Aerospace Plastics Market Size
Aerospace Plastics Market size was approximately USD 47.6 million in 2019 and will register a growth of approximately 8.4% during 2020 to 2026.
Increasing air passenger traffic combined with initiation of a number of new air travel routes on the globe will fuel new aircraft demand, thus enhancing plastic intake.
For obtaining key market trends
Aerospace grade plastics are high-performance lightweight plastics for chemical resistance, acoustic, and thermal requirements in aircraft. Good strength and light weight are major benefits in favor of material use in new advanced passenger aircrafts like A320neo family, A350 XWB, etc. Moreover, surging tourism industry and increasing business travels are propelling the aerospace grade plastics demand.
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Aerospace Plastics Market Report Attributes
Report Attribute Details
Base Year 2019
Aerospace Plastics Market Size in 2019 47.6 Million (USD)
Forecast Period2020 to 2026
Forecast Period 2020 to 2026 CAGR8.4%
2026 Value Projection55.1 Million (USD)
Historical Data for2016 to 2019
No. of Pages223
Tables, Charts & Figures266
Segments coveredAircraft, Application, Fit, Country
Growth Drivers
Strong presence of aircraft manufacturers
Rising demand for low cost carriers
Rising aircraft deliveries and air passenger traffic
Rising demand for regional and commercial aircrafts
Rising demand for business jets and helicopters
Pitfalls & Challenges
High cost of advanced materials
What are the growth opportunities in this market?
Technology advancements and product innovation will drive the market penetration
Continued research and development of high-end polymers that offer chemical and fire resistance will be driving the growth of the market. For example, in March 2017, Drake Plastics Ltd. Co. Plastics introduced Ryton R-4 in its high-end product line for the aerospace sector. The aircraft travel at varying temperatures and need to have a very high level of thermal stability. The introduction of materials offering thermal stability without contributing to weight increase will cause great growth potential.
The aerospace plastic market will experience significant demand with rising aircraft fleet size. Aviation companies are taking steps towards decreasing gross weight in order to cut down on emissions and improve performance. Strict emission control measures followed by governments around the world are driving the demand for light weight and fuel-efficient aircrafts. As per the International Air Transport Association (IATA), the aerospace sector is collaborating to improve fuel efficiency by 1.5% annually and reduce carbon emissions to 50% by 2050 compared to 2005.
Growing replacement of metal parts with plastics & composite materials will drive the aerospace plastics demand. Polymers are approximately 10 times lighter than the metal alternatives without compromising durability. Plastics are being used in interior applications by manufacturers for better looks and to optimize space in the aircraft interior. Further, its application in galleys as insulators will also help fuel the product demand.
Plastics are very well suited for vacuum forming and will readily take a great range of shapes. Materials are readily mouldable into intricate forms and geometries. Plastic producers are enhancing the materials through their chemical structure and enriching their mechanical properties. In addition, materials development to replace aircraft doors and fuselages to resist hydrolysis and radiation will enhance the aerospace plastics market growth.
COVID-19 Impact
COVID-19 pandemic is having a negative impact on aerospace industry with worldwide air transport brought to a standstill. As per IATA financial outlook released in June 2019, the airlines will be losing USD 84.3 billion revenue in 2020. Also, Boeing faced approximately 66% less aircraft deliveries in Q1 2020 compared to Q1 2019. More Airbus Q1 2020, report mentioned that, the company’s Q1 2020 deliveries were approximately 24% less compared to Q1 2019. Exponential increase of cases in Europe, North America, and Asia Pacific for Q2 of 2020 will escalate negative impact on aerospace industry for Q2 2020.
Aerospace Plastics Market Analysis
Growing deployment of low-cost carriers is driving the narrow body aerospace plastics industry size. The segment recorded approximately USD 17 million revenue in 2019. Availability of extensive airline networks coupled with growth of air fleet in global markets is demanding the introduction of new narrow body aircrafts. Development of competitive fare structure providing affordable air travel opportunities is fueling the demand for LCC, enhancing the market size growth.
Find out more about the leading segments defining this market
Cabin interior segment dominates the market with more than 50% of the share in 2019 and is projected to maintain its leadership till 2026. Plastics are utilized in a variety of cabin interior applications including door slides, latches, drawers, stowage bins parts, stowage bin doors, seats, and other interior trim. Aircraft companies are creating fire-rated, high impact thermoplastic materials with better durability, and chemical resistance. Further, the production of parts following fungus test will fuel the growth of the industry.
Discover more about the principal segments driving this market
North America aerospace plastics industry is forecasted to bring in more than USD 25 million revenue by 2026. The availability of several aircraft manufacturers will propel the regional market demand. Aircraft manufacturers are using light-weight components for adhering to tight regulatory requirements from several regulatory agencies like the FAA. Materials are more ductile than ceramics and lighter in weight than metal alloys.
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Aerospace Plastics Market Share
Collaboration with other manufacturers or research institutions for product development are key strategies applied by manufacturers to enhance its market share. For instance, in August 2018, Solvay, Faurecia Clean Mobility, and Premium AEROTEC announced their collaboration to develop advanced materials and process technology to enhance the production of thermoplastic composites for aerospace & automotive industries.
Key plastics manufacturers operating in the market include
- BASF SE
- Paco Plastics & Engineering, Inc
- Paco Plastics BV
- EPTAM Precision Plastics
- Solvay
- Saint Gobain
- Victrex Plc
- Superior Plastics
