The aerospace plastics market was valued at $744 million in 2018, and is expected to reach $1,133 million by 2026, registering a CAGR of 5.4% from 2019 to 2026.
Aerospace plastics are the materials that offer enhanced properties such as high tensile strength, high temperature tolerance, great transparency, chemical properties, and hard surface. The aerospace manufacturers have been shifting to plastics and replacing conventional metals. Materials such as PEEK, PMMA, PC, PPS, and ABS are used in aircraft parts such as airframes, interiors, engine components, propulsion systems, mirrors, and ceilings, owing to it advantages.
The aerospace plastics market is driven by increase in demand for plastics that replace metals. In addition, the factors such as growth in the aviation sector, substitute for aluminum and steel, and easy adoption in aircraft design further boost the aerospace plastics market growth. Moreover, the most important factor predicted to fuel the aerospace plastics market growth includes rise in fuel costs, which is attributed to reduction in weight of new generation aircrafts to save cost by making them fuel-efficient. Furthermore, modern plastics also have a greater ability to resist high-altitude UV radiation than many traditional materials. However, the high cost of fabrication and a limited range of material options are hampering the aerospace plastics market growth. In addition, several regulations for petro-based products and growth in carbon fibers restrict the availability of high-grade plastics. Meanwhile, development of bio-based products such as reduced tendency on thermoplastic is expected to boost the demand significantly.
The aerospace plastics market is segmented on the basis of material type, type of aircraft, application, and region. Based on material type, it is further segmented into PEEK, PMMA, PC, ABS, PPS, and others. Type of aircraft segment is further divided into commercial, military, rotorcraft, and space. Application segment is divided into cabin interior, windows & windshield, airframe, and propulsion system. Based on region, the aerospace plastics market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).
The key players operating in the aerospace plastics industry include PPG Industries, DuPont, Mitsubishi Chemical Advanced Materials, R?chling, Sabic, SAINT-GOBAIN, Solvay, Victrex plc., Drake Plastics, and Ensinger. The key players adopted several strategies such as new product launch, agreement, acquisition, and expansion to sustain the intense competition and maintain aerospace plastics market share. Other players in the aerospace plastics industry of the market include Curbell Plastics, Zeus, Loar Group Polyflour Plastics, 3P - Performance Plastics Products, Grafix Plastics, PACO Plastics & Engineering Inc., and others.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides extensive qualitative and quantitative analysis of the current aerospace plastics market trends and future estimations of the global aerospace plastics market from 2018 to 2026 to determine the prevailing opportunities.
- Comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
- Estimations and forecast are based on factors impacting the aerospace plastics market size, in terms of value.
- Profiles of leading players operating in the aerospace plastics market are provided to understand the global competitive scenario.
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable aerospace plastics market growth.
KEY MARKET SEGMENTS
By Material Type
- Polyether Ether Ketone (PEEK)
- Poly Methyl Methacrylate (PMMA)
- Acrylonitrile Butadiene Styrene (ABS)
- Poly Carbonate (PC)
- Polyphenylene Sulfide (PPS)
By Type of Aircraft
- Cabin Interior
- Windows & Windshield
- Propulsion System