The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global aerospace plastics market is expected to reach USD 1.04 million by 2025, according to a new report by Grand View Research, Inc. Non-corrosive nature and high-temperature resistance of plastics are expected to bolster market growth over the forecast period.
Aerospace plastics exhibit heat resistance and high strength properties. It’s high modulus of elasticity aids in the production of various aircraft components such as fuselage, airframe, empennage, etc. In addition, plastics are lightweight nevertheless high-performance alternatives to metals such as steel and aluminum; as a result, the market is expected to grow significantly.
Growing adoption of highly durable and chemical resistant plastics are expected to drive market over the forecast period. However, the components manufactured with the use of polymers are hard to inspect for flaws, leading to quality variations and defects. Increased incidents of plastic fracture and failure along with high maintenance, repair and operating costs are posing a threat to aerospace plastics market growth.
Aerospace plastics provide a high degree of freedom in the designing of complicated components of an aircraft. As a result, the percentage of the material utilized in manufacturing commercial and military aircrafts has increased significantly over the past couple of decades, which in turn has bolstered the demand for polymers in aerospace applications.
Further key findings from the report suggest:
Aerostructure segment accounted for was over 291.3 million in 2016. The growing use of plastics in fuselage, airframe and other integral components of an aircraft is expected to drive segment growth over the next eight years.
The demand for the product in propulsion systems was over 2,847.6 tons in 2016. The utilization of the polymers in propeller systems, bearing bushes, turbines and nacelles are expected to have a positive impact on industry growth over the forecast period
Commercial & freighter aircraft accounted for the majority of the revenue share. The rapid growth in the air passenger traffic has led to the increased production of commercial aircraft, which in turn is expected to bolster the demand for the polymers
North America accounted for the over 40% of the revenue share in 2016. The growing demand for commercial aircraft coupled with the presence of Boeing, a leading manufacturer of aircraft is expected to drive the demand for aerospace polymers in the region
The market is fragmented wherein the global players adopt various marketing and pricing strategies to gain market share and acquire the business from major aircraft manufacturers such as Airbus, Boeing, and Lockheed Martin