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The Aerospace Plastics Market is influenced by a variety of factors that collectively shape its trends and growth dynamics. One primary driver is the increasing demand for lightweight materials in the aerospace industry to improve fuel efficiency and reduce overall aircraft weight. Aerospace plastics, known for their high strength-to-weight ratio and resistance to harsh environmental conditions, find extensive applications in aircraft interiors, exteriors, and structural components. As the aerospace sector continuously seeks innovative materials to enhance performance and fuel efficiency, the demand for aerospace plastics continues to grow.
Global economic conditions play a pivotal role in the Aerospace Plastics Market. Economic growth and industrialization contribute to increased air travel, driving the demand for new aircraft and retrofitting existing fleets with lightweight materials. Developing economies, experiencing a rise in air travel demand, particularly contribute to the market's growth as they invest in expanding their commercial and military aviation capabilities.
Technological advancements in plastics manufacturing processes impact the market dynamics. Ongoing research and development efforts lead to innovations in aerospace plastics, including advanced composites and thermoplastics. These materials offer superior performance characteristics, such as increased durability, fire resistance, and the ability to withstand extreme temperatures. Companies investing in these technological advancements gain a competitive edge by offering aerospace plastics that meet the stringent requirements of the aerospace industry.
Stringent environmental regulations and a focus on sustainability play a significant role in the Aerospace Plastics Market. As the aviation industry strives to reduce its environmental impact, the adoption of lightweight materials, including aerospace plastics, becomes crucial. These materials contribute to fuel efficiency, lower emissions, and improved overall aircraft performance. Companies aligning their product offerings with sustainability goals are likely to gain favor in the market.
Geopolitical factors and trade dynamics also impact the Aerospace Plastics Market. Fluctuations in trade relations, changes in tariffs, and geopolitical tensions can influence the supply chain and pricing of aerospace plastics. Companies in the market need to stay informed about global trade developments and adjust their strategies to navigate potential risks and capitalize on emerging opportunities in the global market.
Moreover, the commercial aviation sector significantly contributes to the demand for aerospace plastics. As airlines seek ways to enhance fuel efficiency and reduce operating costs, the adoption of lightweight materials becomes a strategic imperative. Aerospace plastics, being integral to achieving weight reduction targets, find extensive use in the production of aircraft interiors, seating, and structural components.
The defense and military aviation sector is another key driver of the Aerospace Plastics Market. Military aircraft require materials that offer high strength, durability, and resistance to extreme conditions. Aerospace plastics play a crucial role in meeting these requirements, contributing to the development of advanced military aircraft with enhanced performance capabilities.
Raw material prices, particularly those of specialty polymers and composites used in aerospace plastics, play a role in shaping the Aerospace Plastics Market. Fluctuations in the costs of these raw materials impact the production costs and pricing of aerospace plastics. Companies in the market must implement effective supply chain strategies and cost management practices to navigate these raw material price dynamics.
Aerospace Plastics Market Size was valued at USD 19.28 billion in 2022. The Aerospace Plastics industry is projected to grow from USD 20.84 Billion in 2023 to USD 37.98 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.79% during the forecast period (2023 - 2030).
Aerospace Plastics Market Highlights:
Global Aerospace Plastics Market Overview
Aerospace Plastics Market Size was valued at USD 19.28 billion in 2022. The Aerospace Plastics industry is projected to grow from USD 20.84 Billion in 2023 to USD 37.98 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.79% during the forecast period (2023 - 2030).
The highly designed polymers used in a variety of aircraft parts and components are known as aerospace grade plastics. The aerospace sector uses a variety of plastic kinds. Some of these include acrylics, polyvinyl chloride, polycarbonates, and acrylonitrile butadiene styrene (ABS) (PVC). The requirement for a material that can withstand extremely high temperatures while being lightweight is one of the biggest problems the aerospace industry is now facing. Aerospace polymers are created to effectively handle these difficulties. High temperature resistance, high pressure withstand capacity, excellent resistance to vibration, turbulence, and abrasion, better transparency for aircraft roof and canopy, and excellent electrical insulating properties are some of the significant physical characteristics displayed by aircraft plastics. The aerostructure, fuselage parts, and other interior components all make extensive use polymers in aerospace application. Commercial, military, and rotary aircraft are the primary end consumers of aerospace polymers.
