Implementation of improved air traffic control and high-speed data transmission systems is favourably influencing product demand & lucrative opportunities for the global Aerospace Plastics Market.
PUNE, India, May 29, 2023 /PRNewswire/ — Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Aerospace Plastics Market.
The Aerospace Plastics Market is expected to grow at 7.57% CAGR from 2022 to 2029. It is expected to reach above USD 32.55 Billion by 2029 from USD 16.88 Billion in 2020.
Plastics are an important part of the aerospace industry. Reduce overall aircraft weight while increasing fuel efficiency. Five plastics are utilised in the aircraft industry: polyetheretherketone, thermoset polyimide, polyamide-imide (PAI), polychlorotrifluoroethylene (PCTFE), and polytetrafluoroethylene (PTFE). Plastic is an excellent alternative for the aircraft sector due to its lightweight, corrosion resistance, impact resistance, chemical resistance, and durability.
Polymers such as polyetheretherketone (PEEK), polymethyl methacrylate (PMMA), polycarbonate (PC), polyphenylene sulphide (PPS), and acrylonitrile butadiene styrene (ABS) are used in aircraft parts such as airframes, interior trim, engine components, propulsion systems, mirrors, and others. Plastic is lighter than metal, and many plastic materials release no flame, smoke, toxins, or heat. It also provides a lot of design freedom in terms of colours, textures, and patterns.
One of the primary motivations for utilising plastic is to lighten aircraft. It also saves fuel use and expenditures. Plastics are used in the fabrication of aeroplane parts due to their lightweight and corrosion resistance. The weight of the airframe is reduced, which improves fuel economy. Furthermore, as compared to metals/alloys, plastics are less expensive to manufacture.
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The largest portion of the global Aerospace Plastics Market is accounted for by North America
Aerospace Plastics Market News
Solvay S.A. extended thermoplastic composites production with a new manufacturing line at its Anaheim, California, factory in September 2019, signalling its commitment to meeting growing demand for high-performance material from aerospace clients. In May 2019, Solvay announced the construction of its first horizontal strategic platform to facilitate the development of thermoplastic composites as part of its goal to use its unique portfolio and experience in specialty polymers and carbon fibre composites. These lightweight materials enable reduced emissions from aircraft because they replace metal components and make design and integration easier.
Toray Industries, Inc. revealed in November 2021 that it had developed a Carbon Fiber-Reinforced Plastic (CFRP) for advanced aircraft applications. The company used materials informatics technologies to obtain remarkable flame retardance and mechanical performance for this material in a short period of time. The company will continue with demonstration testing in order to increase CFRP uses and demand to include aviation, autos, and general industrial applications.
Lightweight components are being used by aircraft manufacturers to meet the severe regulatory standards enforced by several regulatory agencies such as the FAA, North America now holds a dominant position in the market for Aerospace Plastics.
The continuously expanding need for lighter and more capable aircraft has had a significant impact on the expansion of the aerospace plastics market. In line with this, the replacement of outdated aircraft and modernization of existing aircraft, as well as rising demand for passenger aircraft in emerging markets, are all contributing to the growth of the aerospace plastics market over the forecast period.
Additionally, rising demand for low-cost airlines, as well as increased aircraft deliveries and passenger traffic, are favourably boosting the growth of the aerospace plastics market. The increased demand for business jets and helicopters is the primary driver of market expansion. Aside from that, the growing demand for regional and commercial aircrafts, as well as the presence of a significant number of aerospace parts manufacturing facilities, is fueling the expansion of the aerospace plastics market.
As metal parts are increasingly replaced with plastics and composites, the demand for Aerospace Plastics will rise.
Materials Market Price
The increased usage of drones and other unmanned aerial vehicles is also contributing to the increased demand for aeroplanes.
The increased usage of these technologies is predicted to increase demand for aerospace materials such as composites, metals, polymers, and adhesives. One reason for the expected growth in the aerospace materials industry is that aeroplanes are getting more energy-efficient.
Composite materials are constructed from many layers of various materials and can be customised to satisfy specific criteria such as strength and stiffness. The aerospace materials market is being hampered by severe government regulations in the aviation sector. Certain materials, like as carbon fibre composites, are prohibited from being used in the manufacture of aeroplanes.
Increase In Aerospace Plastics Investment
Various governments are investing considerably in the creation of new aircraft fleets to suit the growing needs of their respective citizens. Several airlines are also growing their operations by establishing new routes and purchasing additional planes.
