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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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.
Geographically, Europe accounted for the largest market share and 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.
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Leading Players of Global Aerospace Plastics Market: 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.
Market Segment Based on Type & Applications, can be divided into: By Applications
Airframe & fuselage
Empennage
Cabin areas
Flight
Cockpit
By End-User
Rotary aircrafts
Commercial and freighter aircrafts
Military aircrafts
General aviation
By Geography
North America o
U.S.
o
Canada
o
Mexico
Europe o
Germany
o
France
o
UK
o
Italy
o
Rest of Europe
Asia Pacific o
China
o
Japan
o
India
o
Australia
o
Rest of Asia Pacific
Latin America o
Brazil
o
Argentina
o
Rest of Latin America
Middle East & Africa o
South Africa
o
Rest of MEA
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