Aerospace plastics Market - New Actionable Insights 2023

 

According to a new report published by UnivDatos Markets Insights, the Aerospace plastics Market was valued at more than USD 7 billion in 2021 and is expected to grow at a CAGR of around 7% from 2022-2028. The analysis has been segmented into Polymer Type (PEEK, PC, PMMA, PPS, ABS, and Others); Aircraft Type (Commercial, General & Business, Military, Rotary, and Others); Application (Cabin Interiors, Window & Windshields, Airframe, Propulsion System, and Others); Region/Country.

The aerospace plastics market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the aerospace plastics market. The aerospace plastics market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the aerospace plastics market at the global and regional levels.

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Market Overview

Aerospace Plastics are defined as a class of materials that are used in the aerospace industry for various applications, including aircraft, spacecraft, and satellites. These materials are used because of their high strength-to-weight ratio, low coefficient of thermal expansion, high resistance to temperature and corrosion, excellent mechanical properties, fuel savings, increased payload capacity, and improved performance. Additionally, aerospace plastics include a wide range of polymer-based materials such as thermoplastics, thermosets, composites, and elastomers. Some common examples of aerospace plastics include carbon fiber-reinforced polymers (CFRP), aramid fiber-reinforced polymers (AFRP), and high-temperature thermoplastics like polyether ether ketone (PEEK) and polyimides.

Factors such as rising demand for lightweight & more efficient aircraft, increasing adoption, and product launches in the market are some of the prominent factors that are positively influencing the market growth globally.

Some of the major players operating in the market include SABIC; Mitsubishi Chemical Group Corporation; Saint Gobain S.A.; PPG Industries; DuPont; Solvay; Evonik Industries AG; BASF SE; Victrex plc; Röchling

COVID-19 Impact

The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted industries and has transformed the way industries are delivered. The aerospace plastics market has been significantly affected during these times owing to the delay in the supply chain during the pandemic. For instance, global passenger traffic dropped by -70% in November 2020 compared with a year ago. In addition, the value of international aerospace exports slipped to -35.6% in 2020 compared to 2019. Moreover, delay in the manufacturing of aircraft owing to the limited workforce and liquid availability negatively affected the aerospace market, which eventually hurt the aerospace materials market.

The global aerospace plastics market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

·        Based on polymer type, the market is segmented into Polyetheretherketone (PEEK), Polycarbonate (PC), Polymethyl Methacrylate (PMMA), PolyPhenyleneSulfide (PPS), Acrylonitrile Butadiene Styrene (ABS), and Others. The Acrylonitrile Butadiene Styrene aerospace plastics segment accounted for a significant market share in 2021 and it is used in the manufacturing of interior components such as trim, seat backs, and overhead bins. Owing to its properties such as high impact resistance, toughness, low cost, ability to withstand high temperatures, and maintain its strength and durability in extreme environments. Thus, these factors are increasing the market of Acrylonitrile Butadiene Styrene polymer which will in turn increase the market for aerospace plastics.

·        Based on aircraft type, the market is categorized into commercial, general & business, military, rotary, and others. Among these, military aircraft to hold a significant share of the market in 2021 due to the high use of plastics in military aerospace. This is mainly due to replacing of heavy metals and alloys with lightweight plastics to achieve better fuel efficiency and range. Also, plastics offer a high strength-to-weight ratio, meaning they can withstand high loads and stresses while remaining lightweight. This makes them an ideal choice for structural components, such as airframe parts, landing gear, and engine components. withstand harsh conditions, such as extreme temperatures, high vibration, and exposure to chemicals and fuels. Thus, the increasing demand for aerospace plastics in military aircraft is accelerating market growth.

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Aerospace plastics Market Geographical Segmentation Includes:

·        North America (U.S., Canada, Rest of North America)

·        Europe (Germany, U.K., France, Spain, Italy, Rest of Europe)

·        Asia-Pacific (China, India, Japan, Rest of Asia-Pacific)

·        Rest of the World

North America is expected to lead the market during the forecast period. This is mainly owing to the presence of major aircraft manufacturers such as Boeing, Bombardier, and Airbus having their production facilities and suppliers located in the countries such as U.S., Canada, and Mexico. In addition, in U.S. the existence of major aerospace plastics manufacturers including SABIC, Ensinger, and Victrex are manufacturing a wide range of components, including exterior body panels, interior cabin components, and engine parts. For instance, in Feb 2021, Boeing 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. Diehl Aerospace is continuously improving interior lighting products on aircraft types, and it now provides a new generation of LED systems. Furthermore, Canadian manufacturers are manufacturing a range of components for commercial and military aircraft. For example, companies such as Composites Atlantic, which specializes in the production of composite structures, and Plasticase, which manufactures protective cases for the aviation industry.

The major players targeting the market include

·        SABIC

·        Mitsubishi Chemical Group Corporation

·        Saint Gobain S.A.

·        PPG Industries

·        DuPont

·        Solvay

·        Evonik Industries AG

·        BASF SE

·        Victrex plc

·        Röchling

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the aerospace plastics market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the aerospace plastics market?

• Which factors are influencing the aerospace plastics market over the forecast period?

• What are the global challenges, threats, and risks in the aerospace plastics market?

• Which factors are propelling and restraining the aerospace plastics market?

• What are the demanding global regions of the aerospace plastics market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

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