The global aerospace plastics market is projected to grow at the healthy CAGR owing to increasing demand in the commercial aircrafts.

Market Overview

The global aerospace plastics market size was valued at USD 19.28 billion in 2022 and is expected to reach USD 37.98 billion by 2030, registering a CAGR of 7.79% from 2023 - 2030.

Aerospace plastics highly engineered polymers used in manufacturing various parts and components in the aerospace industry. The important types of plastics used in an aerospace industry are polycarbonates, acrylics, acrylonitrile butadiene styrene (ABS), and polyvinyl chloride (PVC). In the aerospace industry the materials face various challenges including the need for a material which can handle extreme temperatures and are light in weight. The aerospace plastics are specially designed to successfully meet these challenges. Additionally, these materials exhibit substantial physical properties such as high temperature resistance, high pressure withstand ability, excellent stand up to the vibration, turbulence and abrasion, better transparency for aircraft roof and canopy, and excellent electrical insulating properties. The major applications of aerospace plastics are found in the aerostructure, fuselage components, and various interior components. The commercial aircrafts, military aircrafts, and rotary aircrafts are the major consumers of the product.

Based on application, the global aerospace plastics market has been segmented into aerostructure, fuselage components, interior components, support equipment, insulation, propulsion system, and others. The aerostructure application segment estimated to grow at the highest CAGR during the assessment period. Aerostructure is the most important part of an aircraft body, which consumer significantly high amount of plastics. The support equipment accounted for the largest market share in 2023, which is mainly attributed to the high use of plastics in this part owing it its anti-corrosive, high temperature and chemical resistance, and low weight.

On the basis of end-use, the global aerospace plastics market has been categorized into commercial aircrafts, military aircrafts, rotary aircrafts, and general aviation, among others. Among these end-uses, the commercial aircrafts held the largest market share in 2017. This mainly due to surging demand for the passenger and freight aircrafts across the globe on the backdrop of increasing focus over all modes of the transportation and global connectivity. Military aircraft is witnessing healthy growth with the major military powers increasing their defense expenditure on account on growing security concerns in the neighborhood.

Market Segmentation

The global aerospace plastics market has been segmented on the basis of application, end-use, and region.

Based on application, the global aerospace plastics market has been segregated into aerostructure, fuselage components, interior components, support equipment, insulation, propulsion system, and others.

On the basis of end-use, the market has been categorized into commercial aircrafts, military aircrafts, rotary aircrafts, and general aviation, among others.

The global aerospace plastics market has been studied with respect to five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.

Regional Analysis

The global aerospace plastics market has been studied with respect to five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. The market in Asia-Pacific is anticipated to grow at the highest CAGR owing to the rising product demand in the aerospace OEM’s in this region. North America is expected to witness healthy growth during the forecast period. This is mainly due to the growing demand for the commercial aircrafts in the emerging economies.

Competitive Analysis

The leading players in the global aerospace plastics market are Hyosung Corporation (South Korea), Mitsubishi Heavy Industries, Ltd. (Japan), Kaman Corporation (US), SABIC (Saudi Arabia), TORAY INDUSTRIES, INC. (Japan), BASF SE (Germany), Evonik Industries AG (Germany), Solvay S.A. (Belgium), Hexcel Corporation (US), and Premium AEROTEC (Germany), among others.

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