“In terms of value, the aerospace plastics market is projected to grow at a CAGR of 7.1% from 2018 to 2023.”
The aerospace plastics market is projected to grow from USD 14.7 billion in 2018 to USD 20.7 billion by 2023 at a CAGR of 7.1% from 2018 to 2023. The growth of the market can be attributed to the increasing demand for lightweight and more efficient aircraft, increasing passenger transportation due to affordable carriers in emerging regions, replacement of old aircraft and modernization of existing aircraft, and growth of the aviation industry in developing economies. Lack of standardization in manufacturing technologies and a limited range of material options are the key factors restricting the growth of the market.
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“Among polymer types, the PMMA segment is projected to grow at a high CAGR between 2018 and 2023.”
The PMMA segment is projected to grow at the highest in terms of value between 2018 and 2023. PMMA is a transparent thermoplastic and impact-resistant substitute for glass. It is durable and offers the advantage of chemical and impact resistance. It is lightweight, rigid, and has color versatility.
“Among aircraft types, the commercial aircraft segment is projected to grow at a higher CAGR between 2018 and 2023.”
Commercial aircraft is projected to grow at the highest CAGR in terms of value between 2018 and 2023. This growth can be attributed to the rise in the number of deliveries of commercial aircraft, which is expected to create significant demand for aerospace plastics, globally, during the forecast period.
“Among applications, the cabin windows & windshields segment is projected to grow at a higher CAGR between 2018 and 2023.”
The cabin windows & windshields segment is projected to grow at the highest CAGR in terms of value between 2018 and 2023. Windshields and window panels are required to withstand maximum cabin differential pressure combined with critical aerodynamic pressure and temperature effects for intact and single failure conditions in the installation of associated systems.
“The Asia Pacific aerospace plastics market is projected to grow at the highest CAGR from 2018 to 2023.”
The Asia Pacific region is estimated to account for the largest share of the aerospace plastics market in 2018. This can be attributed to the growing middle-classes, increasing per capita income, and rise in GDP of the economies here.
Various leading players have adopted the strategies of expansions, new product launches, and agreements, to meet the growing demand for aerospace plastics.
The break-up of profiles of primary participants for the report has been given below:
- By Company Type: Tier 1-25%, Tier 2-35%, and Tier 3-40%
- By Designation: C Level-25%, D Level-25%, and Others-50%
- By Region: Asia Pacific-40%, Europe-25%, North America-22%, the Middle East & Africa-8%, and South America-5%
As a part of the qualitative analysis, this research study provides a comprehensive overview of the drivers, restraints, opportunities, and challenges in the aerospace plastics market. It also discusses competitive strategies adopted by leading market players such as SABIC (Saudi Arabia), Victrex (UK), Drake Plastics Ltd. (US), Solvay (Belgium), BASF SE (Germany), and Evonik (Germany).
- This report defines, segments, and projects the aerospace plastics market based on polymer type, aircraft type, application, and region.
- It strategically profiles key players and comprehensively analyzes the ranking of the leading market players.
- It also tracks and analyzes competitive developments such as expansions, new product launches, and agreements in the aerospace plastics market.
Reasons To Buy the Report
- This report is expected to help market leaders/new entrants in the market by providing them the closest approximations of revenues of the aerospace plastics market and its subsegments.
- It is also expected to help stakeholders obtain an improved understanding of the competitive landscape, gain insights to enhance the position of their businesses, and enable them to make suitable go-to-market strategies.
- The report is expected to help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.