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Report Overview: Aerospace Plastics MarketThe global aerospace plastics market size was valued at USD 667.0 million in 2020 and is expected to witness significant growth over the forecast period 2021-2027. Recent developments in the manufacturing of fuel-efficient aircrafts are likely to generate the demand for aerospace plastics in the years to come. Increasing use of environment-friendly and energy-saving products is also expected to influence market growth positively. Growing popularity of aerospace plastics over aluminum and other conventional materials due to their durability, high strength, lightweight, and high corrosion and chemical resistance is expected to drive the market in the years to come. North America is expected to witness above-average growth over the forecast period, both in terms of volume and revenue. This can be attributed to the presence of a large number of aerospace parts manufacturing facilities in the U.S. Reduction in the overall weight directly impacts the efficiency and performance of an aircraft. A reduction of a kilogram in the weight is estimated to nullify substantial operating costs, especially fuel costs, in case of a commercial airplane. Furthermore, growing aviation industry is expected to increase the global demand for aerospace plastics over the coming years. Aerostructure emerged as the prominent application segment in the market as of 2019. Other key applications of aerospace plastics include equipment, systems & support, cabin interiors, components, propulsion systems, and other aerospace applications. Aircraft frame consists of the maximum amount of carbon fiber reinforced plastics and composites, which make the frame lighter by up to 20% in comparison with the conventional aluminum designs.
In terms of revenue, commercial and freighter aircrafts emerged as the largest end-use segment and accounted for over 68.0% share in 2019. Freight and large passenger aircraft is one of the major application areas of plastics in the aerospace industry. The use of plastics in airplanes helps in cutting down the operating costs by reducing the overall weight of the aircraft as well as keeping a check on maintenance issues. This has encouraged the aerospace manufacturers to potentially increase the plastic content in commercial and freighter aircrafts. Growing trend of fuel-efficient components, coupled with reduced maintenance costs, has shifted the paradigm of commercial aircraft from aluminum to plastics. Aerospace plastics are used for assembling heads-up-displays, night vision systems, firearms, and other military and aerospace applications. They are also increasingly used in the manufacturing of integrated circuits of military aircraft as plastic integrated circuits can operate even in high temperatures. This is expected to generate the demand for aerospace plastics over the forecast period.
End-use Insights: Aerospace Plastics Market
Application Insights: Aerospace Plastics MarketAerostructure was the largest application segment of the aerospace plastics market in 2019, accounting for over 42.0% share of the overall revenue. Extensive use of composites and plastics in the highly tension-loaded environment of the fuselage reduces the maintenance, primarily due to fatigue. Moreover, use of plastics in fuselage enables part count reductions with the use of fasteners and integral clips. Increased manufacturing of airframes, fuselage, empennage, and others by various aerospace component manufacturing companies present in countries, such as China, Japan, Australia, and South Korea, is expected to generate the demand for aerospace plastics over the forecast period. Thermoplastics find extensive usage in the manufacturing of bearings, fasteners, sealing, bushings, and fuelling and refueling systems. Components are widely used to keep the airplane structure together and fasten the panels and plastic sheets to the interiors and exteriors of the aircraft. Demand for plastics in the aerospace components is directly proportional to the demand and production of airplane. Rising importance of bio-based polymers on account of growing concerns over greenhouse gas emissions is expected to prompt airplane manufacturers to incorporate bio-based composite materials while manufacturing aerospace components. The aforementioned factors are expected to generate the demand for aerospace plastics over the forecast period.
Regional Insights: Aerospace Plastics MarketNorth America was the largest regional market in 2019, accounting for over 41.0% share of the overall revenue. The region is expected to witness increased demand for fuel-efficient aircrafts over the forecast period on account of narrow profit margins and rising fuel prices. High replacement rate, mainly for regional aircraft, is driving the mature North American market. The urge to modify or replace the existing inefficient airplanes with fuel-efficient aircraft is expected to augment the market growth in this region. The U.S. was traditionally viewed as one of the prominent centers of the global commercial aircraft market. The airline industry in North America registered a growth rate of 5.7% in the past three years in terms of traffic and capacity. Increased purchase plans were found in the major U.S. centers, which significantly impacted the demand for aerospace plastics. Europe is a significant regional market as it has been dominating the commercial aircraft segment of the aerospace industry for the past few years. The industry requires a skilled workforce with expertise in the design and development of complex aerospace structures. European countries have engineering expertise, which is expected to increase regional market growth over the forecast period. Demand for helicopters is expected to increase significantly in Asia Pacific and the Middle East over the forecast period on account of increasing oil & gas exploration projects in these regions. Political instability is also expected to play an critical role in driving the demand for new helicopters in these regions for public safety.
Aerospace Plastics Market Share Insights: Aerospace Plastics MarketMost of the key players operating in the global market for aerospace plastics have integrated their production and distribution operations to maintain product quality and expand regional reach. This provides the companies with a competitive advantage in the form of cost benefits, thus increasing the profit margins. Moreover, companies are undertaking research & development activities to develop new products to sustain market competition and cater to the changing end-user requirements. Some of the prominent companies in the market are
This report forecasts revenue and volume growth at the global and regional levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global aerospace plastics market report on the basis of application, end-use, and region:
- Hyosung Corporation
- BASF SE
- Kaman Corporation
- Mitsubishi Heavy Industries Limited (MHI)
- Premium Aerotec GmbH
- SABIC (Saudi Basic Industries Corporation)
- SGL Carbon SE
- Tech-Tool Plastics, Inc.
- Evonik Industries AG
- Victrex plc
- Hexcel Corporation; Holding Company Composite
Application Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
- Equipment, Systems & Support
- Cabin Interiors
- Propulsion Systems
- Construction and Insulation Components
End-use Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
- Commercial & Freighter Aircrafts
- Military Aircrafts
- Rotary Aircrafts
- General Aviation
Table of Contents Chapter 1 Methodology and Scope 1.1 Research Methodology 1.2 Research scope and assumptions 1.3 Information Procurement 1.3.1 Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2 IFF Internal Database 1.3.3 Secondary Sources 1.3.4 Third-Party Perspective 1.3.5 Primary Research 1.4 Information Analysis 1.4.1 Data Analysis Models 1.5 Market Formulation and D | read more...