Market Research Report
Technical plastics have contributed to wide range of applications more efficient and competitive in various industrial areas. High demand is reported for materials from the aerospace industry. Impressive properties of high performance plastics which include fire behavior and low weight among others have attracted various end-user industries worldwide. Aerospace plastics have led to improved safety, fuel saving, cost reduction and improved passenger comfort. These benefits have led to high usage of high performance plastics in the aerospace industry. High performance plastics finds applications in the aircraft for wings and rotor blades, flight deck and cockpit, empennage, airframe and fuselage, cabin areas and other parts. General aviation, military aircraft, commercial and freighter aircrafts among others are the major end-users of aerospace plastics. The global aerospace plastics market was valued at ~ USD 10 billion in 2017 and is expected to expand at a CAGR between 9.8% to 10.8% from 2019 to 2024.
Growing demand for lightweight materials in the aviation industry is one among the major factors boosting high demand for aerospace plastics. Lightweight plastics are expected to provide many benefits, some of which include, reduced fuel consumption, corrosion resistant and improved safety. These factors are the attractive factors leading to growth of global aerospace plastics market. Increasing defense budget along with regulatory support for aviation industry development due to growth in freight air carriers are also anticipated to favor demand for aerospace plastics in the market. On contrary, stringent regulations together with environmental effect of petro-based products are anticipated to affect the prices of aerospace plastics. Hence, carbon fiber usage in the aviation industry may hamper the raw material availability, thereby hampering the growth of global aerospace plastics market. However, high demand from the aircraft manufacturers and growing strategies for development of eco-friendly composites are expected to fuel market growth of aerospace plastics in the market.
The global aerospace plastics market is segmented in to application, end-use, and geography. Based on applications, the global aerospace plastics market is segmented into airframe & fuselage, empennage, cabin areas and flight and cockpit among others. By end-user, the market is segmented into rotary aircrafts, commercial and freighter aircraft, military aircraft and general aviation. Among various applications, airframe and fuselage application accounted for major share in the global aerospace plastics market in 2017 and this segment is further expected to remain dominant in the near future expanding at a CAGR of more than 9.6% from 2019 to 2024. Other application segments are also expected to showcase significant growth thereby boost the demand for aerospace plastics over the forecast period from 2019 to 2024.
Based on geography, the global aerospace plastics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America comprises U.S., Canada and Mexico whereas Europe would primarily cover Germany, France, UK, Italy and Rest of Europe. The key countries included under Asia Pacific are China, Japan, India, Australia, and Rest of Asia Pacific. In Latin America, Brazil, Argentina, and Rest of Latin America are the key segments whereas in Middle East & Africa, South Africa and Rest of MEA are the key segments covered in the report. Europe accounted for the largest market share in the global aerospace plastics market and is further anticipated to maintain its leading position. Increasing aircraft engineering institutions and growing plastic industries in the region are the major factors promoting growth of global aerospace plastics market. Asia Pacific followed Europe in terms of market size due to high demand for commercial and military aircrafts in India and China.
The global aerospace plastics market is concentrated with leading manufacturers such as Hexcel, Toray, Mitsubishi, HITCO, Cytec Industries and Toho Tenax having strong hold on the global market. Some of the key manufacturers of aerospace plastics in the global market include Composite Holding Comp, Hyosung Corp, Ensinger, Premium Aerotec Zoltek, Kaman Corp, Tech-Tool Plastics, Saudi Basic Industries, SGL Carbon SE, BASF, Evonik Industries AG, Solvay and Holding Company Composite among others.
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In order to estimate and validate the size of global aerospace plastics market, and to determine the size of other dependent submarkets, we have used both top-down and bottom-up approaches. The research study involved extensive use of secondary sources, directories, and databases, such as Hoovers, Factiva, One Source, Bloomberg, Reuters, and other government and private websites to identify and collect information useful for a technical, market-oriented, and commercial study of the global aerospace plastics market
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