Aerospace Plastics Market Scope
The plastic material which is used as in various component for aircraft is known as the Aerospace Plastics. Engineering plastics with high performance are a natural fit for the industry of aerospace due to their light weight compared with the other industrial materials. A typical engineering polymer has the half density of aluminum or glass and 1/6th of the density of steel. Aerospace plastics, polymers and composites must be tested rigorously, and through the multiple methods, to determine their ability to cope up with factors such as fatigue and tensile strength. The desire to replace the aircrafts which are inefficient with the ones that are efficient is expected to spur the rising growth of the aerospace plastic market significantly
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Billion) |
Key Companies Profiled | SABIC (Saudi Arabia), Victrex (United Kingdom), Drake Plastics Ltd. (United States), Solvay (Belgium), BASF SE (Germany), Evonik (Germany), Vantage Plane Plastics (United States), Quadrant Engineering Plastics (Switzerland), Paco Plastics & Engineering Inc. (United States) and 3P - Performance Plastics Products (France) |
CAGR | 6.9% |
"According to AMA, the Global Aerospace Plastics market is expected to see growth rate of 6.9% and may see market size of USD21.9 Billion by 2028."The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies.The Manufacturers having a strong hold in the market are SABIC, Victrex, Drake Plastics, Solvay, BASF and Evonik. Research Analyst at AMA estimates that United States, United Kingdom and German Manufacturers will contribute to the maximum growth of Global Aerospace Plastics market throughout the predicted period.
SABIC (Saudi Arabia), Victrex (United Kingdom), Drake Plastics Ltd. (United States), Solvay (Belgium), BASF SE (Germany), Evonik (Germany), Vantage Plane Plastics (United States), Quadrant Engineering Plastics (Switzerland), Paco Plastics & Engineering Inc. (United States) and 3P - Performance Plastics Products (France) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Polyflour Plastics (Netherlands), Big Bear Plastics (United Kingdom), Grafix Plastics (United States) and Loar Group (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Aerospace Plastics market by Type , by Application (Cabin Windows and Windshields, Cabin Lighting, Overhead Storage Bins, Aircraft Panels, Aircraft Canopy and Others) and Region with country level break-up.
On the basis of application, Cabin Windows and Windshields segment is dominating the market in the year 2022
On the basis of geography, the market of Aerospace Plastics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
Victrex partnered with University of Exeter (UK) to introduce next-generation PAEK polymers and composites for additive manufacturing to be used in aerospace industry. This partnership became a stepping stone for both parties to develop a broader platform for new and current additive manufacturing technologies
SABIC planned to increase the Ultem resin production in Singapore for its customers based in Asia. This expansion will help in increasing the global production by 50%. The new production facility in Singapore is expected to begin in the first half of 2021
Aerospace grade plastics are required to adhere to several regulations and specifications, such as UL94, FAR 25.853, ASTM, DFAR’s, MIL-PRF-5425, MIL-PRF-8184, and MIL-PRF-25690. The stringent standards that the manufacturers are required to adhere to lead to high R&D costs, thereby limiting the participation of new players lacking the required technical expertise for producing aerospace-grade plastics.
Influencing Trend:
Replacement of old aircraft and modernisation of existing aircraft
Market Growth Drivers:
Growing in the demand for lightweight and more efficient aircraft and Rising in the demand of passenger aircraft in emerging regions
Challenges:
Higher cost of maintenance, repair and other services
Restraints:
Lack of standardisation in manufacturing technologies and trained personnel and Limited range of material options
Opportunities:
Increase in the demand for commercial aircraft and Influence of low-cost airlines
Key Target Audience
Industry Investors, Aerospace Providers, Research Professionals, Emerging Companies, Raw Material Suppliers/ Buyers, Product Suppliers/ Buyers, Research Institutes, Aerospace Equipment Manufacturer, Component Supplier, Distributors, Government Body & Associations and End user