Global Aerospace Plastics Market is Projected to Grow at an Impressive Rate Through 2028 due to Increased Demand in Electronics Industry. in the Consumer Electronics Market, Volume is Expected to Amount to 4,700 Million Units by 2027.
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Global Aerospace Plastics Market is projected to grow at an impressive rate through 2028 due to increased demand in electronics industry. In the Consumer Electronics market, volume is expected to amount to 4,700 million units by 2027.
Over the next few years, the aerospace plastics market is anticipated to be driven by the rising demand for plastics in various aerospace applications, including cabin interiors, structural elements, electrical electronics and control panels, windows, windshields, and canopies. Performance and economy are directly impacted by overall airplane weight reduction. Additionally, it is predicted that a commercial airplane's lifetime fuel running costs will be eliminated with a weight decrease of 1 kilogram (kg). Plastics are employed in place of aluminum and steel parts because they are lightweight and highly durable, increasing their proportion in the overall structure of an airplane.
The United States is regarded as the market leader in the aerospace sector worldwide, according to the International Trade Administration of the U.S. Department of Commerce. The nation is home to several aircraft producers, including Boeing, Lockheed Martin Corporation, Gulfstream Aerospace Corporation, and Airbus Helicopters, Inc., which has helped the aerospace industry flourish there. The Federal Aviation Administration has been mandated by the Continuous Lower Energy, Emissions and Noise (CLEEN) Program, to take actions to reduce noise and aviation emissions and increase fuel efficiency by 20%.
Growing Demand of Modernization and Expansion of Fleet Facility
Due to fleet expansion and modernization initiatives, the military, commercial, general aviation, and space industries' respective applications are responsible for driving the market's rising demand for new aircraft. Several rules and specifications, including UL94, FAR 25.853, ASTM, DFARs, MIL-PRF-5425, MIL-PRF-8184, and MIL-PRF-25690, must be followed by aerospace-grade polymers. The high R&D costs resulting from the manufacturers' strict criteria prevent new players from entering the market without the necessary technological know-how for making aerospace-grade polymers. Furthermore, it is anticipated that the recent COVID-19-related interruption in the global raw material supply chain may temporarily impede the growth of the market under consideration during the projection period. Aerospace Plastics producers are expected to benefit from rising aircraft production and sales, particularly in developing nations. Leading manufacturers like Airbus and Boeing are significantly expanding the size of their global aircraft fleets, which drives the Aerospace Plastics market's revenue growth. The demand for MRO (maintenance, repair, and overhaul) of various components, parts, and systems is anticipated to significantly increase as more aircraft are put into service; this is anticipated to augment the development in demand for Aerospace Plastics.
Growing Demand of Urbanization’s and Luxurious Facility
Global air passenger traffic growth has increased demand for commercial aircraft, which has led to higher levels of commercial aircraft production. Future market expansion for Aerospace Plastics is anticipated to be fueled by the global rise in urbanization. Urbanization describes the flow of people from rural to urban areas and the rise in urban population density. For instance, the United Nations Department of Economic and Social Affairs projects that by 2050, 2.5 billion people, or 68% of the world's population, will reside in urban regions. Therefore, the market for Aerospace Plastics is expanding due to increased global urbanization.
Recent Developments
- In February 2021, Boeing has extended its contract with Diehl Aerospace GmbH, a division of the industry-leading supplier of airplane components, for the supply of the B787 Dreamliner interior lighting system. The present agreement ends in 2022, but the extension extends the relationship to 2032.
Market Segmentation
Global Aerospace Plastics market is segmented by polymer type, by aircraft type, and by application. Based on resin type, the market is segmented into polyetheretherketone (PEEK), polyphenyl sulfide (PPS), polycarbonate (PC), acrylonitrile butadiene styrene (ABS), polymethyl methacrylate (PMMA), others. Based on by aircraft type, the market is segmented into commercial and military aircrafts. Based on application, the market is segmented into Flight Deck & Cockpit, Cabin Interiors and Structures.
Market players
Evonik Industries AG, Victrex plc, Quadrant Engineering Plastics, Saudi Basic Industries Corporation, Vantage Plane Plastics, Toray Industries, Inc., International Aerospace Plastics Holdings LP, Solvay SA, Drake Plastics, and BASF SE are some of the key market players.
Report Scope
In this report, Global Aerospace Plastics Market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
Global Aerospace Plastics Market, By Polymer Type:
- Polyetheretherketone (PEEK)
- Polyphenyl Sulfide (PPS)
- Polycarbonate (PC)
- Acrylonitrile Butadiene Styrene (ABS)
- Polymethyl Methacrylate (PMMA)
- Others
Global Aerospace Plastics Market, By Aircraft Type:
- Commercial
- Military Aircrafts
Global Aerospace Plastics Market, By Application:
- Flight Deck & Cockpit
- Cabin Interiors and Structures
Global Aerospace Plastics Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- Germany
- United Kingdom
- Italy
- Spain
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Turkey
- Egypt
Competitive Landscape
Company Profiles: Detailed analysis of the major companies in Global Aerospace Plastics Market.
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Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Evonik Industries AG
- Victrex plc
- Quadrant Engineering Plastics
- Saudi Basic Industries Corporation
- Vantage Plane Plastics
- Toray Industries, Inc.
- International Aerospace Plastics Holdings LP
- Solvay SA
- Drake Plastics
- BASF SE
