The aerospace plastics market is poised to accumulate noteworthy gains in the coming years owing to the growing use of energy saving and environment friendly products. Since 1970, plastics have been key components in the aerospace industry. Plastics generally decreases weight of the aircraft, which further improved fuel efficiency.
Additionally, plastic is used as spiral wrap insulation, heat shrink tubing, and convoluted tubing to guard cables and wires in the aircraft cabin from abrasion and vibration during flight. Polychlorotrifluoroethylene, thermosetting polyimides, Polyamide-imide, and Polyetheretherketone are some of the commonly used plastics in the aerospace industry.
Additionally, plastic has various advantages over other materials, making them a perfect choice for the aerospace sector. Plastics are durable, lightweight, and boast of higher chemical, corrosion-resistance. These can also be fabricated economically. Transparent plastics are more impact resistant than glass, that enhances safety. These material benefits are expected to drive the use of plastics in the aerospace industry.
The aerospace plastics market is bifurcated into segments in terms of aircraft, application, fit, and regional landscape.
With respect to aircraft, the aerospace plastics market is classified into military jet, helicopter, regional jet, business jet, and commercial aircraft. The helicopter segment will showcase nearly 6.5% CAGR over the forecast timeframe owing to growing demand for helicopter from medical and offshore wind industries.
Additionally, various parts of military helicopter are being made from plastic rather than metals. This is so since most of the specialty plastics provide durability and strength that is greater than or similar to metal. Also, the plastic parts are inexpensive and can be produced much faster, thereby accelerating aircraft repairs.
In terms of application, the overall aerospace plastics market is segmented into propulsion system, airframe, windows & windshields, and cabin interiors. Airframe application segment will generate over $9.0 million revenue by the end of the analysis timeframe. Significant weight reduction, increased lifespan, and reduced requirements for maintenance are driving plastics demand for airframe applications.
Based on fit, the aerospace plastics market is categorized into retrofit and line fit. Retrofit segment will generate more than $3.0 million revenue by the end of the analysis time period. Strategic contracts for retrofitting plastic components in aircrafts is expected to drive plastics demand.
From a regional frame of reference, Latin America will showcase more than 7.5% CAGR over the forecast time period owing to rising commercial aircraft and regional jet demand. While the aerospace sector is experiencing an economic slowdown owing to the current COVID-19 pandemic, it is likely to bounce back noticeably as soon as the situation is under control.