Aerospace Plastic Market Show Exponential Growth by 2030
The global aerospace plastic market is expected to grow 1.5x with a moderate 4% CAGR, for the assessment period 2020 – 2030. Following the covid-19 outbreak, airlines around the world have struggled to maintain operations, as governments have taken strict measures to contain the virus. Consequently, passenger demand for commercial carriers has fallen by nearly three quarters, reducing demand for aerospace products and materials.
According to the report published by Fact.MR, the impact of the coronavirus outbreak has been severe on the aerospace industry. Uncertainties over the state of the global economy, coupled with temporary suspension of manufacturing activities will take its toll on the aerospace plastics market. Recovery of the industry is likely to be gradual owing to fears of contagion among air travelers, and budgeted spending on aerospace defense infrastructure.
“Manufacturers in the aerospace industry are increasingly looking towards plastic materials for the production of components, driven by advantages such as low-weight and resistance to corrosion. Further, the need for fuel efficient aircraft supports the adoption of plastics. Also, the use of plastics in component manufacturing is more cost-effective in comparison to metal alternatives. Consequently, the rising fuel costs and other economic incentives will bolster the popularity of plastics,” says the FACT.MR study.
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Aerospace Plastic Market- Critical Takeaways
- Freighter and other commercial aircraft are the primary end use for aerospace plastics, driven by demand for reduction in operational costs.
- Military applications gain ground with wide spread use in HUDs, firearms, and night-vision systems.
- Aerostructure applications of aerospace plastics contribute significantly to market revenue, owing to requirements for fuselage.
- North America followed by Europe are the dominant markets for aerospace plastics, owing to the presence of major aerospace manufacturers, and high aircraft replacement rates.
Aerospace Plastic Market- Drivers
- Rapid development in the production of fuel-efficient aircraft drives demand for aerospace plastics.
- Growing awareness about energy saving and environment friendly products will aid market growth.
- Characteristics of durability, low-weight, chemical and corrosion resistance of aerospace plastics bolsters its adoption.
- High scope of air travel for business and defense applications generates key growth opportunities.
Aerospace Plastic Market- Restraints
- Environment concerns associated with the production and applications of plastic holds back market growth.
- Fluctuations in plastic prices owing to vulnerabilities within the crude plastic industry hurt market prospects.
COVID-19 Impact on Aerospace Plastic Market
The worldwide impact of the coronavirus outbreak has resulted in the suspension of aerospace manufacturing activities on a global scale. This trend has had an adverse impact on the demand for plastics in the industry. In addition, supply chain disruptions are hurting plastic production and processing operations.
Further, the drop in air traffic during the pandemic has resulted in lower demand for new aerospace products such as airplanes and helicopters, slamming the aerospace plastics market. Further, defense applications of aerospace plastics are not as affected by the current crisis, owing to government budgets and set contracts. However, recovery of the overall industry is likely to be gradual.
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Major aerospace plastic manufacturers are pushing for the integration of distribution and manufacturing facilities with mergers and acquisitions. Also, manufacturers are investing in research and development for new products to edge out the competition. For instance, BASF SE has revealed its range of wear-resistant, recyclable, elastomer materials for aircraft interiors. Further Kaman Corp. announced the acquisition of Plastic Fabricating Company Inc for aerospace applications.
Ensinger, Hyosung Corporation, Solvay, BASF SE, Holding Company Composite, Kaman Corporation, Hexcel Corporation, Mitsubishi Heavy Industries Ltd., Victrex plc., Premium Aerotec GmbH, Evonik Industries AG, SABIC, Tech-Tool Plastics Inc., and SGL Carbon SE, are some of the key aerospace plastic producers.
About the Study
The study offers readers an exhaustive market forecast of the aerospace plastic market. Global, regional and national-level analysis of the latest industry trends influencing the aerospace plastic market is covered in this FACT.MR report. The study provides actionable insights on aerospace plastic market according to application (aerostructure, components, equipment, systems & support, cabin interiors, propulsion systems, satellites, construction and insulation components), and end use (commercial & freighter aircraft, military aircraft, rotary aircraft, general aviation, and others) across six regions (North America, Latin America, Europe, South Asia & Oceania, East Asia, and MEA).