The global Aerospace Plastic Market was valued at around USD 9.50 billion in 2017 and is expected to expand at a between CAGR of 9.5% to 10.5% from 2019 to 2024. Technical plastics have contributed to wide range of applications more efficient and competitive in various industrial areas. High demand is reported for materi als from the aerospace industry. Impressive properties of high performance plastics which include fire behaviour 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. Growing demand for lightweight materials in the aviation industry is one among the major factors boosting high demand for aerospace plastics.
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Some factors are leading to growth of global aerospace plastics market: Lightweight plastics are expected to provide many benefits, some of which include, reduced fuel consumption, corrosion resistant and improved safety. Increasing defence budget along with regulatory support for aviation industry development due to growth in freight air carriers are also anticipated to favour 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.
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