According to a new report published by Allied Market Research titled, "Aerospace Plastics Market by Material Type, Type of Aircraft, and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026," the market accounted for revenue of $744 million in 2018 and is anticipated to generate $1,133 million by 2026. The market is projected to experience growth at a CAGR of 5.4% from 2019 to 2026.
Aerospace plastics are the of polymers that offer enhanced properties such as high tensile strength, high temperature tolerance, great transparency, chemical properties, and hard surface. The aerospace manufacturers have been shifting to plastics and replacing conventional metals. Furthermore, polymers such as PEEK, PMMA, PC, PPS, and ABS are used in aircraft parts such as airframes, interiors, engine components, propulsion systems, mirrors, and ceilings. Modern plastics also have a greater ability to resist high-altitude UV radiation than many traditional materials
The aerospace plastics market growth is driven by the rising aviation sector, substitute for aluminum and steel, and easy adoption in aircraft design. Moreover, the most important factor that boosts the aerospace plastics market growth includes rise in fuel costs and the accompanying incentives to make aircraft more efficient. However, high cost of fabrication and a limited range of material options are hampering the market. Meanwhile, technological advancement in bio-based plastics is expected to boost demand significantly.
The aerospace plastics market is segmented on the basis of material type, type of aircraft, application, and region. Based on material type, it is segmented into PEEK, PMMA, PC, ABS, PPS, and others. Acrylonitrile butadiene styrene (ABS) has the highest market share mainly used in interior parts, owing to its beneficial characteristics such as excellent mechanical strength, durability, lightweight, cost-effective, ease in installation, and others. Type of aircraft segment is divided into commercial, military, rotorcraft, and space from which the commercial segment has garnered a dominant share in 2018 and is anticipated to maintain its dominance during the forecast period. Application segment is divided into cabin interior, windows & windshield, airframe, and propulsion system from which the cabin interior segment has gained the highest market share in 2018, and is expected to maintain its dominance during the forecast period. Based on region, the aerospace plastics market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). Europe has garnered dominant market 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.
Based on material, ABS segment garners highest aerospace plastics market share, owing to its wide use in the aircrafts. On the basis of application, the cabin interior segment is expected to grow and dominate the market due to its growing use in interiors of all kinds of aircrafts. Based on type of aircraft, the segment that dominates the market is commercial. The North America region has larger share followed by Europe.
The key players operating in the aerospace plastics market include PPG Industries, DuPont, Mitsubishi Chemical Advanced Materials, Röchling, Sabic, SAINT-GOBAIN, Solvay, Victrex plc., Drake Plastics, and Ensinger. The key players adopted several strategies such as new product launch, agreement, acquisition, and expansion to sustain the intense competition in the market. Other players in the value chain include Curbell Plastics, Zeus, Loar Group Polyflour Plastics, 3P - Performance Plastics Products, Grafix Plastics, PACO Plastics & Engineering Inc., and others.
Key Finding of The Aerospace Plastics Market:
- Aerospace plastics market size is provided in terms of revenue
- France is projected to grow at the highest CAGR of approximately 6.6%, in terms of revenue, during the forecast period.
- By type of aircraft, the commercial segment is anticipated to grow with CAGR 6.0%, in terms of revenue, during the forecast period.
- The U.S. and China dominated the market with a revenue share of over 20.8% and 4.8% in 2018.
- A comprehensive analysis of the factors that drive and restrain the aerospace plastics market growth is provided.
- The qualitative data in this report aims at the aerospace plastics market trends, dynamics, and developments in the industry.