ID: MRFR/CnM/5772-HCR | February 2021 | Region: Global | 140 pages
Aerospace plastics are the highly engineered polymers used in various parts and components of an aircraft. There are various types of plastics used in an aerospace industry. Some of them are polycarbonates, acrylics, acrylonitrile butadiene styrene (ABS), and polyvinyl chloride (PVC). The major challenges faced by the aerospace industry are the need for a material which can handle extreme temperatures and are light in weight. Aerospace plastics are designed to successfully meet these challenges. The substantial physical properties exhibited by the aerospace plastics are 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. Aerospace plastics are widely used in the aerostructure, fuselage components, and various interior components. The major end-users of aerospace plastics are commercial aircrafts, military aircrafts, and rotary aircrafts.
The primary factors favoring growth of the global aerospace plastics market are the increasing demand for both commercial and military aircrafts across the globe. The global aerospace core material market is estimated to reach around 40 billion USD at CAGR of 9 %, by 2023, which is expected to boost the demand for various plastics. Additionally, surging demand for the light-weight materials in modern aircrafts and other aviation applications is expected to propel growth of the global aerospace plastics market. The leading military powers namely, U.S., Russia, China, France, UK and India are investing significant share of their GDP in their defense sector. This, in turn is anticipated to fuel the demand for aerospace plastics in making fuselage or core of the military aircrafts. The emerging economies namely China, India, South Korea, Malaysia, South Africa, Brazil, and others are focusing over their transportation sector through investing in the air travel. This is expected to further increase the production of aircrafts during the following years.
However, higher cost associated with the raw material and product processing may hamper growth of the market in coming years.
Global Aerospace Plastics Market Share, by End-Use, 2017 (%)
Source: MRFR analysis
Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa are the five regions studied for the global Aerospace Plastics market. Asia-Pacific is projected to grow the highest CAGR during the review period. This is mainly attributed to rapid industrialization of the region on the backdrop of favorable government policies. The governments of developing countries in this region are heavily investing on the infrastructural development for the air travel to boost the economic growth. Advancements in the industrial sector on part of the government initiative and technology and rapid growth of the plastics industry are expected to be the key factors driving the regional market growth in the coming years.
North America and Europe are the other substantial markets for aerospace plastics. The increasing demand for aerospace plastics in the well-established aerospace industries in these regions is expected to drive the regional market growth during the review period.
Lastly, the market in the Middle East and Africa are projected to witness a considerable growth during the forecast period on account of revival economy and industries after the political and economic downfall in 2014 and 2015.
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.
Some of the key players in the global aerospace plastics 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
|Market Size||2030 : Significant value|
|CAGR||Substantial CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, end use and region|
|Geographies Covered||Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa|
|Key Vendors||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),|
|Key Market Opportunities||Increasing demand for both commercial and military aircrafts across the globe.|
|Key Market Drivers||The demand for next-generation, lightweight, and fuel-efficient aircraft is expected to be the major driver of the aerospace plastics market|
Frequently Asked Questions (FAQ) :
Commercial aircrafts, rotary aircrafts, military aircrafts, and general aviation are the major end-use industries of aerospace plastics.
Aerostructure, fuselage components, interior components, support equipment are the major applications of aerospace plastics.
Based on applications, the support equipment segment and based on end-uses, the commercial aircrafts segment account for leading shares in the global aerospace plastics market.
Asia Pacific holds the largest share in the global aerospace plastics market, followed by North America and Europe, respectively.
Mitsubishi Heavy Industries, Ltd. (Japan), Hyosung Corporation (South Korea), Kaman Corporation (US), TORAY Industries, Inc. (Japan), SABIC (Saudi Arabia), BASF SE (Germany), Solvay S.A. (Belgium), Evonik Industries AG (Germany), Premium AEROTEC (Germany), and Hexcel Corporation (US), are some of the major players operating in the aerospace plastics market.