The aerospace plastics market analysis covers in-depth information about major industry participants. Some of the major players in the market include PPG Industries, DuPont, Mitsubishi Chemical Advanced Materials, Röchling, Sabic, Saint-Gobain, Solvay, Victrex plc. Drake Plastics, and Ensinger. Other players in the value chain of the market include Curbell Plastics, Zeus, Loar Group Polyflour Plastics, 3P-Performance Plastics Products, Grafix Plastics, PACO Plastics & Engineering Inc., and others.
By Material Type
PMMA is projected as the most lucrative segment.
Depending on material type, acrylonitrile butadiene styrene (ABS) has the highest market share. These plastics are mainly used in interior parts, owing to its beneficial characteristics such as excellent mechanical strength, durability, lightweight, cost-effective, ease in installation, and others. It reduces weight significantly and increases fuel efficiency.
By Type Of Aircraft
Commercial is projected as the most lucrative segment.
On the basis of type of aircraft, the commercial segment has garnered a dominant share in 2018 and is anticipated to maintain its dominance during the forecast period. This is attributed to the expanding global economy and increasing air passenger traffic, which is expected to fuel the demand for commercial aircraft. Therefore, rise in demand for commercial aircraft correspondingly increases the demand for aerospace plastics.
Cabin Interior is projected as the most lucrative segment.
By application, the cabin interior has gained the highest market aerospace plastics market share in 2018 and expected to maintain its dominance during the forecast period. This is attributed to the development of lightweight foam material that allows aircraft component manufacturers to reduce the overall weight. For instance, in 2018, BASF launched polyethersulfone (PESU) foam that is an ideal choice for complex-shaped components in aircraft cabin interiors.
Europe is projected as the most lucrative market.
Europe has garnered dominant share in 2018. This is attributed to numerous factors such as presence of key players of the market in the region and rise in commercial flights owing to increase in tourism. Moreover, The demand for aerospace plastics market has surged owing to the large concentration of aerospace OEMs and related components manufacturer in the region.
Key Benefits for Aerospace Plastics Market:
- The report provides an in-depth analysis of the forecast along with the current and future aerospace plastics market trends
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the aerospace plastics industry for strategy building.
- A comprehensive analysis of the factors that drive and restrain the aerospace plastics market growth is provided.
- The qualitative data in this report aims on market dynamics, trends, and developments.
- The aerospace plastics market size is provided in terms of revenue.
Aerospace Plastics Market Report Highlights
Key Market Players
Victrex plc, Ensinger GmbH, Drake Plastics, Solvay SA, PPG Industries, Inc., Saint Gobain S.A., Mitsubishi Chemical Holdings, SABIC, Röchling, DuPont.
The aerospace plastics market is anticipated to grow at a considerable rate during the forecast period. This is attributed to rise in demand for plastics from developing economies owing to increase in investment in the aerospace sector. Along with the rise in demand from developing economies, the developed regions such as Europe also contributed dominantly to the market, owing to the presence of key players. Furthermore, technological advancements in the aerospace industries for continuous efforts to reduce the weight to cost ratio of aircraft fuel the adoption of plastics in the aerospace sector. Moreover, replacement and modernization of old aircrafts to conform to the strict rules, regulations, and laws enforced by several governing bodies drives the market growth. In addition, the vast use of several polymers, owing to their enhanced properties and added benefits of fuel efficiency drives the market growth. Plastics have also found major uses in space aircrafts due to the properties that allow them to sustain the harsh outer environment in space such as several radiations. The aerospace plastics market is expected to experience significant growth as the newfound application of several polymers are widely being adapted in the industry for benefits such as cot, fuel, efficiency, and lowering carbon footprint.