Global Aerospace Plastic Market Size to Reach USD 43.11 Billion in 2032 | Emergen Research
Increasing demand for lightweight and more fuel-efficient aircraft and need for better safety for passengers are some key factors driving global aerospace plastic market growth
Vancouver, Oct. 16, 2023 (GLOBE NEWSWIRE) — The global aerospace plastic market size reached USD 17.93 Billion in 2020 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research.
Rise in demand for attractive cabin designs and increase in number of low-cost carriers are expected to drive demand for aerospace plastics over the forecast period. Aerospace grade plastic is widely used in aircraft interior parts such as panels, luggage compartments, seats and trays among others. This is primarily because it is easier to mold into a proper shape, unlike other conventional aircraft materials such as rubber and aluminum, while offering additional benefits of light weight.
Engineers are using aerospace-grade interior plastics to create novel aircraft layouts that are more ergonomic and visually appealing at the same time. In addition, increase in the number of Low-Cost Carriers (LLC) will continue to support increasing demand for aerospace grade plastics. Low-cost carriers have played a major role in the steady expansion of the aviation industry over the past quarter-century, and will continue to do so going forward because low-cost carriers have a comparatively lower operating cost structure than other airlines. These are some key factors expected to contribute to revenue growth of the aerospace plastic market.
The most significant disadvantage of plastic is difficulty to break, making it challenging to inspect whether the aircraft structure has been damaged or not. In addition, plastic composites are more difficult and expensive to repair than metals, since damages in composites are mostly internal and hence require complicated inspection techniques for detection. There is also a high chance that the damages stay undetected, and the undetected damages can also adversely affect the performance of the plastic in some way.
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The global aerospace plastic market revenue is expected to expand at a CAGR of 7.7% and increase from USD 17.93 Billion in 2020 to USD 43.11 Billion in 2032. Almost every industry has been affected by the COVID-19 pandemic. The aerospace plastic market has been impacted by disruptions in the dramatic drop in demand for passenger air transport and freight due to the pandemic and the containment measures are threatening the viability of many firms in both air transport sector and the rest of the aviation industry.
Increasing use of 3D printing in aerospace industry, because component production volumes are generally high (more than 70,000 parts annually). 3D printing is being used as a redesign solution rather than for end-part manufacturing. Owing to advancements in the size of industrial printers, the speed at which printing can be done, and the availability of materials makes 3D printing a feasible alternative for many medium-sized production runs, particularly for high-end interior designs.
Scope of Research
|Market size in 2020||USD 17.93 Billion|
|Revenue forecast to 2032||USD 43.11 Billion|
|Base year for estimation||2020|
|Quantitative units||Volume in Tons, Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Material Type, Application, Aircraft Type, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA|
|Key companies profiled||DuPont de Nemours, Inc., Hexcel Corporation, Premium AEROTEC GmbH, Solvay S.A., PPG Industries, Inc., Evonik Industries AG, BASF SE, Curbell Plastics, Inc., Drake Plastics Ltd., Saudi Basic Industries Corporation|
|Customization scope||10 hours of free customization and expert consultation|
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Major Companies and Competitive Landscape
The global aerospace plastic market is fairly fragmented, with a number of large and medium-sized players accounting for a major revenue share. Key players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective aerospace plastic. Some major players operating in the aerospace plastic market are:
- DuPont de Nemours, Inc.
- Hexcel Corporation
- Premium AEROTEC GmbH
- Solvay S.A.
- PPG Industries, Inc.
- Evonik Industries AG
- BASF SE
- Curbell Plastics, Inc.
- Drake Plastics Ltd.
- Saudi Basic Industries Corporation
In September 2019, Solvay S.A. expanded thermoplastic composites production with a new manufacturing line at its Anaheim, California, plant, indicating its focus on fulfilling growing demand for high-performance material from aerospace clients. As part of its plan to leverage its unique portfolio and expertise in specialty polymers and carbon fibre composites, Solvay announced the formation of its first horizontal strategic platform in May 2019, to facilitate the development of thermoplastic composites. Because these replace metal components and make design and integration easier, these lightweight materials enable reduced emissions from aircraft.
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Some Key Highlights from the Report
- Polychlorotrifluoroethylene segment revenue is expected to expand at a significantly rapid CAGR during the forecast period due to increasing applications in the aerospace industry. Since it is a fluorochemical plastic with a blend of physical and mechanical properties, it can be used in or out of corrosive environments. In addition, it is chemical and fire resistant with a low moisture absorption rate, can tolerate extreme temperatures ranging from -400 °F to +400 °F, and exhibits great electrical properties, making the material ideal for aerospace applications.
- Propulsion systems segment is expected to register a significantly robust revenue growth rate over the forecast period as air mobility is evolving at a fast pace, requiring lighter yet safe propulsion technology. Composite material applications in aircraft engines results in lighter weight propeller parts that can withstand high temperatures and impacts.
- Europe is expected to account for a considerably robust revenue share over the forecast period as this industry requires a skilled workforce with expertise in the design and development of complex aerospace structures, and countries in Europe have engineering expertise.
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Emergen Research has segmented the global aerospace plastic on the basis of material type, applications, aircraft types, and region:
- Material Type Outlook (Volume Tons, Revenue, USD Billion; 2019–2032)
- Polymethyl Methacrylate (PMMA)
- Polyether Ether Ketone (PEEK)
- Polychlorotrifluoroethylene (PCTFE)
- Thermosetting Polyimide
- Polyamide-imide (PAI)
- Applications Outlook (Volume Tons, Revenue, USD Billion; 2019–2032)
- Cabin Interiors
- Construction & Insulation Components
- Propulsion Systems
- Aircraft Panels
- Aircraft Types Outlook (Volume Tons, Revenue, USD Billion; 2019–2032)
- Commercial Aircraft
- Military Aircraft
- Cargo Aircraft
- General Aviation
- Regional Outlook (Volume Tons, Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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