These factors are projected to propel the aerospace materials market further in the coming years. Meanwhile, worldwide aviation industry expansion is predicted to fuel growth in this market segment. Airlines are increasingly looking for suppliers of high-quality materials for aeroplane building. This is because airlines want to ensure that their planes remain operational for an extended period of time without incident. Furthermore, many OEMs (original equipment manufacturers) are entering the aerospace business, driving demand for aviation components and materials from these firms.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2029 |
|
Base Year |
2022 |
|
Market Size in 2020 |
USD 16.88 billion |
|
Market Size in 2029 |
USD 32.55 billion by 2029 |
|
CAGR |
7.57 % |
|
No. of Pages in Report |
149 |
|
Segments Covered |
Material, Air craft Type, Application and Region |
|
Drivers |
Rising popularity of 3D printing. |
|
Restraints |
There are fewer raw plastics possibilities for the aerospace sector. |
|
Opportunities |
Growing interest in new aircraft models |
|
Challenges |
Expensive raw materials |
Top Key Players of Market Aerospace Plastics Market
DuPont de Nemours, Inc.
Hexcel Corporation
Premium AEROTEC GmbH
Solvay S.A.
PPG Industries, Inc.
Evonik Industries AG
BASF SE
Curbell Plastics, Inc.
Drake Plastics Ltd.
Saudi Basic Industries Corporation
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Key Market Segments: Aerospace Plastics Market
Aerospace Plastics Market By Material, 2020-2029, (USD Billion) (Tons)
PMMA
Pc
Abs
Peek
PPS
Others
Aerospace Plastics Market By Air Craft Type, 2020-2029, (USD Billion) (Tons)
Commercial
Business & General
Rotary
Military
Aerospace Plastics Market By Application, 2020-2029, (USD Billion) (Tons)
Cabin Interior
Windows and Windshield
Airframe
Propulsion System
Aerospace Plastics Market By Region 2020-2029, (USD Billion) (Tons)
North America
Europe
Asia Pacific
South America
Middle East And Africa
Market Dynamics
Market Drivers
Increasing need for Aerospace Plastics in the 3D Printing
The global aerospace plastic market revenue is being driven by global trends such as increased demand for additive manufacturing, such as 3D printing. The advantages of 3D printing, such as the ease with which complicated components can be made and the increased production of replacement parts, are driving increasing the adoption of this technology. Furthermore, growing usage of additive manufacturing is predicted to boost producer productivity. Boeing, for example, plans to save between USD 2 and USD 3 million per plane by using 3D printing to manufacture parts for its 787s.
Furthermore, market revenue growth is attributed to advanced Additive Manufacturing (AM) technologies such as Direct Metal Laser Melting (DMLM) and Electron Beam Melting (EBM), in part because these techniques provide high-value components and usable prototypes for the aviation, aerospace, and other industries. Aside from it, 3-dimensional products are made using a computer file known as Computer-Aided Design (CAD). 3D printing employs a variety of polymers, including metals and ceramics. The use of 3D printing makes it simple to construct a wide range of complex designs that would otherwise be difficult to produce using traditional methods.
Aerospace Plastics demand is increasing in the commercial aircraft demand, and a large presence of aircraft manufacturers
The increased usage of drones and other unmanned aerial vehicles is also contributing to the increased demand for aeroplanes. The increased usage of these technologies is predicted to increase demand for aerospace materials such as composites, metals, polymers, and adhesives. One reason for the expected growth in the aerospace materials industry is that aeroplanes are getting more energy-efficient. To make an aeroplane lighter and faster, manufacturers are increasingly adopting composites instead of heavy metals such as aluminium. Composite materials are constructed from many layers of various materials and can be customised to satisfy specific criteria such as strength and stiffness.
An Increase In The Demand For Lightweight Aircrafts
The continuously expanding need for lighter and more capable aircraft has had a significant impact on the expansion of the aerospace plastics market. In line with this, the replacement of outdated aircraft and modernization of existing aircraft, as well as rising demand for passenger aircraft in emerging markets, are all contributing to the growth of the aerospace plastics market over the forecast period.
Market Restraint
Fewer raw plastics possibilities for the aerospace sector
There are fewer raw plastic type alternatives, higher capital needs, and a reasonable level of annual production, all of which may limit revenue growth in the worldwide aeroplane plastics market. Traditional dangers, such as 3D printing, have the ability to emit toxic chemicals and particles into the atmosphere, so inhibiting market revenue growth indirectly. People are exposed to dangerous substances such as metal ions, solvents, and other chemicals through skin contact. Another factor hindering market revenue growth is the high deployment cost associated with large-scale 3D printing.
A concern towards the environment
The increased usage of aerospace plastics has had a negative effect on the environment since adsorbent use causes significant water waste. As a result, numerous rules are being imposed by the government, which limits the use of composites. The market for aerospace plastics is being further hampered by this factor.
Market Opportunity
Opportunities for Small and Large-Scale Businesses to Grow
The aviation industry has seen an increase in demand for new aircraft models in recent years. Various governments are investing considerably in the creation of new aircraft fleets to suit the growing needs of their respective citizens. Several airlines are also growing their operations by establishing new routes and purchasing additional planes. These factors are projected to propel the aerospace materials market further in the coming years. Meanwhile, worldwide aviation industry expansion is predicted to fuel growth in this market segment. Airlines are increasingly looking for suppliers of high-quality materials for aeroplane building.
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