Aerospace Plastics Market Trends
Rising Demand for Commercial and Military Aircraft
The rising demand for both commercial and military aircrafts worldwide is one of the main reasons promoting growth of the aerospace plastics market. The need for various plastics is anticipated to increase as the market for aerospace core materials is predicted to reach approximately 40 billion USD at a CAGR of 9% by 2023. Additionally, the worldwide aerospace plastics market is anticipated to rise as a result of the rising need for lightweight materials in contemporary aircrafts and other aviation applications. The leading military powers—the United States, Russia, China, France, the United Kingdom, and India—invest a size able portion of their GDP in their defence industries. This is expected to increase demand for aerospace polymers, which are used to make the core or fuselage of military aircraft. China, India, South Korea, Malaysia, South Africa, Brazil, and other growing economies are concentrating on their transportation sectors by investing in air travel. The next years are anticipated to see an even greater growth in aircraft manufacturing as a result.
Aerospace Plastics Market Segment Insights
Aerospace Plastics End User Insights
The commercial aircrafts is expected to register a significant CAGR during the forecast period. It is anticipated that an expanding economy and rising air passenger traffic will increase demand for commercial aircraft and, consequently, for aerospace polymers.
In October 2021, Hexagon and Stratasys partnered together with an aim to encourage manufacturers in the aerospace industry to trust 3D printed plastic components' functionality and safety.
In November 2020, Boeing, a well-known manufacturer of aircraft, and Solvay, a producer of cutting-edge materials have renewed their agreement for the supply of plastic composite materials.
Figure 2: AEROSPACE PLASTICS MARKET, BY END USER, 2022 & 2030 (USD BILLION)
Aerospace Plastics Regional Insights
The five geographic areas that were examined for the worldwide Aerospace Plastics market are Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. The region with the highest expected CAGR over the study period is Asia-Pacific. This is mostly attributable to the area's quick industrialization against the backdrop of supportive governmental policy. To promote economic progress, the governments of emerging nations in this region are making significant investments in the construction of aviation infrastructure. In the upcoming years, the growth of the regional market is anticipated to be primarily driven by developments in the industrial sector brought about by government initiatives, technology, and the explosive growth of the plastics industry.
The other important markets for aircraft polymers are in North America and Europe. During the study period, the expansion of the regional market is anticipated to be driven by the rising demand for aerospace plastics in these areas' well-established aerospace industry.
Last but not least, the Middle East and Africa market is anticipated to expand significantly during the projection period due to the region's recovering economy and industries following its political and economic collapse in 2014 and 2015.
Figure 2: AEROSPACE PLASTICS MARKET, BY REGION, 2022 & 2030 (USD BILLION)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Aerospace Plastics Key Market Players & Competitive Insights
The existence of numerous multinational corporations in the major nations has led to the fragmentation and intense competition of the aerospace plastics market. To grow market share and boost revenues, businesses place a strong emphasis on expanding their geographic reach. As a result, the corporation has access to a new business portfolio, which boosts revenues.
With important plastic manufacturers serving both the domestic and foreign markets, the aircraft plastic market is fragmented. To improve their market position, the businesses that produce aircraft plastics are creating new products.
Key Companies in the Aerospace Plastics market includes
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Hyosung Corporation (South Korea)
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Mitsubishi Heavy Industries, Ltd. (Japan)
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Kaman Corporation (US)
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SABIC (Saudi Arabia)
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TORAY INDUSTRIES, INC. (Japan)
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BASF SE (Germany)
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Evonik Industries AG (Germany)
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Solvay S.A. (Belgium)
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Hexcel Corporation (US)
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Premium AEROTEC (Germany)
Aerospace Plastics Industry Developments
In March 2021: Toray Industries Inc., developed a carbon fibre reinforced plastic (CFRP) prepreg with outstanding flame retardancy and comparable mechanical qualities to commonly utilised aerospace materials.
Aerospace Plastics Market Segmentation
Aerospace Plastics Application Outlook
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Aerostructure
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Fuselage Components
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Interior Components
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Support Equipment
Aerospace Plastics End User Outlook
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Commercial Aircrafts
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Military Aircrafts
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Rotary Aircrafts
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General Aviation
Aerospace Plastics Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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