The aerospace plastics market is projected to grow from USD 14.7 billion in 2018 to USD 20.7 billion by 2023 at a CAGR of 7.1% from 2018 to 2023. The growth of the aerospace plastics market can be attributed to the increasing demand for lightweight and more efficient aircraft, increase in passenger transportation due to affordable carriers in emerging regions, replacement of old aircraft and modernization of existing aircrafts, and growth of the aviation industry in developing economies.
The North American region is estimated to account for the largest share of the aerospace plastics market in 2018. The presence of leading aircraft manufacturers in the region, along with high demand for lightweight aircraft across the globe, has resulted in high demand for aerospace plastics in the region.
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SABIC (Saudi Arabia), Victrex (UK), Drake Plastics Ltd. (US), Solvay (Belgium), BASF SE (Germany), and Evonik (Germany), are some of the leading players operating in the aerospace plastics market. These players have adopted strategies such as expansions, new product launches, investment, partnership, joint venture, and contract to cater to the increased demand for aerospace plastics from various end-user industries.
SABIC is a leading global manufacturer of aerospace plastics. The company has strong sales and distribution networks across the globe. In February 2018, the company planned to increase the production of Ultem resin in Singapore for its customers based in Asia. This new production facility will help in increasing its global production by 50% and is expected to become operational in the first half of 2021.
Victrex is among the prominent players in the aerospace plastics market and offers a broad product portfolio. The company achieves strong growth through organic and inorganic growth strategies such as partnerships and investments. These strategies have also helped strengthen its competitive position in the market. For instance, in September 2018, Victrex partnered with the University of Exeter (UK) to introduce next-generation PAEK polymers and composites for additive manufacturing to be used in the aerospace industry. This partnership acted as a stepping stone for both parties to develop a broader platform for new and current additive manufacturing technologies.
Drake Plastics Ltd. is a pioneer in the production of Torlon [a wear–resistant polyamide-imide (PAI) with high strength and stiffness] and PEEK products. The company has made significant R&D investments over the years to enhance its product portfolio. For instance, in March 2017, Drake added extruded Ryton R4 to its product portfolio. Ryton’s properties and characteristics such as strength, stiffness, and chemical inertness across different environments make it suitable for aerospace applications.
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