Aerospace Plastics Market Size Predicted To Reach USD 1.04 Billion By 2025 : Grand View Research Inc.

Aerospace Plastics Market Size Predicted To Reach USD 1.04 Billion By 2025 : Grand View Research Inc.

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According to report published by Grand View Research, Plastics are lightweight nevertheless high-performance alternatives to metals such as steel and aluminum; as a result, the aerospace plastics market is expected to grow significantly.

According to a report,“Aerospace Plastics Market Analysis By Application (Aerostructure, Components, Cabin Interiors, Propulsion Systems, Satellites), By End-use, And Segment Forecasts, 2018 – 2025”,published by Grand View Research, Inc.,The global aerospace plastics market is expected to reach USD 1.04 million by 2025, according to a new report by Grand View Research, Inc. Non-corrosive nature and high-temperature resistance of plastics are expected to bolster market growth over the forecast period.

Growing adoption of highly durable and chemical resistant plastics are expected to drive market over the forecast period. However, the components manufactured with the use of polymers are hard to inspect for flaws, leading to quality variations and defects. Increased incidents of plastic fracture and failure along with high maintenance, repair and operating costs are posing a threat to aerospace plastics market growth.

Key Takeaways from the report:

  • Aerostructure segment accounted for was over 291.3 million in 2016. The growing use of plastics in fuselage, airframe and other integral components of an aircraft is expected to drive segment growth over the next eight years.

  • The demand for the product in propulsion systems was over 2,847.6 tons in 2016. The utilization of the polymers in propeller systems, bearing bushes, turbines and nacelles are expected to have a positive impact on industry growth over the forecast period

  • Commercial & freighter aircraft accounted for the majority of the revenue share. The rapid growth in the air passenger traffic has led to the increased production of commercial aircraft, which in turn is expected to bolster the demand for the polymers

  • North America accounted for the over 40% of the revenue share in 2016. The growing demand for commercial aircraft coupled with the presence of Boeing, a leading manufacturer of aircraft is expected to drive the demand for aerospace polymers in the region

  • The market is fragmented wherein the global players adopt various marketing and pricing strategies to gain market share and acquire the business from major aircraft manufacturers such as Airbus, Boeing, and Lockheed Martin 

Global aerospace plastics market volume by end-use, 2016 (%)

Global aerospace plastics market

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Competitive Insights

The market is fragmented and highly competitive with the presence of a number of multinational companies across the major economies. The companies lay high emphasis on increasing the area of operation in order to increase the market share and drive the revenues of the company. This provides the companies with the different business portfolio that accounts for an increase in the sales of the companies.

The market is fragmented with the presence of few manufacturers catering to the local market as well as international markets. The companies enter into a long-term contract with the raw material suppliers to ensure a constant supply. However, the availability of raw materials and raw material suppliers is expected to decrease the competitive edge of the manufacturers.

Regional Insights 

North America is expected to witness a growing demand for fuel-efficient aircraft in the next eight years on account of the rising fuel prices. High replacement rate mainly for regional aircraft is driving the growth in the matured North American aerospace plastics industry. The urge to modify/replace the existing inefficient aircraft with fuel-efficient airplane is expected to augment market growth.

The European market witnessed significant growth in 2016 and is expected to continue its growth on account of the availability of skilled engineers and glut of investments seen in research and development. The presence of aircraft manufacturing companies in France including European consortiums along with French participants (ATR, EADS, etc.), has bolstered the European aerospace polymers market.

North America aerospace plastics market by application, 2014 – 2025 (USD million)

North America aerospace plastics market

End-use Insights

Commercial aircraft have been a major end user segment for aerospace plastics owing to the emergence of several service providers in air transport industry. Military aircraft segment has also been lucrative, its utilization attributed to growing security and defense concerns. Inclination towards niche air transportation options has led to the exploration of rotary aircraft and gliders for special travel purposes.

Freight and large passenger aircraft are one of the major application areas for plastics in the aerospace industry. Utilization of polymers in aircraft aids in reducing operating cost by reducing the weight and lowers the occurrence of maintenance issues. This has encouraged aircraft manufacturers to potentially increase plastic content in commercial as well as freighter aircraft.

Key Players –

Hyosung Corporation, Kaman Aerospace Corporation,Mitsubishi Heavy Industries Limited (MHI),Premium Aerotec GmbH,Saudi Arabia Basic Industries Corporation (SABIC),Tech-Tool Plastics Inc.oho Tenax Co. Ltd.,Toray Carbon Fibers America Inc.,Zoltek Companies, Inc.BASFEvonik Industries AG,Holding Company Composite,Cytec Industries Inc,Ensinger GmbH,Hexcel CorporationHITCO Carbon Composites,Solvay.

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Grand View Research has segmented the global aerospace plastics market on the basis of application, end-use, and region:

Aerospace Plastics Application Outlook (Volume, Tons; Revenue, USD Million, 2014 – 2025)

  • Aerostructure

  • Components

  • Equipment, systems & support

  • Cabin interiors

  • Propulsion systems

  • Satellites

  • Construction and insulation components

Aerospace Plastics End-Use Outlook (Volume, Tons; Revenue, USD Million, 2014 – 2025)

  • Commercial & freighter aircrafts

  • Military aircrafts

  • Rotary aircrafts

  • General aviation

  • Others

Aerospace Plastics Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 – 2025)

  • North America

  • Europe

  • Asia Pacific

  • Rest of World

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

 

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