The aerospace plastics market is projected to foresee tremendous growth over the coming years due to the increasing number of domestic as well as international air transports across developing economies. In addition, an upsurge in the demand for innovative, advanced lightweight aircrafts is also likely to positively impel the market share by the end of the analysis timeframe.
While the economic slowdown brough on by the COVID-19 pandemic has impacted the aviation industry adversely, in terms of long-term growth prospects anticipate the industry to witness exponential growth as the number of air passengers increase over the coming years. In fact, as per 2019 estimates by European aircraft manufacturer Airbus, economic development and urbanization is likely to fuel the expansion of the global middle class of air travelers by 50%, to approximately 6 billion by 2038. As per Airbus, the number of commercial aircraft that are in operation is also expected to increase two-fold, to 48,000, over the next two decades, presenting immense growth opportunities for aerospace plastics market.
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With respect to aircraft, the adoption of advanced and innovative technologies, resulting in the reduction of maintenance costs, is expected to drive the regional jets segment share. In fact, the segment is projected to witness a healthy growth rate of more than 7.5% by the end of 2026 due to the aforementioned factors.
Citing an instance, in August 2016, Victrex supplied a series of high thermoplastics, Victrex PEAK to COMAC Ltd., (Commercial Aircraft Corporation of China). The Victrex PEAK thermoplastics effectively help in the creation of highly efficient aircraft floor brackets for the COMAC ARJ21 regional jets.
In terms of application, the propulsion system segment is expected to witness more than 9.5% growth rate over the forecast timeframe. This can be attributed to the rising adoption of materials for greater sliding properties and thermal resistance. These materials are essentially more lightweight when compared with other alternatives in the industry. In fact, having 1/6th the density of steel, making it significantly lighter as well as suitable for uses in taxing environments.
Additionally, the product’s dielectric and electric properties and a higher resistance against short peak temperature would further foster its adoption in propulsion systems over the coming years.
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On a regional forefront, the APAC aerospace plastics market is slated to witness momentous growth owing to the increasing air passenger traffic in the region. In fact, according to estimates the regional market is projected to generate approximately $12 million in terms of revenue by the end of 2026. Airlines operating in the region are increasingly focusing on growing the size of their respective fleet sizes in order to accommodate the increasing passenger numbers. Taking September 2018 for instance, 100 A330-900neo aircraft were ordered by Air Asia, scheduled for delivery between 2020 and 2028. In addition, an upsurge in the number of local repair centers should also drive commendable growth into the APAC market. Citing an instance, in March 2017, GE Aviation opened a new repair technology development center for overhaul and maintenance service activities.
The competitive landscape of the global aerospace plastics market is inclusive of players such as Paco Plastics & Engineering, Mitsubishi Chemical Advanced Materials, Evonik Industries AG, EPTAM Precision Plastics, Ensinger, Drake Plastics Ltd. Co., Curbell Plastics Inc., BASF, and 3-P Performance Plastics Products among others.
Major Key Points from Table of Content:
Chapter 5. Aerospace Plastics Market, By Application
5.1. Aerospace plastics market share by application, 2019 & 2026
5.2. Cabin interiors
5.2.1. Global market estimates and forecasts, 2016 – 2026
5.2.2. Market estimates and forecast, by region, 2016 – 2026
5.3. Windows & windshields
5.3.1. Global market estimates and forecasts, 2016 – 2026
5.3.2. Market estimates and forecast, by region, 2016 – 2026
5.4.1. Global market estimates and forecasts, 2016 – 2026
5.4.2. Market estimates and forecast, by region, 2016 – 2026
5.5. Propulsion system
5.5.1. Global market estimates and forecasts, 2016 – 2026
5.5.2. Market estimates and forecast, by region, 2016 – 2026
Chapter 6. Aerospace Plastics Market, By Fit
6.1. Aerospace plastics market share by fit, 2019 & 2026
6.2. Line fit
6.2.1. Global market estimates and forecasts, 2016 – 2026
6.2.2. Market estimates and forecast, by region, 2016 – 2026
6.3.1. Global market estimates and forecasts, 2016 – 2026
6.3.2. Market estimates and forecast, by region, 2016 – 2026
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