Trending News: Aerospace Plastics Market — Global Industry Analysis and Forecast 2020 to 2027
Global Aerospace Plastics Market: Key Highlights
- According to the new market research report “Aerospace Plastics Market by Material Type (Polyether Ether Ketone (PEEK), Poly Methyl Methacrylate (PMMA), Acrylonitrile Butadiene Styrene (ABS), Polycarbonates (PC), Polyphenylene sulfide (PPS) and Others), by Aircraft Type (Commercial, Military and Rotorcraft), by Application Aerostructure, Cabin Interiors, Propulsion Systems, Equipment, Systems & Support, Satellites, Construction and Insulation Components), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) — Global Forecast (2020 to 2027)”, the global Aerospace Plastics Market is estimated to reach USD 26.5 Billion by 2027 at a CAGR of around 6.9% during the review period.
- The aerospace plastics benefits the aerospace industry with the features such as lightweight, corrosion-resistance, impact-resistance, chemical-resistance and durable.
- Moreover, the plastic is mostly being used for interior applications, such as air ducts, cabin partitions, floor panels and overhead luggage bin. These will lead to boost the demand of the aerospace plastics market in the forecast period.
Global Aerospace Plastics Market: Key Market Dynamics
- With the growing demand for lightweight and next-generation aircraft is witness to fuel the growth of the market in the forecast period. According to the International Air Transport Association (IATA), the aerospace industry is working together to improve the fuel efficiency by an average of 1.5% per year and minimize carbon emissions to 50% by 2050.
- One of the major key concern of the aerospace plastics market is the high cost of materials which may restraining factor for the growth of the market.
- Growing demand aerospace sector in developing countries is lead to create an opportunities for the growth of the aerospace plastics market in the forecast period.
- The limited of standardization in manufacturing technologies as well skilled professional is create a major restraining factor for the growth of aerospace plastics market in the forecast period.
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Global Aerospace Plastics Market: Regional Overview
- North America:
The region is witness to create a major role of the adoption of the market in the forecast period. Whereas, major leading players have adopted the strategies of expansions, new product launches, as well as the agreements, to meet the growing demand for aerospace plastic. Moreover, the region has the leading manufactures of the market such as Bell Helicopter Textron Inc., Boeing and Lockheed Martin Corporation. Also, high replacement rate, majorly for the regional aircraft, is also lead to boost the growth of North American market.
The region is anticipate of play a major role for the growth and developments of the market in the forecast period. Whereas, airliners across the region are focusing on expanding their fleet sizes to accommodate passengers. Moreover, in the region military aircrafts is projected to boost, with the rising financial support provided by the government. Furthermore, the opening of assembly plants of Boeing and Airbus in China for B737, A320 and A330 aircraft project, upcoming indigenous commercial and rising the military spending by countries such as China and India.
Hence, the region aerospace plastics market will witness substantial growth with the rising number of air passenger traffic.
Global Aerospace Plastics Market: Key Players Overview
SABIC is a Saudi multinational chemical manufacturing company, which is a subsidiary of Saudi Aramco. Whereas, the company produces methanol, ethylene, propylene, benzene, toluene, xylene, industrial gases, thermoplastic resins, polyester, melamine, urea fertilizers, and long and flat hot and cold rolled steel products. In 2018 the company planned to rise the Ultem resin production in Singapore for its customers based in Asia. Also, these will lead to boost the global production by more than 40%.
- Victrex plc.
The company is an innovative major leader in high performance polymer solutions, as well as focused on the markets of automotive, aerospace, energy, electronics and medical. Whereas in 2018, the company had partnered with University of Exeter (UK) to introduce next-generation PAEK polymers and composites for additive manufacturing, for the use aerospace industry. Also, the partnership will helps to enhance the broader platform for new and current additive manufacturing technologies.
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